Cleveland-Cliffs Narrows Q3 Loss Amid U.S. Steel Demand Recovery

Cleveland-Cliffs Q3 Results Show Recovery in Automotive Steel Demand

Cleveland-Cliffs Inc. reported a smaller third-quarter 2025 loss, showing stronger demand for U.S.-made automotive-grade steel. The company posted $4.7 billion in revenue, down 4.1% from Q2. However, its adjusted net loss narrowed to $223 million, or $0.45 per diluted share, compared with $0.51 in the previous quarter.

CEO Lourenco Goncalves said the results mark “a clear sign of demand recovery” driven by the Trump administration’s trade policies. As a result, Cliffs secured new multiyear supply deals with major automotive OEMs. The company used its nine galvanizing plants to support growing demand for vehicle-grade steel. Moreover, improved pricing and cost control further strengthened performance despite slightly lower sales volume.

Cliffs Eyes Rare Earth Opportunity and Foreign Partnership

Cleveland-Cliffs is expanding its focus beyond steel under the evolving U.S. trade and resource strategy. Goncalves revealed active talks with a global steelmaker to use capacity at idled mills. UBS acts as the company’s financial advisor in this process. He called the U.S. “the most attractive steel market in the world.” Furthermore, he stressed that foreign partnerships could enhance Cliffs’ value through its strong domestic operations.

Meanwhile, Cliffs plans to explore rare earth element (REE) recovery at its Michigan and Minnesota mining sites. The company sees high potential for extracting critical minerals from existing ore bodies and tailings. In addition, Goncalves noted that rare earth expansion aligns with America’s goal of reducing reliance on China. This step could also boost domestic manufacturing resilience in the long term.

SuperMetalPrice Commentary:

Cleveland-Cliffs’ smaller Q3 loss and push into rare earth development highlight a clear strategy for resource independence. The combination of trade protection, recovering automotive steel demand, and rare earth exploration strengthens its market position. Therefore, investors should track both the foreign partnership talks and the REE projects closely. These moves could reshape Cliffs’ role in the U.S. metals and materials landscape.