Cleveland-Cliffs Inc
(NYSE:CLF)

Cleveland-Cliffs Inc. operates as an independent iron ore mining company in the United States, Canada, and internationally. It operates in two segments, Mining and Pelletizing, and Metallics. The company operates three iron ore mines, including the Tilden mine in Michigan; and the Northshore and Uni...

Website: http://www.clevelandcliffs.com

Founded: 1847

Full Time Employees: 2,372

Sector: Basic Materials

Industry: Steel

Mining

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At a glance:

Earnings Highly Levered to Steel Pricing and Auto Demand: Cleveland-Cliffs’ results are strongly influenced by North American steel price cycles and demand from automotive OEMs, making revenue and margins sensitive to macro conditions and contract resets.
Vertical Integration Supports Supply Security but Raises Cost Complexity: Owning iron ore assets and downstream steelmaking can stabilize raw-material supply and improve strategic positioning, but also increases fixed-cost intensity and operational complexity during downturns.
Balance Sheet and Liquidity Remain Key Investor Focus Areas: Debt levels, interest expense, and available liquidity are central to the equity story, with investors tracking deleveraging progress and refinancing risk alongside cyclical earnings volatility.
Capital Allocation Priorities: Maintenance Capex, Deleveraging, and Optionality: Management’s capital allocation typically centers on sustaining operations and investing in efficiency, while weighing debt reduction against opportunistic growth or shareholder returns depending on the cycle.
Policy and Trade Dynamics Can Shift the Competitive Landscape: Tariffs, quotas, and other trade measures—as well as regulatory and decarbonization requirements—can materially affect domestic pricing power, input costs, and long-term competitiveness.

Bull Thesis:

Integrated Business Model & Cost Control: Cleveland-Cliffs' fully integrated operations, from iron ore mining to finished steel production, provide significant cost advantages, supply chain stability, and resilience against raw material price volatility compared to less integrated peers.
Strategic Focus on High-Value Steel & Automotive Sector: The company has a strong presence in the automotive industry and produces advanced, high-strength steels. This segment typically commands higher margins and benefits from ongoing trends like the shift to electric vehicles and general automotive demand.
Beneficiary of Domestic Manufacturing & Infrastructure Spending: As a major domestic steel producer, Cleveland-Cliffs is well-positioned to benefit from 'Buy American' policies, Section 232 tariffs, and government-led infrastructure projects, which support domestic steel demand and reduce import competition.
HBI Production & Decarbonization Trend: Cleveland-Cliffs is a leading producer of Hot Briquetted Iron (HBI), a key input for electric arc furnaces (EAFs) which are more environmentally friendly. This positions the company favorably as the steel industry increasingly focuses on decarbonization.

Bear Thesis:

Cyclicality of the Steel Industry: The steel industry is highly cyclical and sensitive to economic downturns. Slowdowns in key end markets like construction, automotive, or manufacturing can significantly impact demand, pricing, and ultimately, Cleveland-Cliffs' profitability.
Raw Material Price Volatility: Despite its integrated model, Cleveland-Cliffs remains exposed to fluctuations in iron ore and scrap prices. Significant drops in these commodity prices, or unfavorable spreads between raw materials and finished steel, can pressure margins.
Global Competition & Import Pressure: Persistent global steel overcapacity, particularly from countries like China, poses a continuous threat. While tariffs offer some protection, any reduction or removal of these measures could lead to increased import competition and downward pressure on domestic steel prices.
High Capital Expenditure & Decarbonization Costs: The steel industry is capital-intensive, requiring ongoing investments in maintenance, upgrades, and environmental compliance. Increasing regulatory pressure and investor demands for decarbonization could necessitate substantial future capital expenditures, potentially limiting free cash flow.

Main Competitors:

Nucor Corporation ($NUE) (Flat-rolled steel, structural steel, plate steel, rebar), As the largest steel producer in North America by volume, Nucor competes directly with Cleveland-Cliffs across a wide range of flat-rolled steel products. While primarily an electric arc furnace (EAF) mini-mill operator, Nucor's extensive product portfolio, geographic reach, and focus on efficiency and innovation make it a formidable competitor for automotive, construction, and manufacturing customers.
ArcelorMittal ($MT) (Flat-rolled steel, long products, mining), A global steel and mining giant, ArcelorMittal has significant integrated and EAF operations in North America. It competes with Cleveland-Cliffs for market share in flat-rolled steel, including specialized grades for the automotive sector, and also has its own iron ore mining operations, though its North American steel production is the primary competitive overlap.
U.S. Steel Corporation ($X) (Flat-rolled steel, tubular products), U.S. Steel is a long-standing integrated steel producer in North America, historically similar to Cleveland-Cliffs in its reliance on blast furnace technology and focus on flat-rolled products for automotive and industrial applications. It competes directly for many of the same customers and market segments, though its future ownership is subject to a pending acquisition by Nippon Steel.
Steel Dynamics, Inc. ($STLD) (Flat-rolled steel, structural steel, rail), Steel Dynamics is a highly efficient and growing electric arc furnace (EAF) mini-mill operator. It competes with Cleveland-Cliffs in the flat-rolled steel market, offering a broad range of products to the automotive, construction, and manufacturing sectors. STLD's focus on cost-effectiveness, strategic acquisitions, and diversified product offerings makes it a strong competitor.

Moat:

Cleveland-Cliffs Inc. operates in a highly competitive and cyclical steel industry, primarily in North America. Its main competitive advantages (moat) include its unique vertical integration, being the largest producer of iron ore pellets in North America, which provides significant cost control and supply chain security for its steelmaking operations. The company also benefits from a strategic focus on high-value, specialized flat-rolled steel products, particularly advanced high-strength steels (AHSS) for the automotive sector, and is investing in lower-carbon steel production pathways. Competition is intense from other large domestic integrated producers (like U.S. Steel and ArcelorMittal's North American operations) and highly efficient electric arc furnace (EAF) mini-mills (like Nucor and Steel Dynamics), which often have lower capital intensity and greater operational flexibility. Additionally, the market is influenced by steel imports and global economic conditions.

