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PRE-MKT · 06:25 ET
Market ClerkRecap
Thu Oct 22 · pre-market2 signals on Oct 21108 insider buys this week · $250.3MCIRO short report next: Oct 31The week ahead

CLF

CLEVELAND-CLIFFS INC.
NYSE · MATERIALS · METAL MINING
14.03
+0.38 +2.78%
USD · close Oct 21
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Work order
55
WATCH · shorts 55
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
1 / 15
tracked funds hold it
Calls on record
0
nobody we score has called it yet
MKT CAP $8BP/E —DIV YIELD —FCF YIELD -10.71%REV TTM $19.2B +4.0%NET INCOME −$876MNET DEBT $7.6B52W 7.82 – 15.09SEC XBRL · TTM TO Invalid Date

How CLF rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
44%
of sentences unchanged
Added
416
new sentences
Dropped
521
sentences removed
Length
−1,874
words, now 48,546

New in FY2025

  • As of December 31, 2025, our individually material mining properties, as determined in accordance with subpart 1300 of Regulation S-K, are the following iron ore mining properties: Northshore, Tilden and United.
  • The following summarizes certain information regarding our iron ore mining properties.
  • The information relating to the Northshore, Tilden and United properties is derived, for the most part, from the technical report summaries relating to such properties prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K.
  • Reference should be made to the full text of the Technical Report Summaries, which are filed as Exhibits 96.1 through 96.3 to this Annual Report on Form 10-K and are incorporated by reference herein.
  • These are used to generate grade and tonnage estimates, followed by detailed mine design and LoM plan operating schedules.
  • We currently own or co-own and operate five production-stage iron ore mines in Michigan and Minnesota.
  • While our Tilden, Northshore and United mines were fully operational, as of December 31, 2025 our Minorca mine and a portion of our Hibbing mine were indefinitely idled.
  • As of December 31, 2025, we had an aggregate annual production capacity of approximately 20.1 million long tons of iron ore pellets, including our 85.3% share of the Hibbing mine production.
  • The following represents iron ore production for the last three fiscal years: Iron Ore Production (In millions of long tons) 2025 2024 2023 Hibbing 1,2 2 5 6 Minorca 2 1 3 3 Northshore 3 4 3 Tilden 6 7 8 United 5 5 5 Total 17 24 25 1 Hibbing is reported at 85.3% based on our ownership level. 2 In the first half of 2025, we indefinitely idled the Minorca mine and partially idled the Hibbing mine in order to consume excess pellet inventory produced in 2024.
  • Both remained idled as of December 31, 2025.
  • All the infrastructure necessary to mine and process significant commercial quantities of iron ore is currently in place at all of our mine locations.
  • The following provides an overview of our individually material iron ore properties: NORTHSHORE Northshore's (100% owned) mine is located on the northeastern edge of the Mesabi Iron Range in northeastern Minnesota, approximately four miles southeast of Babbitt, Minnesota at latitude 47°40'12.15"N and longitude 91°53'1.28"W.
  • The plant can produce both standard and direct reduction-grade pellets.
  • The net book value of Northshore's property, plant and equipment was $211 million as of December 31, 2025.
  • For further information, see Exhibit 96.1, Technical Report Summary on the Northshore Property, Minnesota, USA, prepared for the Company by the QP, SLR, with an effective date of December 31, 2021.
  • Operations include an open pit truck and shovel mine, a concentrator that utilizes single stage crushing, autogenous grinding mills and floatation to produce hematite concentrates that are then supplied to the on-site pellet plant.
  • The net book value of Tilden's property, plant and equipment was $256 million as of December 31, 2025.
  • For further information, see Exhibit 96.2, Technical Report Summary on the Tilden Property, Michigan, USA, prepared for the Company by the QP, SLR, with an effective date of December 31, 2021.
  • UNITED United’s (100% owned) mine and offices are located on Minnesota's Mesabi Iron Range just north of Eveleth, Minnesota at latitude 47°29'1.62" N, longitude 92°32'23.69" W.
  • The property commenced operations as an asset of Eveleth Taconite Company in 1965 before it was purchased by United (70% Cliffs and 30% Laiwu Steel) in December 2003.
  • United owns 14,199 acres of surface rights, of which 703 acres are associated with mineral leases.
  • The net book value of United’s property, plant and equipment was $554 million as of December 31, 2025.
  • For further information, see Exhibit 96.3, Technical Report Summary on the United Property, Minnesota, USA, prepared for the Company by the QP, SLR, with an effective date of December 31, 2021.
  • Mineral resources were defined and constrained within open-pit shells, prepared by Cliffs, and based on a US$90.00/WLT pellet price for our Minnesota iron ore mines and on a US$100.00/WLT pellet price for our Michigan iron ore mine, freight-on-board (FOB) Lake Superior, while meeting defined cut-off grade criteria and existing pellet specifications.
  • All estimates of mineral resource were reviewed and validated by the QP, SLR.
  • The following represents iron ore mineral resources, exclusive of mineral reserves, as of December 31, 2025: Iron Ore Mineral Resources Measured Indicated Measured + Indicated Process Recovery Inferred (In millions of long tons) Tonnage % Grade Tonnage % Grade Tonnage % Grade Tonnage % Grade Total Iron Ore 1,351 22.5 1,452 23.2 2,803 22.8 31% 169 28.5 Michigan — — 104 33.2 104 33.2 35% 99 33.7 Minnesota 1,351 22.5 1,348 22.4 2,699 22.4 31% 70 21.0 Hibbing 1 8 19.2 1 18.7 9 19.2 25% — — Minorca 484 22.9 317 22.9 801 22.9 33% 30 21.1 Northshore 767 22.1 391 22.4 1,158 22.2 26% 14 19.8 Tilden — — 104 33.2 104 33.2 35% 99 33.7 United 92 23.6 639 22.2 731 22.4 32% 26 21.5 1 Hibbing is reported at 85.3% based on our ownership level.
  • Mineral resources are estimated using the following cut-off grades: 13% magnetic Fe for Hibbing; 16% magnetic Fe for Minorca; 15% magnetic Fe for Northshore; 25% FeT for Tilden hematite; and 17% magnetic Fe for United.
  • For comparison purposes, the following represents iron ore mineral resources, exclusive of mineral reserves, as of December 31, 2024: Iron Ore Mineral Resources Measured Indicated Measured + Indicated Process Recovery Inferred (In millions of long tons) Tonnage % Grade Tonnage % Grade Tonnage % Grade Tonnage % Grade Total Iron Ore 1,351 22.5 1,483 23.6 2,834 23.1 31% 420 32.4 Michigan — — 135 35.5 135 35.5 36% 350 34.7 Minnesota 1,351 22.5 1,348 22.4 2,699 22.4 31% 70 21.0 Hibbing 1 8 19.2 1 18.7 9 19.2 25% — — Minorca 484 22.9 317 22.9 801 22.9 33% 30 21.1 Northshore 767 22.1 391 22.4 1,158 22.2 26% 14 19.8 Tilden — — 135 35.5 135 35.5 36% 350 34.7 United 92 23.6 639 22.2 731 22.4 32% 26 21.5 1 Hibbing is reported at 85.3% based on our ownership level.
  • Mineral resources decreased by 8.7% during 2025 primarily due to a reduction in inferred resources resulting from the Tilden LoM plan reserve analysis performed during 2025.
  • The material assumptions and criteria used for the mineral resource estimates for Northshore, Tilden and United, including but not limited to leases, permits and geotechnical pit design, are covered in more detail in Sections 11 through 13 of the respective Technical Report Summaries filed as Exhibits 96.1 through 96.3 to this Annual Report on Form 10-K.
  • We evaluate and analyze, and engage QPs to review and verify, mineral reserves in accordance with our mineral policy and SEC requirements and then complete LoM plan reserve analyses.
  • The table below identifies the year in which the latest LoM plan reserve analysis was completed.
  • All operations' mineral reserves have been adjusted net of production through year-end 2025.
  • All mineral reserves estimates were reviewed and validated by the QP, SLR.
  • The following represents iron ore mineral reserves as of December 31, 2025.
  • These estimates are periodically updated to reflect past iron ore production, updated mine plans, new exploration information, and other geologic or mining data.
  • Mineral reserves were defined and constrained within open-pit shells, prepared by Cliffs, and based on a US$90.00/WLT pellet price for our Minnesota iron ore mines and on a US$100.00/WLT pellet price for our Michigan iron ore mine, freight-on-board (FOB) Lake Superior, while meeting defined cut-off grade criteria and existing pellet specifications.
  • All estimates of mineral reserves were reviewed and validated by the QP, SLR.
  • Iron Ore Mineral Reserves as of December 31, 2025 Last LoM Plan Proven Probable Proven & Probable Process (In millions of long tons) Reserve Analysis Tonnage % Grade Tonnage % Grade Tonnage % Grade Recovery Total Iron Ore 485 24.0 1,597 26.2 2,082 25.7 32% Michigan 2 36.1 436 34.7 438 34.7 35% Minnesota 483 24.0 1,161 23.0 1,644 23.3 31% Hibbing 1 2024 58 19.3 4 19.0 62 19.3 24% Minorca 2021 76 23.7 7 25.3 83 23.8 35% Northshore 2020 264 25.3 519 24.1 783 24.5 29% Tilden 2025 2 36.1 436 34.7 438 34.7 35% United 2019 85 23.5 631 22.1 716 22.3 33% 1 Hibbing is reported at 85.3% based on our ownership level.
  • Mineral reserves are estimated using the following cut-off grades: 13% magnetic Fe for Hibbing, 16% magnetic Fe for Minorca; 19% magnetic Fe for Northshore; 25% FeT for Tilden hematite; and 17% magnetic Fe for United.

and 376 more.

Gone since FY2024

  • The information that follows relating to the Hibbing, Minorca, Northshore, Tilden and United Taconite iron ore mines is derived, for the most part, from, and in some instances is an extract from, the Technical Report Summaries relating to such properties prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K.
  • Reference should be made to the full text of the Technical Report Summaries, which are filed as Exhibits 96.1 through 96.5 to this Annual Report on Form 10-K and are incorporated by reference herein.
  • These are used to generate grade and tonnage estimates, followed by detailed mine design and LoM operating schedules.
  • We currently own or co-own and operate five production-stage iron ore mines in Michigan and Minnesota, as well as one indefinitely idled mine in Michigan.
  • We have an aggregate annual production capacity of approximately 29 million long tons of iron ore pellets, including our 85.3% share of the Hibbing mine production.
  • The following represents iron ore production for the last three fiscal years: Iron Ore Production (In millions of long tons) 2024 2023 2022 Hibbing 1 5 6 5 Minorca 3 3 3 Northshore 2 4 3 1 Tilden 7 8 6 United Taconite 5 5 5 Total 24 25 20 1 Hibbing is reported at 85.3% based on our ownership level. 2 In the second quarter of 2022, we temporarily idled our Northshore operations.
  • The Northshore mine restarted production in the second quarter of 2023.
  • The following provides an overview of our iron ore properties: All the infrastructure necessary to mine and process significant commercial quantities of iron ore is currently in place at all of our mine locations.
  • HIBBING Hibbing (85.3% owned) is located immediately north of the city of Hibbing, Minnesota in the center of Minnesota’s Mesabi Iron Range.
  • The mining and processing operation is located between latitude 47°25’48” N and 47°31’48” N and longitude 93°04’54” W and 92°54’36” W.
  • Mining began in 1976 as a joint venture between Bethlehem Steel Corporation and Steel Company of Canada.
  • Cliffs first became involved in the joint venture when it purchased Pickands Mather's 15% share in 1986.
  • Prior to the AM USA Transaction, we owned 23% of Hibbing, ArcelorMittal USA LLC had a 62.3% interest and U.
  • On December 9, 2020, as a result of the AM USA Transaction, we acquired an additional 62.3% ownership stake in the Hibbing mine and became the majority owner and mine manager.
  • Hibbing holds 30,705 acres of surface rights, of which 1,150 acres are associated with mineral leases.
  • The majority of the mineral rights are leased.
  • The property is comprised of 7,417 acres of mineral leases expiring between 2025 and 2056.
  • The operation includes an open pit truck and shovel mine, a concentrator that utilizes single stage crushing, AG mills and magnetic separation to produce a magnetite concentrate, which is then delivered to an on-site pellet plant.
  • From the site, pellets are transported by BNSF (Burlington Northern Santa Fe, LLC) rail to a ship loading port at Superior, Wisconsin, operated by BNSF.
  • The net book value of our ownership of Hibbing's property, plant and equipment was $44 million as of December 31, 2024.
  • For further information, see Exhibit 96.1, the Technical Report Summary on the Hibbing Taconite Property, Minnesota, USA, prepared for the Company by the QP, SLR, with an effective date of December 31, 2021.
  • MINORCA Minorca (100% owned) is located in the center of Minnesota’s Mesabi Iron Range.
  • The Laurentian Pit is located near the City of Gilbert, Minnesota at latitude 47°30'0"N and longitude 92°26’30"W, East 1 Pit is located at latitude 47°31'30"N and longitude 92°23’30"W, and East 2 Pit is located just west of the City of Biwabik at latitude 47°32'0"N and longitude 92°22’30"W.
  • The Minorca plant is located approximately seven miles to the northwest, near the town of Virginia, Minnesota at latitude 47°33'30"N and longitude 92°31.5'30"W.
  • Operations commenced in 1976 as an asset of Inland Steel Company.
  • In 1998, Ispat International purchased Inland Steel and, in 2004, merged with LNM Holdings and International Steel Group to form Mittal Steel, which in 2007 merged with Arcelor to form ArcelorMittal S.A.
  • Minorca has been wholly owned by Cliffs since the 2020 AM USA Transaction.
  • Minorca holds 13,690 acres of surface rights, of which 282 acres are associated with mineral leases. 100% of the mineral rights are leased.
  • The property is comprised of 3,135 acres of mineral leases expiring between 2035 and 2056.
  • The operation includes a concentrating and pelletizing facility, along with two open pit iron ore mines located approximately seven miles from the processing facilities.
  • The processing operations consist of a crushing facility, a three-line concentration facility and a single-line straight grate pelletizing plant.
  • Pellets are transported by CN rail to ports on Lake Superior.
  • The net book value of Minorca's property, plant and equipment was $208 million as of December 31, 2024.
  • For further information, see Exhibit 96.2, Technical Report Summary on the Minorca Property, Minnesota, USA, prepared for the Company by the QP, SLR, with an effective date of December 31, 2021.
  • NORTHSHORE Northshore's (100% owned) mine is located on the northeastern edge of the Mesabi Iron Range in northeastern Minnesota, approximately four miles southeast of Babbitt, Minnesota at latitude 47°40'12.15"N and longitude 91°53'1.28"W.
  • The plant can produce both standard and DR-grade pellets.
  • The net book value of Northshore's property, plant and equipment was $230 million as of December 31, 2024.
  • For further information, see Exhibit 96.3, Technical Report Summary on the Northshore Property, Minnesota, USA, prepared for the Company by the QP, SLR, with an effective date of December 31, 2021.
  • Operations include an open pit truck and shovel mine, a concentrator that utilizes single stage crushing, AG mills and floatation to produce hematite concentrates that are then supplied to the on-site pellet plant.
  • The net book value of Tilden's property, plant and equipment was $256 million as of December 31, 2024.

and 481 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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