$CLF

CLEVELAND CLIFFS INC

CIK:0000764065|SEC Filings

Statements Of Unaudited Condensed Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (134)	$ (473)	$ (363)	$ (959)
Other comprehensive income (loss):
Changes in pension and OPEB, net of tax	(24)	(25)	(47)	(52)
Changes in derivative instruments, net of tax	(41)	(45)	(65)	56
Changes in foreign currency translation	(24)	102	(44)	103
Total other comprehensive income (loss)	(89)	32	(156)	107
Comprehensive loss	(223)	(441)	(519)	(852)
Comprehensive income attributable to noncontrolling interests	(11)	(13)	(19)	(25)
Comprehensive loss attributable to Cliffs shareholders	$ (234)	$ (454)	$ (538)	$ (877)

Statements Of Unaudited Condensed Consolidated Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net loss	$ (363)	$ (959)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation, depletion and amortization	521	675
Pension and OPEB credits	(111)	(82)
Deferred income taxes	(102)	(303)
Restructuring and other charges	3	89
Asset impairment	0	39
Other	130	63
Changes in operating assets and liabilities:
Accounts receivable, net	(607)	(199)
Inventories	229	396
Income taxes	2	10
Pension and OPEB payments and contributions	(73)	(73)
Payables, accrued employment and accrued expenses	277	5
Other, net	(1)	33
Net cash used by operating activities	(95)	(306)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(309)	(264)
Other investing activities	43	8
Net cash used by investing activities	(266)	(256)
FINANCING ACTIVITIES
Proceeds from issuance of senior notes	0	850
Borrowings (repayments) under ABL Facility, net	444	(183)
Debt issuance costs	0	(14)
Other financing activities	(69)	(86)
Net cash provided by financing activities	375	567
Net increase in cash and cash equivalents	14	5
Cash, cash equivalents, and restricted cash at beginning of period	63	60
Effect of exchange rate changes on cash	(1)	3
Cash, cash equivalents, and restricted cash at end of period	76	68
Restricted cash	(6)	(7)
Cash and cash equivalents at end of period	$ 70	$ 61

Statements Of Unaudited Condensed Consolidated Financial Position - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 70	$ 57
Accounts receivable, net	2,044	1,442
Inventories	4,525	4,772
Other current assets	175	164
Total current assets	6,814	6,435
Non-current assets:
Property, plant and equipment, net	9,239	9,481
Goodwill	1,784	1,814
Intangible assets, net	1,063	1,135
Pension and OPEB assets	547	469
Other non-current assets	668	678
TOTAL ASSETS	20,115	20,012
Current liabilities:
Accounts payable	2,159	1,893
Accrued employment costs	509	517
Accrued expenses	378	396
Other current liabilities	560	496
Total current liabilities	3,606	3,302
Non-current liabilities:
Long-term debt	7,703	7,253
Pension and OPEB liabilities	617	655
Deferred income taxes	300	375
Asset retirement and environmental obligations	695	682
Other non-current liabilities	1,376	1,422
TOTAL LIABILITIES	14,297	13,689
Commitments and contingencies (See Note 18)
SHAREHOLDERS' EQUITY
Common shares - par value $0.125 per share	76	76
Capital in excess of par value of shares	5,746	5,736
Retained deficit	(911)	(529)
Cost of 35,523,974 common shares in treasury (2025 - 36,292,287 shares)	(643)	(659)
Accumulated other comprehensive income	1,336	1,492
Total Cliffs shareholders' equity	5,604	6,116
Noncontrolling interests	214	207
Equity, Including Portion Attributable to Noncontrolling Interest, Total	5,818	6,323
TOTAL LIABILITIES AND EQUITY	$ 20,115	$ 20,012