Cleveland-Cliffs Inc. Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026


	Six Months Ended June 30, 2026
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	9,893	$	344	$	(89)	$	10,148
Cost of goods sold	(9,875)		(312)		89		(10,098)
Selling, general and administrative expenses	(264)		(15)		—		(279)
Net periodic benefit credits other than service cost component	128		—		—		128
Excluding depreciation, depletion and amortization	505		16		—		521
Other segment items1	(39)		—		—		(39)
Total Adjusted EBITDA	$	348	$	33	$	—	$	381

Interest expense, net							(304)
Income tax benefit							101
Depreciation, depletion and amortization							(521)
EBITDA from noncontrolling interests2							31
Idled facilities credits							5
Currency exchange							(33)
Changes in fair value of derivatives, net							(22)
Gain on disposal of assets, net							9
Severance							(1)
Other, net							(9)
Net loss							$	(363)

Capital Additions	$	311	$	4	$	—	$	315

1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests, certain idled facilities credits and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $19 million and the exclusion of depreciation, depletion and amortization of $12 million.


	Six Months Ended June 30, 2025
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	9,303	$	325	$	(65)	$	9,563
Cost of goods sold	(9,934)		(300)		63		(10,171)
Selling, general and administrative expenses	(256)		(14)		—		(270)
Net periodic benefit credits other than service cost component	100		—		—		100
Excluding depreciation, depletion and amortization	660		15		—		675
Other segment items1	18		—		—		18
Total Adjusted EBITDA	$	(109)	$	26	$	(2)	$	(85)

Interest expense, net							(289)
Income tax benefit							297
Depreciation, depletion and amortization							(675)
EBITDA from noncontrolling interests2							38
Idled facilities charges							(248)
Currency exchange							46
Changes in fair value of derivatives, net							(24)
Loss on disposal of assets, net							(4)
Amortization of inventory step-up							6
Severance							(20)
Other, net							(1)
Net loss							$	(959)

Capital Additions	$	273	$	8	$	—	$	281

1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA, certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $25 million and the exclusion of depreciation, depletion and amortization of $13 million.

The following summarizes our assets by segment: