Cleveland-Cliffs Inc. revenue by segment CLF

Annual Quarterly

Cleveland-Cliffs Inc. splits its revenue 2 ways in its filings. By operating segments, the largest line in fiscal 2025, which ended Dec 31, 2025 was Steelmaking at $18.1 billion, 97% of the total. By sales mix, the largest line in fiscal 2025, which ended Dec 31, 2025 was Coated Steel at $5.4 billion, 29% of the total.

USD in millions. The percent under a figure is the change from the year before.

Line	FY 2026 Sep 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Revenue	20,073	18,610	19,185	21,996	22,989	20,444	5,354	1,990	2,332	1,866	1,554
Operating segments
Steelmaking	19,560 +8.2% share 97.4%	18,063 -3.0% share 97.1%	18,620 -13.0% share 97.1%	21,413 -4.3% share 97.3%	22,383 +12.5% share 97.4%	19,901 +300.8% share 97.3%	4,965 +149.5% share 92.7%	1,990 share 100.0%	—	—	—
Other Businesses	672 +2.6% share 3.3%	657 +0.2% share 3.5%	656 -1.4% share 3.4%	665 +9.7% share 3.0%	606 +11.6% share 2.6%	543 +39.6% share 2.7%	389 share 7.3%	—	—	—	—
Eliminations	-159 -42.0% share -0.8%	-110 -20.9% share -0.6%	-91 -11.0% share -0.5%	-82 -3.8% share -0.4%	-79 share -0.3%	—	—	—	—	—	—
Sales mix
Coated Steel	—	5,431 -5.9% share 29.2%	5,773 -13.3% share 30.1%	6,661 -3.5% share 30.3%	6,905 +17.8% share 30.0%	5,864 +235.7% share 28.7%	1,747 share 32.6%	—	—	—	—
Hot Rolled Steel	—	4,770 +11.6% share 25.6%	4,276 -12.1% share 22.3%	4,864 +7.4% share 22.1%	4,529 -19.3% share 19.7%	5,615 +1354.7% share 27.5%	386 share 7.2%	—	—	—	—
Cold Rolled Steel	—	2,402 -11.4% share 12.9%	2,712 +2.0% share 14.1%	2,658 -16.8% share 12.1%	3,193 +0.2% share 13.9%	3,186 +550.2% share 15.6%	490 share 9.2%	—	—	—	—
Stainless And Electrical Steel	—	1,748 -3.3% share 9.4%	1,807 -20.8% share 9.4%	2,281 -0.1% share 10.4%	2,284 +40.8% share 9.9%	1,622 +86.9% share 7.9%	868 share 16.2%	—	—	—	—
Other	—	1,642 -1.3% share 8.8%	1,664 -20.5% share 8.7%	2,094 -10.1% share 9.5%	2,329 +121.6% share 10.1%	1,051 -24.0% share 5.1%	1,382 share 25.8%	—	—	—	—
Plate	—	1,079 -3.6% share 5.8%	1,119 -22.5% share 5.8%	1,444 -12.5% share 6.6%	1,651 +25.5% share 7.2%	1,316 +2760.9% share 6.4%	46 share 0.9%	—	—	—	—
Other Steel Products	—	881 -25.2% share 4.7%	1,178 -11.4% share 6.1%	1,329 -10.9% share 6.0%	1,492 +19.6% share 6.5%	1,247 +2610.9% share 6.1%	46 share 0.9%	—	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions. Each group is a separate split of total revenue, so the groups are not added together. Share of revenue is that line divided by total revenue. The first column adds the latest year-to-date segment amount to the last fiscal year and subtracts the year-ago year-to-date amount. More on our methodology.

Company profile

Industry: Metal Mining (SIC 1000)
Listed as: CLF (NYSE)
Fiscal year ends: December 31
Incorporated in: OH
Headquarters: Cleveland, OH
SEC filer status: Large accelerated filer
SEC CIK: 764065
Former names: CLIFFS NATURAL RESOURCES INC. (until Aug 14, 2017); CLEVELAND CLIFFS INC (until Oct 15, 2008)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.