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

revenues	4,734,000,000	4,934,000,000	4,629,000,000	4,325,000,000	4,569,000,000	5,092,000,000	5,199,000,000	5,112,000,000	5,605,000,000	5,984,000,000	5,295,000,000	5,044,000,000	5,653,000,000	6,337,000,000	5,955,000,000	6,004,000,000	5,045,000,000	4,049,000,000	2,255,800,000	1,646,000,000	1,092,700,000	324,500,000
yoy	3.61%	-3.10%	-10.96%	-15.40%	-18.48%	-14.91%	-1.81%	1.35%	-0.85%	-5.57%	-11.08%	-15.99%	12.05%	56.51%	163.99%	264.76%	361.70%	1147.77%
qoq	-4.05%	6.59%	7.03%	-5.34%	-10.27%	-2.06%	1.70%	-8.80%	-6.33%	13.01%	4.98%	-10.77%	-10.79%	6.41%	-0.82%	19.01%	24.60%	79.49%	37.05%	50.64%	236.73%
operating costs:
cost of goods sold	-4,780,000,000	-5,143,000,000	-5,020,000,000	-4,598,000,000	-4,673,000,000	-4,930,000,000	-4,914,000,000	-4,944,000,000	-5,125,000,000	-5,340,000,000	-5,196,000,000	-5,104,000,000	-5,305,000,000	-5,356,000,000	-4,706,000,000	-4,229,000,000	-3,848,000,000	-3,761,000,000	-2,013,100,000	-1,525,400,000	-1,207,500,000	-356,000,000	-251,750,000	-400,700,000	-480.2	-126.1
selling, general and administrative expenses	-130,000,000	-137,000,000	-133,000,000	-139,000,000	-112,000,000	-103,000,000	-132,000,000	-157,000,000	-144,000,000	-149,000,000	-127,000,000	-112,000,000	-124,000,000	-107,000,000	-122,000,000	-112,000,000	-104,000,000	-95,000,000	-94,800,000	-59,600,000	-62,100,000	-26,100,000	-37,200,000	-25,500,000	-30.6	-28.1	-35,400,000	-30,100,000	-26,200,000	-27,700,000	-105,799,922.2	-24.6	-27.5	-25.7	-117,799,918.2	-31.1	-22.5	-28.2															-83,500,000	-63,000,000	-81,000,000	-78,300,000	-69,500,000	-50,700,000	-73,700,000	-68,100,000	-50,200,000	-46,000,000	-37,100,000	-28,400,000	-23,400,000	-31,800,000	-50,200,000	-41,800,000	-52,100,000	-44,600,000
acquisition-related costs				-30,000,000	-14,000,000											-4,000,000	-1,000,000	-13,000,000	-21,600,000	-7,500,000	-18,400,000	-42,500,000
restructuring and other charges	-3,000,000	-86,000,000	-3,000,000	2,000,000	-2,000,000	-25,000,000	-104,000,000
asset impairment		-39,000,000
miscellaneous – net	-25,000,000	-27,000,000	-11,000,000	-25,000,000	-27,000,000	-13,000,000	-23,000,000	-6,500,000	-11,000,000	-12,000,000	-3,000,000	-6,000,000	-37,000,000	-34,000,000	-33,000,000	-10,000,000	-25,000,000	-3,000,000	-19,500,000	-15,500,000	-13,100,000	-13,300,000	-4,750,000	-7,800,000	-5.6	-3.6	-4,050,000	-6,000,000	-4,100,000	-8,700,000
total operating costs	-4,938,000,000	-5,432,000,000	-5,167,000,000	-4,790,000,000	-4,828,000,000	-5,086,000,000	-5,237,000,000	-5,212,000,000	-5,280,000,000	-5,501,000,000	-5,326,000,000	-5,226,000,000	-5,466,000,000	-5,497,000,000	-4,861,000,000	-4,355,000,000	-3,978,000,000	-3,872,000,000	-2,149,000,000	-1,608,000,000	-1,301,100,000	-437,900,000
operating income	-204,000,000	-498,000,000	-538,000,000	-465,000,000	-259,000,000	6,000,000	-38,000,000	-100,000,000	325,000,000	483,000,000	-31,000,000	-182,000,000	187,000,000	840,000,000	1,094,000,000	1,649,000,000	1,067,000,000	177,000,000	107,200,000	38,000,000	-208,400,000	-78,800,000	81,700,000	121,600,000	226.8	-0.8	163,200,000	225,500,000	254,200,000	-40,000,000	423,599,673.8	129.7	114.6	81.9	240,799,890.9	34.7	74.7	-0.3	-126,799,848.7														365,300,000	231,100,000	367,900,000	820,300,000	616,900,000	541,200,000	396,600,000	389,200,000	365,800,000	113,400,000	155,600,000	80,500,000	-17,300,000	11,400,000	147,300,000	339,400,000	409,400,000	42,600,000
yoy	-21.24%	-8400.00%	1315.79%	365.00%	-179.69%	-98.76%	22.58%	-45.05%	73.80%	-42.50%	-102.83%	-111.04%	-82.47%	374.58%	920.52%	4239.47%	-612.00%	-324.62%	31.21%	-68.75%	-91887225.22%	9849999900.00%	-49.94%	-46.08%	-100.00%	-100.00%	-61.47%	173862660.22%	221814908.73%	-48840148.84%	75.91%	273.78%	53.41%	-27400.00%	-289.91%																		-40.78%	-57.30%	-7.24%	110.77%	68.64%	377.25%	154.88%	383.48%	-2214.45%	894.74%	5.63%	-76.28%	-104.23%	-73.24%
qoq	-59.04%	-7.43%	15.70%	79.54%	-4416.67%	-115.79%	-62.00%	-130.77%	-32.71%	-1658.06%	-82.97%	-197.33%	-77.74%	-23.22%	-33.66%	54.55%	502.82%	65.11%	182.11%	-118.23%	164.47%	-196.45%	-32.81%	53615420.28%	-28450.00%	-100.00%	-27.63%	-11.29%	-735.50%	-109.44%	326599494.29%	13.18%	39.93%	-100.00%	693947712.39%	-53.55%	-25000.00%	-100.00%															58.07%	-37.18%	-55.15%	32.97%	13.99%	36.46%	1.90%	6.40%	222.57%	-27.12%	93.29%	-565.32%	-251.75%	-92.26%	-56.60%	-17.10%	861.03%
operating margin %	-4.31%	-10.09%	-11.62%	-10.75%	-5.67%	0.12%	-0.73%	-1.96%	5.80%	8.07%	-0.59%	-3.61%	3.31%	13.26%	18.37%	27.47%	21.15%	4.37%	4.75%	2.31%	-19.07%	-24.28%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
other income:
interest expense	-153,000,000	-149,000,000	-140,000,000	-135,000,000	-102,000,000	-69,000,000	-64,000,000	-63,000,000	-70,000,000	-79,000,000	-77,000,000	-71,000,000	-64,000,000	-64,000,000	-77,000,000	-81,000,000	-85,000,000	-92,000,000	-70,100,000	-68,200,000	-68,700,000	-31,000,000	-24,700,000	-25,300,000	-26.1	-25.1	-25,800,000	-29,500,000	-31,200,000	-33,500,000	-131,999,896.9	-28.9	-31.4	-42.8	-200,499,843.8	-48.7	-50.7	-56.8															-47,100,000	-47,300,000	-47,300,000	-49,600,000	-81,000,000	-38,200,000	-28,900,000	-17,300,000	-13,300,000	-10,200,000	-9,700,000	-10,000,000	-10,000,000	-9,300,000	-12,100,000	-10,700,000	-9,800,000	-7,200,000
loss on extinguishment of debt						-6,000,000	-21,000,000							-66,000,000	-14,000,000
net periodic benefit credits other than service cost component	57,000,000	43,000,000	57,000,000	63,000,000	62,000,000	62,000,000	60,000,000	54,000,000	50,000,000	50,000,000	50,000,000	64,000,000	49,000,000	50,000,000	49,000,000	46,000,000	46,000,000	47,000,000
changes in fair value of derivatives	-10,000,000
other non-operating income	1,000,000	-14,000,000	-9,000,000	-40,000,000		1,000,000	2,000,000	1,000,000	-2,000,000	4,000,000	2,000,000	2,000,000	-1,000,000	-3,000,000		1,000,000	4,000,000		25,800,000	10,000,000	15,200,000	9,200,000	900,000	300,000	0.6	0.1	4,100,000	4,300,000	4,400,000	4,400,000	3,199,997.7	0.8	0.8	0.7	399,999.6	0.1	0.2	0.1															-500,000	1,500,000	-1,300,000	-1,700,000	500,000	500,000	6,800,000	-300,000	6,500,000	700,000	3,500,000	200,000	-1,300,000
total other expense	-105,000,000	-120,000,000	-92,000,000	-105,000,000	-47,000,000	-12,000,000	-23,000,000	-8,000,000	-22,000,000	-25,000,000	-25,000,000	-4,000,000	-12,000,000	-83,000,000	-44,000,000	-34,000,000		-111,000,000	-46,900,000	-58,200,000
loss from continuing operations before income taxes	-309,000,000						-61,000,000																							-69,100,000
income tax benefit	78,000,000	148,000,000	147,000,000	136,000,000	76,000,000	15,000,000	8,000,000				13,000,000					-334,000,000	-216,000,000	-9,000,000	12,500,000	22,400,000	24,700,000	51,400,000			-22	3.7	489,600,000	-500,000	1,800,000	-15,700,000	252,399,993.2	7.6	-2.6	1.8	12,199,998.3	7.1	2.1																-42,900,000	210,800,000					-69,500,000	-115,700,000	-99,300,000		3,650,000	-1,900,000	17,600,000
loss from continuing operations	-231,000,000						-53,000,000																							-84,800,000
loss from discontinued operations, net of tax	-3,000,000																			-300,000					-0.6				-64,300,000						-0.15	-2.7
net income	-234,000,000	-470,000,000	-483,000,000	-434,000,000	-230,000,000	9,000,000	-53,000,000	-139,000,000	275,000,000	356,000,000	-42,000,000	-204,000,000	165,000,000	601,000,000	814,000,000	1,282,000,000	795,000,000	57,000,000	73,800,000	1,900,000	-108,100,000	-48,600,000	63,200,000	90,900,000	160.8	-22.1	609,500,000	437,800,000	165,100,000	-84,300,000	363,099,946.8	52.9	30.1	-29.8	199,299,881.5	-27.8	29.5	116.8															274,300,000	391,400,000	221,900,000	741,300,000	426,000,000	423,300,000	393,200,000	297,400,000	260,600,000	93,500,000	108,100,000	58,600,000	45,200,000	-7,600,000	53,900,000	174,900,000	270,200,000	16,700,000
yoy	1.74%	-5322.22%	811.32%	212.23%	-183.64%	-97.47%	26.19%	-31.86%	66.67%	-40.77%	-105.16%	-115.91%	-79.25%	954.39%	1002.98%	67373.68%	-835.43%	-217.28%	16.77%	-97.91%	-67226468.16%	219909402.26%	-89.63%	-79.24%	-100.00%	-100.00%	67.86%	827599143.86%	548504883.39%	282885806.04%	82.19%	-290.29%	2.03%	-125.51%																			-35.61%	-7.54%	-43.57%	149.26%	63.47%	352.73%	263.74%	407.51%	476.55%	-1330.26%	100.56%	-66.50%	-83.27%	-145.51%
qoq	-50.21%	-2.69%	11.29%	88.70%	-2655.56%	-116.98%	-61.87%	-150.55%	-22.75%	-947.62%	-79.41%	-223.64%	-72.55%	-26.17%	-36.51%	61.26%	1294.74%	-22.76%	3784.21%	-101.76%	122.43%	-176.90%	-30.47%	56529750.75%	-827.60%	-100.00%	39.22%	165.17%	-295.85%	-123.22%	686389213.42%	75.75%	-201.01%	-100.00%	-716906148.56%	-194.24%	-74.74%																-29.92%	76.39%	-70.07%	74.01%	0.64%	7.66%	32.21%	14.12%	178.72%	-13.51%	84.47%	29.65%	-694.74%	-114.10%	-69.18%	-35.27%	1517.96%
net income margin %	-4.94%	-9.53%	-10.43%	-10.03%	-5.03%	0.18%	-1.02%	-2.72%	4.91%	5.95%	-0.79%	-4.04%	2.92%	9.48%	13.67%	21.35%	15.76%	1.41%	3.27%	0.12%	-9.89%	-14.98%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
net income attributable to noncontrolling interests	-17,000,000	-13,000,000	-12,000,000
net loss attributable to cliffs shareholders	-251,000,000		-495,000,000				-67,000,000																							-84,300,000
loss per common share attributable to cliffs shareholders - basic
continuing operations	-510,000			-930,000	-520,000		-140,000	-300,000	520,000	680,000	-110,000	-410,000	300,000	1,140,000	1,540,000	2,460,000	1,400,000	80,000	190,000	-20,000	-310,000	-180,000	240,000	340,000	0.59	-0.08	2,100,000	670,000	770,000	-290,000	1,339,999.75	0.07	0.26	-0.11	979,999.49	-0.11	0.07	0.61		190,000		1,020,000					1,720,000	670,000	870,000	660,000	-7,190,000	620,000	1,810,000	2,640,000	1,370,000	4,210,000
discontinued operations																											-50,000	800,000	-220,000		-59,999.95	0.11	-0.16			-0.01		0.01																		-120,000
loss per common share attributable to cliffs shareholders - diluted
other comprehensive income:
changes in pension and opeb, net of tax	-26,000,000	-25,000,000	-27,000,000	-81,000,000	-29,000,000	-29,000,000	-28,000,000	60,000,000	-27,000,000	-26,000,000	-27,000,000	1,204,000,000	93,000,000		1,000,000	6,000,000	7,000,000	7,000,000	162,800,000	6,600,000	6,000,000
changes in derivative financial instruments, net of tax	-19,000,000	-45,000,000	101,000,000	17,250,000	2,000,000	47,000,000	20,000,000	-51,000,000	31,000,000	18,000,000	-152,000,000	-186,000,000	61,000,000	-55,000,000	96,000,000	83,000,000	47,000,000	7,000,000	-15,200,000	15,700,000	4,500,000
changes in foreign currency translation, net of tax	-36,000,000	102,000,000
total other comprehensive income	-81,000,000	32,000,000	75,000,000	-103,000,000	-26,000,000	18,000,000		10,000,000	4,000,000	-8,000,000	-179,000,000	1,020,000,000	152,000,000	-57,000,000	97,000,000	89,000,000	54,000,000	13,000,000	149,200,000	23,900,000	11,200,000
comprehensive loss	-315,000,000		-408,000,000				-62,000,000
comprehensive income attributable to noncontrolling interests	-17,000,000	-13,000,000	-12,000,000	-13,000,000	-12,000,000		-14,000,000	-16,000,000	-11,000,000	-9,000,000	-15,000,000	-10,000,000	-13,000,000	-5,000,000	-13,000,000	-8,000,000	-15,000,000	-16,000,000	-9,800,000	-11,900,000	-15,800,000
comprehensive loss attributable to cliffs shareholders	-332,000,000		-420,000,000				-76,000,000
income before income taxes		-618,000,000	-630,000,000
net income attributable to cliffs shareholders		-483,000,000		-447,000,000	-242,000,000	2,000,000		-155,000,000	264,000,000	347,000,000	-57,000,000	-214,000,000	152,000,000	596,000,000	801,000,000	1,274,000,000	780,000,000	41,000,000	64,000,000	-10,000,000	-123,900,000	-52,100,000					609,500,000	437,800,000	165,100,000		366,999,942.9	53.4	31.8	-28.1	174,099,905	-25.8	12.8	108		10,600,000	60,200,000				10,900,000		296,300,000	117,200,000	146,000,000	107,000,000	-984,500,000	85,100,000	258,000,000	375,800,000	198,500,000	589,500,000	407,700,000	423,400,000	393,300,000	297,400,000	260,700,000	93,500,000	108,200,000	58,800,000	45,500,000
earnings per common share attributable to cliffs shareholders:
basic		-970,000
diluted		-970,000
comprehensive income		-438,000,000		-537,000,000	-256,000,000	27,000,000		-129,000,000	279,000,000	348,000,000	-221,000,000	816,000,000	317,000,000	544,000,000	911,000,000	1,371,000,000	849,000,000	70,000,000	223,000,000	25,800,000	-96,900,000
comprehensive income attributable to cliffs shareholders		-451,000,000		-550,000,000	-268,000,000	20,000,000		-145,000,000	268,000,000	339,000,000	-236,000,000	806,000,000	304,000,000	539,000,000	898,000,000	1,363,000,000	834,000,000	54,000,000	213,200,000	13,900,000	-112,700,000
loss per common share attributable to cliffs shareholders:
basic			-1,000,000
diluted			-1,000,000
changes in foreign currency translation			1,000,000		1,000,000		-1,000,000					2,000,000	-2,000,000	-2,000,000				-1,000,000	1,600,000	1,600,000	700,000
asset impairments				-19,750,000		-15,000,000	-64,000,000
changes in fair value of foreign currency contracts				-1,750,000	-7,000,000																																																	300,000	1,400,000	-6,200,000	50,400,000	56,300,000	15,000,000	32,500,000	-10,000,000	2,300,000	900,000	8,800,000	79,300,000	-3,300,000
income from continuing operations before income taxes				-570,000,000	-306,000,000	-6,000,000		-108,000,000	303,000,000	458,000,000	-56,000,000	-186,000,000	175,000,000	757,000,000	1,050,000,000	1,615,000,000	1,010,000,000	66,000,000	60,300,000	-20,200,000	-132,500,000	-100,600,000	57,900,000	96,600,000	183.4	-25.8	134,500,000	200,300,000	227,600,000		15	13	79.1	-32.1	29.35	-32.2	27.8	121.8
income from continuing operations				-434,000,000	-230,000,000	9,000,000		-138,000,000	274,000,000	356,000,000	-43,000,000	-205,000,000	165,000,000	600,000,000	813,000,000	1,281,000,000	794,000,000	57,000,000	72,800,000	2,200,000	-107,800,000	-49,200,000	63,400,000	91,800,000	161.4	-22.1	624,100,000	199,800,000	229,400,000		381,799,933.2	20.6	76.5	-30.3	219,199,880.9	-25.1	29.9	114.3	-178,499,856.3														274,300,000	391,500,000	221,700,000	758,800,000
income from discontinued operations, net of tax								-1,000,000	1,000,000		1,000,000	1,000,000		1,000,000	1,000,000	1,000,000	1,000,000				-300,000	600,000	-200,000	-900,000			-14,600,000	238,000,000		500,000	-18,699,986.4	32.3	-46.4	0.5			-0.4	2.5																-100,000	200,000	-17,500,000
income attributable to noncontrolling interests				-8,250,000	-12,000,000	-7,000,000	-14,000,000
earnings per common share attributable to cliffs shareholders - basic																																																									2,930,000	3,120,000	1,157,500	2,200,000	1,930,000	690,000	197,500	450,000	360,000	-70,000
earnings per common share attributable to cliffs shareholders - diluted																																																									2,920,000	3,110,000	1,150,000	2,180,000	1,920,000	690,000	195,000	450,000	360,000	-70,000
comprehensive loss attributable to noncontrolling interests						-7,000,000
total other comprehensive loss							-9,000,000
gain on extinguishment of debt												1,000,000	4,000,000				-22,000,000	-66,000,000	-2,600,000		129,400,000		-4,550,000		-17.9		50,000		200,000										-392,899,607.1
income tax expense								-30,000,000	-29,000,000	-102,000,000		-101,000,000	-10,000,000	-157,000,000	-237,000,000								-5,775,000	-4,800,000														-7.5																	-107,800,000	-17,800,000	-151,900,000	-142,000,000				-72,300,000
income attributable to noncontrolling interest								-8,750,000	-11,000,000	-9,000,000	-15,000,000	-10,000,000	-13,000,000	-5,000,000	-13,000,000	-8,000,000	-15,000,000	-16,000,000	-9,800,000	-11,900,000	-15,800,000	-3,500,000															-16.7
other non-operating expense															-2,000,000
total other income																	-57,000,000				75,900,000	-21,800,000
realization of deferred revenue																			400,000			34,600,000
average number of shares
basic																			91,311,250,000	399,399,000,000	399,088,000,000	297,515,000,000	-1,657,000,000	269,960,000,000	275,769	289,525	-411,000,000	297,878,000,000	297,618,000,000	297,266,000,000	288,434,714,229	296,079	296,070	265,164	197,658,813,546	206,279	182,330	171,677	-153,212,846,770														142,380,000,000	142,226,000,000	671,000,000	144,203,000,000	139,000,000,000	135,486,000,000	21,000,000	135,345,000,000	135,319,000,000	135,174,000,000	1,953,000,000	130,840,000,000	125,055,000,000	113,240,000,000	3,866,000,000	104,753,000,000	98,127,000,000	44,968,000,000
diluted																			91,311,250,000	399,399,000,000	399,088,000,000	297,515,000,000	-3,275,000,000	276,578,000,000	285,479	289,525	623,000,000	310,203,000,000	301,275,000,000	297,266,000,000	292,960,709,488	301,075	300,711	265,164	200,144,811,529	206,279	184,557	171,962	-153,212,846,395														142,814,000,000	142,709,000,000	691,000,000	144,989,000,000	139,783,000,000	136,191,000,000	40,000,000	136,213,000,000	136,134,000,000	135,954,000,000	1,983,000,000	131,736,000,000	125,779,000,000	113,240,000,000	1,849,000,000	108,719,000,000	105,227,000,000	52,458,000,000
revenues from product sales and services
product																							339,450,000	515,000,000	697.4	145.4	646,400,000	684,700,000	672,000,000	220,700,000	2,089,198,447.7	627.5	512	412.8	1,913,498,763	508.6	452.8	275.6		542,500,000	454,300,000	399,500,000	-1,190,795,769.2	1,190,800,000	1,018,600,000	860,900,000	3,892,000,000	1,454,600,000	1,391,600,000	1,082,600,000	4,073,000,000	1,447,900,000	1,546,600,000	1,200,900,000	1,589,300,000	2,124,400,000	1,705,000,000	1,133,000,000	1,341,900,000	1,287,200,000	1,116,200,000	671,500,000	772,100,000	669,900,000	353,100,000	421,100,000	850,400,000	1,110,800,000	921,600,000	412,000,000
freight																							24,500,000	40,600,000	45.8	11.6
sales margin																							126,900,000	154,900,000	263	30.9	202,000,000	261,600,000	284,500,000	-3,600,000	501,699,599	160.2	145.1	95.7	389,299,792.2	85.4	91.5	30.9	-193,199,763.5														449,300,000	303,500,000	493,700,000	863,300,000	730,800,000	598,700,000	482,300,000	476,500,000	414,700,000	150,000,000	175,000,000	103,200,000	-11,700,000	42,400,000	285,900,000	365,000,000	426,300,000	82,400,000
other operating expense
other income
earnings per common share – basic
earnings per common share – diluted
liabilities
current liabilities
accounts payable																									188,100,000	171,700,000						102,000,000	111,700,000	91,100,000		81,300,000	91,900,000	77,200,000
accrued employment costs																									58,400,000	42,100,000
accrued interest																									31,300,000	23,000,000						21,700,000	30,700,000	19,700,000
partnership distribution payable																									44,100,000	43,800,000
other current liabilities																									115,500,000	113,400,000						125,100,000	108,100,000	95,600,000		102,300,000	137,700,000	138,800,000
total current liabilities																									437,400,000	394,000,000						417,500,000	413,300,000	309,300,000		323,500,000	376,100,000	439,800,000
pension and postemployment benefit liabilities																									239,300,000	244,200,000						254,300,000	276,100,000	279,100,000		198,500,000	206,400,000	213,800,000
environmental and mine closure obligations																									176,700,000	174,400,000						205,400,000	201,900,000	198,200,000		220,200,000	217,400,000	214,300,000
long-term debt																									2,104,500,000	2,087,000,000						1,689,400,000	1,611,800,000	1,642,900,000		2,195,900,000	2,489,700,000	2,499,100,000
other liabilities																									149,700,000	145,000,000						189,800,000	193,700,000	199,200,000		235,300,000	240,300,000	216,000,000
total liabilities																									3,107,600,000	3,044,600,000						2,756,400,000	2,696,800,000	2,628,700,000		3,173,400,000	3,529,900,000	3,583,000,000
commitments and contingencies
equity
shareholders' equity
preferred stock - no par value
class a - 3,000,000 shares authorized
class b - 4,000,000 shares authorized
common shares - par value 0.125 per share
authorized - 600,000,000 shares (2018 - 600,000,000 shares);
issued - 301,886,794 shares (2018 - 301,886,794 shares);
outstanding - 270,042,018 shares																									37.7
capital in excess of par value of shares																									3,863.6	3,860.2						3,913.2	3,999.7	4,000.1		3,336	3,037.5	3,032.5
retained deficit																									-2,952.6	-3,096.8						-4,517.2	-4,570.6	-4,602.4		-4,653.4	-4,627.4	-4,640.4
cost of 31,844,776 common shares in treasury																									-391.3
accumulated other comprehensive loss																									-271.8	-275.5						-30.8	-19.4	-24.3		-1.2	-9	-12.3
total equity																									285.6	261.7
total liabilities and equity																									3,393.2	3,306.3
outstanding - 282,839,140 shares																										37.7
cost of 19,047,654 common shares in treasury																										-263.9
loss per common share – basic
loss per common share – diluted
freight and venture partners' cost reimbursements																											49,900,000	57,100,000	42,300,000	18,300,000	240,999,823	70.9	57.3	48.8	195,499,882	44.7	43.4	29.9	-137,399,819.1														79,400,000
cost of goods sold and operating expenses																											-494,300,000	-480,200,000	-429,800,000	-242,600,000	-1,828,498,671.7	-538.2	-424.2	-365.9	-1,719,698,852.8	-467.9	-404.7	-274.6															-1,176,700,000	-961,200,000	-1,168,800,000	-1,279,500,000	-1,075,000,000	-584,500,000	-941,900,000	-869,500,000	-769,600,000	-577,700,000	-645,500,000	-563,200,000	-402,000,000	-422,400,000	-630,400,000	-824,700,000	-582,300,000	-412,000,000
other operating income
loss attributable to noncontrolling interest																															0.975	0.5	1.7	1.7	-5.875	2		-8.8	-1,500,000.9
income per common share attributable to cliffs shareholders – basic
income per common share attributable to cliffs shareholders – diluted
loss per common share attributable to cliffs shareholders – basic
loss per common share attributable to cliffs shareholders – diluted
accrued expenses																																109,400,000	112,800,000	102,900,000		134,200,000	141,100,000	111,100,000
contingent claims																																50,000,000	50,000,000
derivative liabilities																																9,300,000
cliffs shareholders' deficit
authorized - 600,000,000 shares (2016 - 400,000,000 shares);
issued - 301,886,794 shares (2016 - 238,636,794 shares);
outstanding - 296,503,284 shares																																37.7
cost of 5,383,510 common shares in treasury																																-236.2
total cliffs shareholders' deficit																																-833.3	-789.1	-830.1		-1,544.3	-1,830.7	-1,859.4
noncontrolling interest																																0.2	122.4	127.1		143.8	151.8	162.7															16,300,000	15,600,000					-25,000		-100,000					-200,000
total deficit																																-833.1	-666.7	-703		-1,400.5	-1,678.9	-1,696.7
total liabilities and deficit																																1,923.3	2,030.1	1,925.7		1,772.9	1,851	1,886.3
miscellaneous - net																															27,699,997	-5.9	-3	11.9	-30,699,983.1	-19.6	5.7	-3	-19,099,971.9														28,600,000	9,400,000	14,900,000	64,000,000	-8,200,000	3,800,000	-5,525,000	-22,000,000	-2,200,000	2,100,000	4,825,000	4,900,000	17,000,000	-1,600,000	2,150,000	10,500,000	-1,400,000	1,000,000
gain on extinguishment/restructuring of debt																															-165,399,834.6	-88.6	-4.9	-71.9	166,299,835.9	-18.3	3.6	178.8
outstanding - 296,496,321 shares																																	37.7
cost of 5,390,473 common shares in treasury																																	-236.5
authorized - 400,000,000 shares (2016 - 400,000,000 shares);
outstanding - 296,398,149 shares																																		37.7
cost of 5,488,645 common shares in treasury																																		-241.2
short-term liabilities of discontinued operations																																				5,500,000	4,400,000	4,300,000
guarantees																																				200,000	200,000	23,600,000
insured loss																																					800,000	84,800,000
7% series a mandatory convertible, class a, no par value and 1,000 per share liquidation preference
issued and outstanding - no shares
authorized - 400,000,000 shares (2015 - 400,000,000 shares);
issued - 236,346,794 shares (2015 - 159,546,224 shares);
outstanding - 230,594,581 shares																																				29.5
cost of 5,752,213 common shares in treasury																																				-255.2
equity loss from ventures, net of tax
preferred stock dividends																																																																					-400,000	-900,000
net income attributable to cliffs common shareholders																																			174,099,905	-25.8	12.8	108			60,200,000						260,500,000	104,300,000
cash dividends declared per depositary share																																								880,000			110,000	440,000	440,000	440,000	1,220,000	440,000	440,000	340,000
issued - 189,622,349 shares (2015 - 159,546,224 shares);
outstanding - 183,864,626 shares																																					23.7
cost of 5,757,723 common shares in treasury																																					-255.5
issued - 187,822,349 shares (2015 - 159,546,224 shares);
outstanding - 181,909,771 shares																																						23.5
cost of 5,912,578 common shares in treasury																																						-262.7
2012 amended equity plan
2015 equity plan
593.2																																							384,325,000
impairment of goodwill and other long-lived assets
(25.9
17.4																																							55,425,000
income from continuing operations before income taxes and equity loss from ventures																																							-348,499,686.9
net loss attributable to cliffs common shareholders
cash dividends declared per common share																																											37,500	150,000	150,000	150,000	450,000	150,000	150,000	150,000
item 2.
item 3.
item 4.
part ii - other information
item 1.
item 1a.
item 6.
signatures
498.1
(31.6
(65.7
income from continuing operations before income taxes and equity income from ventures																																																					317,700,000	187,600,000	322,600,000	765,500,000	589,200,000	562,300,000	402,100,000	409,500,000	351,700,000	169,200,000	153,400,000	81,400,000	53,100,000	2,700,000
equity income from ventures, net of tax
446.0
(8.9
270.0
item 5.
1,298.2
exploration costs																																																					-29,100,000	-18,800,000	-25,100,000	-26,600,000	-18,200,000	-10,600,000
(7,886.6
(40.3
loss (income) attributable to noncontrolling interest
1,100.8
(103.7
(42.6
940.0
(113.9
(41.5
1,546.6
(124.7
(45.9
1,488.5
(6.2
(43.5
net income attributable to common shareholders																																																	133,100,000	97,100,000
1,140.5
(69.6
(48.0
equity income from ventures																																																					-500,000	-6,900,000	6,900,000	11,100,000	-11,300,000	3,000,000	5,100,000	3,600,000	8,200,000	-3,400,000	-9,900,000	-20,900,000	-25,500,000	-9,200,000	-8,900,000	-13,100,000	-6,200,000	-6,900,000
4
5
6
7
39
67
68
70
71
72
1,544.9
consolidated thompson acquisition costs																																																							-400,000	-2,100,000	-18,000,000
(122.0
(43.9
less: income attributable to noncontrolling interest																																																							42,525,000	151,800,000	18,300,000
cash dividends declared per share																																																			1.53	0.63	0.63	0.28	0.28	0.28	0.14	0.14	0.143	0.14
less: income attributable to
other comprehensive income, net of tax
pension and opeb liability																																																					7.1
unrealized net income on marketable securities																																																					-2.8
unrealized net gain on foreign currency translation																																																					-17.4
unrealized net gain on derivative financial instruments																																																					-4.4
other comprehensive income																																																					-17.5
less: other comprehensive loss attributable to the noncontrolling interest																																																					-1.5
total comprehensive income attributable to cliffs shareholders																																																					239
freight and venture partners’ cost reimbursements																																																						63,800,000	73,200,000	18,400,000	100,800,000	50,200,000	82,300,000	58,800,000	68,100,000	56,200,000	48,400,000	-3,500,000	37,200,000	43,700,000	65,900,000	78,900,000	87,000,000	82,400,000
interest income																																																						2,000,000	1,900,000	2,700,000	2,400,000	2,500,000	1,500,000	3,300,000	2,700,000	2,400,000	3,100,000	1,900,000	2,400,000	3,400,000	8,400,000	5,900,000	6,300,000	5,600,000
gain on acquisition of controlling interests																																																											12,300,000	2,100,000		60,600,000
less: net income attributable to noncontrolling interest																																																										-100,000					-100,000	-200,000	-300,000
casualty recoveries																																																														3,300,000						500,000	10,000,000
royalties and management fee revenue																																																											4,400,000	2,800,000	2,700,000	2,200,000	1,300,000	-200,000	1,300,000	2,400,000	5,700,000	5,100,000	7,100,000	3,800,000
gain on sale of assets																																																											650,000		800,000	1,800,000	375,000	1,000,000	-500,000
less: loss attributable to
cash dividends per share																																																													0.14	0.088	0.093	0.04	0.04	0.088
income applicable to common shares																																																															24,225,000	58,800,000	45,500,000	-7,400,000	53,900,000	174,900,000	269,800,000	15,800,000
other non-operating income - net																																																																		500,000
benefit from income taxes																																																																		-1,100,000	29,400,000	-52,000,000	-107,400,000	-14,300,000
less: net income attributable to
net income attributable to cliffs																																																																		-7,400,000
gain on sale of other assets																																																																			5,275,000	100,000	19,500,000
changes in fair value of derivative instruments																																																																			-93,900,000	-94,300,000
other - net																																																																			850,000	3,300,000	300,000
income from continuing operations before income taxes, minority interest and equity income from ventures																																																																			25,500,000	243,600,000	406,200,000	41,000,000
minority interest																																																																			7,900,000	-3,600,000	-22,400,000	-3,100,000
earnings per common share - basic																																																																			1,180,000	1,670,000	2,750,000	350,000
earnings per common share - diluted																																																																			1,085,000	1,610,000	2,570,000	320,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2018-01-01	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

assets
current assets:
cash and cash equivalents	45,000,000	57,000,000	66,000,000	61,000,000	57,000,000	54,000,000	39,000,000	110,000,000	30,000,000	198,000,000	31,000,000	34,000,000	59,000,000	26,000,000	56,000,000	47,000,000	35,000,000	42,000,000	73,000,000	110,000,000	112,000,000	56,000,000	73,700,000	186,900,000	352,600,000	399,300,000	377,200,000	430,200,000	978,300,000	978,300,000	978,300,000	1,007,700,000	978,300,000	260,800,000	321,500,000	295,300,000	323,400,000	132,200,000	108,200,000	59,900,000	285,200,000	270,200,000		355,700,000	244,000,000	359,900,000	364,000,000	335,500,000	298,800,000	263,300,000	287,200,000	195,200,000	36,300,000	159,200,000	122,300,000	521,600,000	545,100,000	238,100,000	2,267,700,000	1,566,700,000	969,400,000	527,500,000	550,400,000	502,700,000	359,900,000	274,600,000	97,300,000	179,000,000	388,300,000		186,500,000
accounts receivable	1,882,000,000	1,442,000,000	1,797,000,000	1,783,000,000	1,798,000,000	1,576,000,000	1,583,000,000	1,773,000,000	1,868,000,000	1,840,000,000	2,122,000,000	2,290,000,000	2,216,000,000	1,960,000,000	2,301,000,000	2,571,000,000	2,667,000,000	2,348,000,000	2,062,000,000	1,659,000,000	1,169,000,000	653,700,000	482,200,000	560,800,000	94,000,000	164,900,000	193,100,000	20,100,000	183,300,000	183,300,000	183,300,000	217,200,000	183,300,000	63,900,000	76,700,000	61,100,000	128,700,000	49,200,000	61,500,000	41,900,000	40,200,000	53,400,000		87,100,000	166,200,000	198,300,000	130,600,000	270,000,000	291,700,000	259,100,000	272,300,000	329,000,000	285,900,000	310,800,000	247,200,000	304,200,000	364,800,000	317,200,000	506,500,000	359,100,000	214,100,000	255,300,000	131,400,000	103,500,000	87,200,000	41,900,000	79,600,000	68,500,000	137,800,000
inventories	4,591,000,000	4,772,000,000	4,683,000,000	4,699,000,000	4,886,000,000	5,094,000,000	4,236,000,000	4,199,000,000	4,449,000,000	4,460,000,000	4,592,000,000	4,727,000,000	4,923,000,000	5,130,000,000	5,542,000,000	5,784,000,000	5,562,000,000	4,505,000,000	4,280,000,000	3,932,000,000	3,828,000,000	1,795,100,000	1,933,600,000	2,148,800,000	317,400,000		219,000,000	312,700,000	87,000,000	87,000,000	87,000,000	132,000,000	87,000,000	207,700,000	287,600,000	250,800,000	178,400,000	317,300,000	391,200,000	406,300,000	329,600,000	351,700,000		408,500,000	516,700,000	648,800,000	609,800,000	391,400,000	438,400,000	529,200,000	630,100,000	436,500,000	526,700,000	741,000,000	695,900,000	475,700,000	528,200,000	605,300,000	496,400,000	269,200,000	308,500,000	371,800,000	368,200,000	272,500,000	292,300,000	349,400,000	328,900,000	265,400,000	327,200,000		389,800,000
other current assets	192,000,000	164,000,000	143,000,000	144,000,000	223,000,000	183,000,000	169,000,000	110,000,000	122,000,000	138,000,000	196,000,000	114,000,000	246,000,000	306,000,000	426,000,000	366,000,000	295,000,000	251,000,000	159,000,000	160,000,000	165,000,000	115,000,000	90,200,000	107,400,000	29,500,000	40,700,000	42,300,000	41,000,000	11,100,000	11,100,000	24,400,000	28,000,000	24,400,000	24,800,000	88,800,000	76,600,000	54,100,000	47,600,000	45,300,000	26,000,000	30,300,000	138,100,000		190,000,000	206,100,000	221,400,000	363,000,000	236,400,000	310,600,000	316,300,000	297,900,000	216,200,000	322,100,000	219,800,000	192,500,000	168,300,000	144,000,000	152,100,000	137,600,000	114,800,000	89,700,000	91,000,000	78,100,000	66,900,000	90,600,000	161,600,000	162,400,000
total current assets	6,710,000,000	6,435,000,000	6,689,000,000	6,687,000,000	6,964,000,000	6,907,000,000	6,027,000,000	6,192,000,000	6,469,000,000	6,636,000,000	6,941,000,000	7,165,000,000	7,444,000,000	7,422,000,000	8,325,000,000	8,768,000,000	8,559,000,000	7,146,000,000	6,574,000,000	5,861,000,000	5,298,000,000	2,628,800,000	2,642,300,000	3,065,600,000	897,900,000	1,064,600,000	1,119,400,000	1,126,000,000	1,581,400,000	1,581,400,000	1,581,400,000	1,581,400,000	1,581,400,000	791,100,000	908,300,000	813,200,000	824,600,000	699,600,000	779,200,000	792,000,000	982,700,000	1,075,900,000		1,524,400,000	1,360,600,000	1,663,800,000	1,672,300,000	1,560,000,000	1,669,600,000	1,665,900,000	1,823,900,000	1,650,000,000	1,665,400,000	1,742,600,000	1,587,300,000	1,790,700,000	1,904,800,000	1,688,300,000	3,713,900,000	2,583,700,000	2,022,900,000	1,630,600,000	1,470,500,000	1,161,200,000	1,016,300,000	949,200,000	792,500,000	861,700,000	1,212,200,000		961,300,000
non-current assets:
property, plant and equipment	9,345,000,000	9,481,000,000	9,508,000,000	9,620,000,000	9,797,000,000	9,942,000,000	8,687,000,000	8,728,000,000	8,771,000,000	8,895,000,000	8,837,000,000	8,878,000,000	8,950,000,000	9,070,000,000	9,030,000,000	9,047,000,000	9,012,000,000	8,974,000,000	8,982,000,000	9,014,000,000	8,743,000,000	4,550,700,000	4,547,900,000	4,549,800,000	1,929,000,000	1,769,900,000	1,597,300,000	1,410,300,000	1,033,800,000	1,033,800,000	1,033,800,000	1,051,000,000	1,033,800,000	993,800,000	999,100,000	995,000,000	984,400,000	990,100,000	993,100,000	1,009,600,000	1,059,000,000	1,052,600,000		1,047,200,000	3,207,900,000	11,004,800,000	11,086,000,000	11,153,400,000	11,354,800,000	11,189,600,000	11,236,300,000	11,207,300,000	11,030,700,000	10,882,100,000	10,766,700,000	10,524,600,000	9,835,300,000	9,802,400,000	4,021,500,000	3,979,200,000	3,897,700,000	2,985,200,000	3,069,900,000	2,592,600,000	2,556,300,000	2,485,400,000	2,382,400,000	2,456,100,000
goodwill	1,800,000,000	1,814,000,000	1,796,000,000	1,814,000,000	1,767,000,000	1,768,000,000	1,005,000,000	1,005,000,000	1,005,000,000	1,005,000,000	1,130,000,000	1,130,000,000	1,130,000,000	1,130,000,000	1,141,000,000	1,149,000,000	1,127,000,000	1,072,000,000	1,070,000,000	994,000,000	1,406,000,000	144,000,000	139,300,000	143,300,000																									158,600,000	157,200,000	167,600,000	167,400,000	1,167,200,000	1,166,100,000	1,166,900,000	1,152,100,000	1,237,700,000	1,227,300,000	197,300,000	196,500,000	199,800,000	87,100,000	92,200,000	74,600,000	73,000,000				21,300,000
intangible assets	1,102,000,000	1,135,000,000	1,142,000,000	1,185,000,000	1,150,000,000	1,170,000,000																190,100,000	192,600,000	210,000,000																									110,800,000	115,000,000	124,500,000	129,000,000	133,800,000	137,900,000	143,000,000	147,000,000	149,300,000	159,500,000	171,700,000	175,800,000	178,700,000	170,900,000	178,700,000	114,800,000	116,300,000	115,100,000	107,400,000	109,600,000	91,500,000
pension and opeb assets	515,000,000	469,000,000	469,000,000	453,000,000	443,000,000	427,000,000	378,000,000	354,000,000	344,000,000	329,000,000
other non-current assets	643,000,000	678,000,000	686,000,000	712,000,000	715,000,000	733,000,000	699,000,000	649,000,000	647,000,000	672,000,000	759,000,000	751,000,000	758,000,000	777,000,000	802,000,000	1,075,000,000	1,070,000,000	804,000,000	787,000,000	784,000,000	787,000,000	240,100,000	245,000,000	215,100,000	154,700,000	114,900,000	118,300,000	113,800,000	101,600,000	101,600,000	101,600,000	104,700,000	101,600,000	138,400,000	122,700,000	117,500,000	114,900,000	83,200,000	78,700,000	84,700,000	93,800,000	143,000,000		131,000,000			444,500,000	408,500,000	196,100,000	195,700,000	200,500,000	193,600,000	170,400,000	212,200,000	186,800,000	191,200,000	222,500,000	230,600,000	196,100,000		192,400,000	186,500,000	211,100,000		216,100,000	230,100,000	174,900,000
total assets	20,115,000,000	20,012,000,000	20,290,000,000	20,471,000,000	20,836,000,000	20,947,000,000	16,796,000,000	16,928,000,000	17,236,000,000	17,537,000,000	18,059,000,000	18,303,000,000	18,652,000,000	18,755,000,000	19,688,000,000	20,039,000,000	19,768,000,000	18,066,000,000	17,746,000,000	17,215,000,000	16,771,000,000	8,480,900,000	8,490,700,000	8,912,300,000	3,503,800,000	3,491,200,000	3,393,200,000	3,306,300,000	2,990,200,000	2,990,200,000	2,990,200,000	2,990,200,000	2,990,200,000	1,923,300,000	2,030,100,000	1,925,700,000	1,923,900,000	1,772,900,000	1,851,000,000	1,886,300,000	2,135,500,000	2,271,500,000		2,702,600,000	4,811,200,000	13,102,400,000	13,202,800,000	13,121,900,000	13,566,700,000	13,594,900,000	13,821,900,000	13,574,900,000	15,296,800,000	15,194,300,000	14,893,300,000	14,541,700,000	13,945,300,000	13,671,700,000	8,952,300,000	7,778,200,000	7,078,900,000	5,636,300,000	5,531,900,000	4,639,300,000	4,511,200,000	4,296,400,000	4,025,800,000	4,111,100,000	4,309,200,000		3,301,000,000
liabilities and equity
current liabilities:
accounts payable	2,011,000,000	1,893,000,000	1,914,000,000	1,947,000,000	2,020,000,000	2,008,000,000	1,983,000,000	2,080,000,000	2,051,000,000	2,099,000,000	2,076,000,000	2,116,000,000	2,173,000,000	2,186,000,000	2,361,000,000	2,594,000,000	2,271,000,000	1,828,000,000	1,665,000,000	1,743,000,000	1,575,000,000	710,700,000	504,800,000	825,300,000	193,200,000	212,800,000	188,100,000	171,700,000	100,900,000	100,900,000	100,900,000	129,100,000	100,900,000	102,000,000	111,700,000	91,100,000	107,600,000	81,300,000	91,900,000	77,200,000	106,300,000	102,300,000		114,300,000	295,800,000	266,000,000	329,200,000	345,500,000	350,800,000	306,600,000	299,900,000	555,500,000	422,100,000	385,200,000	394,500,000	380,300,000	370,100,000	306,900,000	266,900,000	266,500,000	214,400,000	234,100,000	220,900,000	178,900,000	171,500,000	131,400,000	159,800,000	201,000,000	194,600,000		148,500,000
accrued employment costs	457,000,000	517,000,000	565,000,000	521,000,000	443,000,000	447,000,000	413,000,000	431,000,000	449,000,000	511,000,000	467,000,000	455,000,000	388,000,000	429,000,000	479,000,000	536,000,000	541,000,000	592,000,000	550,000,000	465,000,000	460,000,000					57,300,000	58,400,000	42,100,000	52,700,000								56,100,000				53,000,000							129,000,000				135,600,000				144,200,000				129,900,000				78,400,000				98,900,000	80,900,000		59,300,000
accrued expenses	346,000,000	396,000,000	339,000,000	348,000,000	361,000,000	375,000,000	379,000,000	296,000,000	318,000,000	380,000,000	263,000,000	261,000,000	271,000,000																	79,100,000	79,100,000	107,100,000	79,100,000	109,400,000	112,800,000	102,900,000	41,100,000	134,200,000	141,100,000	111,100,000	85,700,000	149,800,000		167,100,000	325,500,000	338,000,000	363,500,000	206,400,000	404,700,000	425,400,000	470,500,000	258,900,000	485,200,000	402,100,000	380,600,000	165,000,000	359,900,000	361,600,000	257,100,000	136,700,000	233,700,000	209,900,000	185,500,000	77,400,000	144,700,000	125,300,000	146,300,000	46,100,000	83,700,000		54,800,000
other current liabilities	509,000,000	496,000,000	462,000,000	461,000,000	442,000,000	492,000,000	480,000,000	511,000,000	578,000,000	518,000,000	488,000,000	576,000,000	628,000,000	934,000,000	740,000,000	857,000,000	939,000,000	708,000,000	620,000,000	574,000,000	596,000,000	224,000,000	244,900,000	245,700,000	52,000,000	121,700,000	115,500,000	113,400,000	65,000,000	68,800,000	68,800,000	87,600,000	68,800,000	125,100,000	108,100,000	95,600,000	91,400,000	102,300,000	137,700,000	138,800,000	87,300,000	235,600,000		300,100,000	262,300,000	272,400,000	253,500,000	203,000,000	188,600,000	206,100,000	226,600,000	225,100,000	197,800,000	204,700,000	175,700,000	148,100,000	185,700,000	178,500,000	131,700,000	80,600,000	124,100,000	102,100,000	106,900,000	59,100,000	173,200,000	75,900,000	71,300,000
total current liabilities	3,323,000,000	3,302,000,000	3,280,000,000	3,277,000,000	3,266,000,000	3,322,000,000	3,255,000,000	3,318,000,000	3,396,000,000	3,508,000,000	3,294,000,000	3,408,000,000	3,460,000,000	3,549,000,000	3,580,000,000	3,987,000,000	3,751,000,000	3,279,000,000	2,986,000,000	2,933,000,000	2,929,000,000	1,214,100,000	1,038,000,000	1,370,800,000	409,400,000	458,500,000	437,400,000	394,000,000	455,000,000	455,000,000	455,000,000	455,000,000	455,000,000	417,500,000	413,300,000	309,300,000	391,100,000	323,500,000	376,100,000	439,800,000	581,700,000	669,900,000		846,500,000	1,118,300,000	1,037,500,000	1,043,100,000	1,085,500,000	1,060,500,000	1,154,600,000	1,101,400,000	1,381,500,000	1,714,300,000	1,534,300,000	1,384,600,000	1,493,300,000	1,299,400,000	1,191,000,000	1,107,200,000	1,028,700,000	690,000,000	714,300,000	746,300,000	570,400,000	560,000,000	540,400,000	780,600,000	844,900,000	1,143,800,000		384,600,000
non-current liabilities:
long-term debt	7,763,000,000	7,253,000,000	8,039,000,000	7,727,000,000	7,601,000,000	7,065,000,000	3,774,000,000	3,507,000,000	3,664,000,000	3,137,000,000	3,458,000,000	3,963,000,000	4,559,000,000	4,249,000,000	4,475,000,000	4,668,000,000	5,028,000,000	5,350,000,000	5,368,000,000	5,734,000,000	5,390,000,000	4,309,800,000	4,451,600,000	4,357,100,000	2,113,800,000	2,109,100,000	2,104,500,000	2,087,000,000	2,304,200,000	2,304,200,000	2,304,200,000	2,304,200,000	2,304,200,000	1,689,400,000	1,611,800,000	1,642,900,000	2,175,100,000	2,195,900,000	2,489,700,000	2,499,100,000	2,699,400,000	2,721,600,000		2,880,900,000	3,012,500,000	3,293,000,000	3,194,800,000	3,022,600,000	3,319,600,000	3,323,300,000	3,433,000,000	3,960,700,000	3,514,300,000	3,614,100,000	3,583,800,000	3,608,700,000	3,883,500,000	3,898,800,000	2,412,500,000		1,713,000,000	725,000,000	725,000,000		525,000,000	525,000,000
pension and opeb liabilities	631,000,000	655,000,000	645,000,000	693,000,000	711,000,000	751,000,000	666,000,000	757,000,000	791,000,000	821,000,000												1,130,600,000	1,159,600,000	1,171,600,000	311,500,000
deferred income taxes	305,000,000	375,000,000	506,000,000	612,000,000	723,000,000	858,000,000	567,000,000	621,000,000	628,000,000	639,000,000	662,000,000	545,000,000	527,000,000	590,000,000				70,000,000	333,000,000	562,000,000	537,000,000	519,500,000	506,500,000	486,400,000	459,500,000	437,500,000	443,300,000	466,600,000																	26,000,000	1,034,100,000	1,195,700,000	1,146,500,000	5,300,000	202,800,000	137,300,000	91,800,000	612,300,000	522,200,000	511,700,000	209,500,000	79,900,000	54,200,000	126,400,000	140,300,000	62,100,000	70,300,000	114,200,000	151,100,000	214,700,000	208,200,000	251,200,000	251,200,000	198,400,000		40,400,000
asset retirement and environmental obligations	693,000,000	682,000,000	614,000,000	613,000,000	609,000,000	601,000,000
other non-current liabilities	1,381,000,000	1,422,000,000	1,499,000,000	1,507,000,000	1,442,000,000	1,453,000,000	1,439,000,000	1,353,000,000	1,315,000,000	1,310,000,000	1,362,000,000	1,307,000,000	1,276,000,000	1,267,000,000	1,614,000,000	1,549,000,000	1,483,000,000	1,374,000,000	1,272,000,000	1,175,000,000	1,260,000,000	280,700,000	278,400,000	263,500,000	146,300,000
total liabilities	14,096,000,000	13,689,000,000	14,583,000,000	14,429,000,000	14,352,000,000	14,050,000,000	9,701,000,000	9,556,000,000	9,794,000,000	9,415,000,000	9,795,000,000	10,259,000,000	10,859,000,000	10,713,000,000	12,420,000,000	13,045,000,000	13,160,000,000	13,776,000,000	13,467,000,000	13,758,000,000	13,692,000,000	7,357,200,000	7,372,500,000	7,681,300,000	3,145,900,000	3,131,300,000	3,107,600,000	3,044,600,000	3,400,300,000	3,400,300,000	3,400,300,000	3,400,300,000	3,400,300,000	2,756,400,000	2,696,800,000	2,628,700,000	3,254,400,000	3,173,400,000	3,529,900,000	3,583,000,000	3,947,100,000	4,031,000,000		4,484,700,000	4,988,500,000	6,272,800,000	6,367,200,000	6,237,600,000	6,632,100,000	6,811,100,000	6,962,900,000	7,814,000,000	7,607,600,000	7,586,800,000	7,459,400,000	7,502,000,000	7,093,500,000	7,151,700,000	4,678,400,000	3,939,500,000	3,627,600,000	2,645,400,000	2,705,700,000	2,102,300,000	2,104,300,000	2,030,900,000	2,281,800,000	2,357,100,000	2,551,500,000		1,810,700,000
commitments and contingencies
equity:
common shares - par value 0.125 per share
authorized - 1,200,000,000 shares (2025 - 1,200,000,000 shares);
issued - 606,051,530 shares (2025 - 606,051,530 shares);
outstanding - 570,397,492 shares	76,000,000
capital in excess of par value of shares	5,732,000,000	5,736,000,000	4,783,000,000	4,768,000,000	4,756,000,000	4,758,000,000	4,875,000,000	4,864,000,000	4,851,000,000	4,861,000,000	4,850,000,000	4,841,000,000	4,832,000,000	4,871,000,000	4,864,000,000	4,855,000,000	4,848,000,000	4,887,000,000	5,491,000,000	5,487,000,000	5,431,000,000	4,446,300,000	4,443,600,000	4,450,200,000	3,872,100,000	3,867,700,000	3,863,600,000	3,860,200,000						3,913,200,000	3,999,700,000	4,000,100,000	3,347,000,000	3,336,000,000	3,037,500,000	3,032,500,000	2,298,900,000	2,307,600,000		2,308,100,000	2,312,200,000	2,318,000,000	2,321,100,000	2,329,500,000	2,029,800,000	2,024,300,000	2,020,900,000	1,774,700,000	1,766,200,000	1,759,600,000	1,755,100,000	1,770,800,000	1,766,100,000	1,760,300,000	903,300,000	896,300,000	875,100,000	871,300,000	868,500,000	695,400,000	693,300,000	696,500,000	439,700,000	442,200,000	161,800,000		122,400,000
retained deficit	-766,000,000																	-894,000,000	-2,168,000,000	-2,948,000,000	-2,989,000,000	-3,052,500,000	-3,042,500,000	-2,918,500,000	-2,842,400,000	-2,889,000,000	-2,952,600,000	-3,096,800,000						-4,517,200,000	-4,570,600,000	-4,602,400,000	-4,574,300,000	-4,653,400,000	-4,627,400,000	-4,640,400,000	-4,748,400,000	-4,688,100,000		-4,733,200,000
cost of 35,654,038 common shares in treasury	-645,000,000
accumulated other comprehensive income	1,425,000,000	1,492,000,000	1,563,000,000	1,644,000,000	1,612,000,000	1,537,000,000	1,640,000,000	1,666,000,000	1,648,000,000	1,657,000,000	1,647,000,000	1,643,000,000	1,651,000,000	1,830,000,000	810,000,000	658,000,000	715,000,000	23,000,000																																						-92,600,000	-59,300,000	95,900,000	70,000,000	45,900,000	13,000,000										20,200,000
total cliffs shareholders' equity	5,822,000,000	6,116,000,000	5,466,000,000	5,819,000,000	6,254,000,000	6,664,000,000	6,854,000,000	7,110,000,000	7,201,000,000	7,887,000,000	8,020,000,000	7,802,000,000	7,546,000,000	7,791,000,000	7,008,000,000	6,729,000,000	6,339,000,000	3,996,000,000	3,233,000,000	2,389,000,000	2,018,000,000	810,600,000	792,900,000	903,200,000																					30,700,000	6,027,600,000	6,019,500,000	6,069,500,000	5,779,700,000	5,631,200,000	5,704,600,000	4,632,700,000	6,336,800,000	6,295,000,000
noncontrolling interests	197,000,000	207,000,000	241,000,000	223,000,000	230,000,000	233,000,000	241,000,000	262,000,000	241,000,000	235,000,000
total equity	6,019,000,000	6,323,000,000	5,707,000,000	6,042,000,000	6,484,000,000	6,897,000,000	7,095,000,000	7,372,000,000	7,442,000,000	8,122,000,000	8,264,000,000	8,044,000,000	7,793,000,000	8,042,000,000	7,268,000,000	6,994,000,000	6,608,000,000	4,290,000,000	3,541,000,000	2,719,000,000	2,341,000,000	1,123,700,000	1,118,200,000	1,231,000,000	357,900,000	359,900,000	285,600,000	261,700,000	-410,100,000																-177,300,000	6,829,600,000	6,835,600,000	6,884,300,000	6,934,600,000	6,783,800,000	6,859,000,000	5,760,900,000	7,689,200,000	7,607,500,000	7,433,900,000	7,039,700,000	6,851,800,000	6,520,000,000	4,273,900,000	3,838,700,000	3,451,300,000	2,990,900,000	2,826,200,000	2,537,000,000	2,406,900,000	2,265,500,000	1,744,000,000
total liabilities and equity	20,115,000,000	20,012,000,000	20,290,000,000	20,471,000,000	20,836,000,000	20,947,000,000	16,796,000,000	16,928,000,000	17,236,000,000	17,537,000,000	18,059,000,000	18,303,000,000	18,652,000,000	18,755,000,000	19,688,000,000	20,039,000,000	19,768,000,000					8,480,900,000	8,490,700,000	8,912,300,000	3,503,800,000	3,491,200,000	3,393,200,000	3,306,300,000	2,990,200,000																4,811,200,000	13,102,400,000	13,202,800,000	13,121,900,000	13,566,700,000	13,594,900,000	13,821,900,000	13,574,900,000	15,296,800,000	15,194,300,000	14,893,300,000	14,541,700,000	13,945,300,000	13,671,700,000	8,952,300,000	7,778,200,000	7,078,900,000	5,636,300,000	5,531,900,000	4,639,300,000	4,511,200,000	4,296,400,000	4,025,800,000
authorized - 1,200,000,000 shares (2024 - 1,200,000,000 shares);
issued - 606,051,530 shares (2024 - 531,051,530 shares);
outstanding - 569,759,243 shares		76,000,000
retained earnings		-529,000,000	-286,000,000	1,000,000	484,000,000	979,000,000	1,426,000,000	1,668,000,000	1,666,000,000	1,733,000,000	1,888,000,000	1,624,000,000	1,277,000,000	1,334,000,000	1,548,000,000	1,396,000,000	800,000,000																												-2,639,600,000	3,276,000,000	3,300,900,000	3,407,300,000	3,483,300,000	3,401,900,000	3,291,700,000	3,217,700,000	4,925,700,000	4,929,400,000	4,760,300,000	4,424,300,000	4,266,200,000	3,717,700,000	3,328,800,000	2,924,100,000	2,550,100,000	2,296,400,000	2,054,800,000	1,973,100,000	1,876,400,000	1,822,900,000	1,782,700,000	1,799,900,000	1,756,300,000		1,324,900,000
cost of 36,292,287 common shares in treasury		-659,000,000
issued - 531,051,530 shares (2024 - 531,051,530 shares);
outstanding - 494,699,774 shares			66,000,000
cost of 36,351,756 common shares in treasury			-660,000,000
outstanding - 494,679,326 shares				66,000,000
cost of 36,372,204 common shares in treasury				-660,000,000
outstanding - 494,490,795 shares					66,000,000
cost of 36,560,735 common shares in treasury					-664,000,000
authorized - 1,200,000,000 shares (2023 - 1,200,000,000 shares);
issued - 531,051,530 shares (2023 - 531,051,530 shares);
outstanding - 493,948,905 shares						66,000,000
cost of 37,102,625 common shares in treasury						-676,000,000
outstanding - 468,067,482 shares							66,000,000
cost of 62,984,048 common shares in treasury							-1,153,000,000
outstanding - 468,038,839 shares								66,000,000
cost of 63,012,691 common shares in treasury								-1,154,000,000
outstanding - 475,472,486 shares									66,000,000
cost of 55,579,044 common shares in treasury									-1,030,000,000
authorized - 1,200,000,000 shares (2022 - 1,200,000,000 shares);
issued - 531,051,530 shares (2022 - 531,051,530 shares);
outstanding - 504,886,773 shares										66,000,000
cost of 26,164,757 common shares in treasury										-430,000,000
pension and opeb, asset											392,000,000	379,000,000	370,000,000	356,000,000	390,000,000
pension liability, non-current											456,000,000	461,000,000	465,000,000	473,000,000	464,000,000	527,000,000	552,000,000
opeb liability, non-current											563,000,000	575,000,000	572,000,000	585,000,000	2,287,000,000	2,314,000,000	2,346,000,000
outstanding - 504,849,719 shares											66,000,000
cost of 26,201,811 common shares in treasury											-431,000,000
noncontrolling interest											244,000,000	242,000,000	247,000,000	251,000,000	260,000,000	265,000,000	269,000,000	294,000,000	308,000,000	330,000,000	323,000,000	313,100,000	325,300,000	327,800,000					200,000	200,000	200,000	200,000	200,000	200,000	122,400,000	127,100,000	133,800,000	143,800,000	151,800,000	162,700,000	169,800,000	172,500,000		213,600,000	-208,000,000	802,000,000	816,100,000	814,800,000	1,154,900,000	1,152,600,000	1,154,400,000	1,128,200,000	1,352,400,000	1,312,500,000	1,293,900,000	1,254,700,000	1,128,400,000	973,800,000	900,000	-7,200,000	14,400,000	-8,900,000	-4,100,000	-5,800,000	1,200,000	400,000	6,400,000
outstanding - 508,679,179 shares												66,000,000
cost of 22,372,351 common shares in treasury												-372,000,000
outstanding - 515,052,745 shares													66,000,000
cost of 15,998,785 common shares in treasury													-280,000,000
authorized - 1,200,000,000 shares (2021 - 1,200,000,000 shares);
issued - 531,051,530 shares (2021 - 506,832,537 shares);
outstanding - 513,340,779 shares														66,000,000
cost of 17,710,751 common shares in treasury														-310,000,000
outstanding - 515,297,720 shares															66,000,000
cost of 15,753,810 common shares in treasury															-280,000,000
outstanding - 517,293,151 shares																66,000,000
cost of 13,758,379 common shares in treasury																-246,000,000
outstanding - 524,714,208 shares																	66,000,000
cost of 6,337,322 common shares in treasury																	-90,000,000
pension and opeb liabilities, current																		151,000,000	151,000,000	151,000,000	151,000,000
pension and opeb liabilities, non-current																		3,773,000,000	3,841,000,000	3,916,000,000	4,113,000,000
series b participating redeemable preferred stock - no par value
authorized, issued and outstanding - no shares
authorized - 1,200,000,000 shares (2020 - 600,000,000 shares);
issued - 506,832,537 shares (2020 - 506,832,537 shares);
outstanding - 500,055,941 shares																		63,000,000
cost of 6,776,596 common shares in treasury																		-83,000,000
total liabilities, redeemable preferred stock and equity																		18,066,000,000	17,746,000,000	17,215,000,000	16,771,000,000
authorized, issued and outstanding - 583,273 shares																			738,000,000	738,000,000	738,000,000
outstanding - 499,701,762 shares																			63,000,000
cost of 7,130,775 common shares in treasury																			-87,000,000
accumulated other comprehensive loss																			-66,000,000	-120,000,000	-133,000,000	-282,000,000	-305,900,000	-317,100,000	-318,800,000	-265,600,000	-271,800,000	-275,500,000						-30,800,000	-19,400,000	-24,300,000	-21,300,000	-1,200,000	-9,000,000	-12,300,000	-18,000,000	-25,100,000		-38,200,000	-101,400,000	-20,200,000	-55,100,000	-112,900,000	-178,400,000	-239,600,000	-51,400,000	-55,600,000	-51,000,000	-89,900,000	-70,900,000							-166,600,000	-91,700,000	-122,600,000	-160,900,000	-251,300,000	-388,800,000	-394,600,000	-88,000,000
authorized - 600,000,000 shares (2020 - 600,000,000 shares);
outstanding - 499,214,434 shares																				63,000,000
cost of 7,618,103 common shares in treasury																				-93,000,000
income tax receivable, current																					24,000,000	9,000,000	62,600,000	61,700,000	58,600,000	58,700,000	58,700,000	117,300,000	13,300,000
state and local taxes																					147,000,000
authorized - 600,000,000 shares (2019 - 600,000,000 shares);
issued - 506,832,537 shares (2019 - 301,886,794 shares);
outstanding - 477,517,372 shares																					63,000,000
cost of 29,315,165 common shares in treasury																					-354,000,000
income tax receivable, non-current																							4,100,000	4,100,000	62,700,000	62,700,000	62,700,000	121,300,000	235,300,000
right-of-use asset, operating lease																						207,700,000	213,000,000	238,000,000
accrued liabilities																						279,400,000	288,300,000	299,800,000	126,300,000
operating lease liability, non-current																						174,100,000	191,500,000	201,200,000
intangible liabilities																						65,900,000	72,300,000
asset retirement obligations																						182,000,000	181,100,000	179,200,000
issued - 428,645,866 shares (2019 - 301,886,794 shares);
outstanding - 399,229,917 shares																						53,600,000
cost of 29,415,949 common shares in treasury																						-354,800,000
outstanding - 399,159,988 shares																							53,600,000
cost of 29,485,878 common shares in treasury																							-355,900,000
intangible liability																								137,900,000
outstanding - 398,587,083 shares																								53,600,000
cost of 30,058,783 common shares in treasury																								-365,000,000
derivative assets																									45,800,000	72,800,000	118,300,000	107,400,000	49,500,000	49,500,000	49,500,000	51,000,000	49,500,000	89,500,000															72,700,000	45,100,000	66,400,000	78,600,000	78,300,000	74,800,000	78,800,000	82,100,000	73,600,000	110,200,000	132,900,000	82,600,000	208,600,000	157,600,000	131,700,000	51,500,000		27,500,000	30,200,000	76,900,000	140,200,000		85,800,000
state and local taxes payable																									37,900,000				30,200,000								28,300,000				35,200,000							61,700,000								59,100,000				38,900,000				35,100,000				45,500,000			28,800,000
environmental and mine closure obligations																									164,900,000	179,100,000	176,700,000	174,400,000	167,700,000	167,700,000	167,700,000	196,500,000	167,700,000	205,400,000	201,900,000	198,200,000	193,900,000	220,200,000	217,400,000	214,300,000	231,200,000	211,900,000		165,600,000	305,400,000	304,700,000	300,700,000	309,700,000	299,500,000	235,800,000	240,400,000	252,800,000	226,300,000	231,400,000	227,000,000	222,000,000	210,500,000	207,500,000	189,200,000	184,900,000	194,400,000	170,200,000	167,400,000	124,300,000				12,200,000	123,600,000		8,100,000
authorized - 600,000,000 shares (2018 - 600,000,000 shares);
issued - 301,886,794 shares (2018 - 301,886,794 shares);
outstanding - 270,084,005 shares																									37,700,000
cost of 31,802,789 common shares in treasury																									-390,700,000
current assets
finished goods inventories																										162,200,000
work-in-process inventories																										55,200,000
supplies and other inventories																										110,800,000	110,800,000	97,300,000	88,800,000	88,800,000	88,800,000	93,900,000	88,800,000	92,500,000	83,600,000	80,400,000	91,400,000	84,000,000	102,000,000	102,700,000	110,400,000	118,000,000		120,400,000	202,200,000	200,000,000	204,900,000	216,000,000	257,400,000	252,900,000	270,000,000	289,100,000	259,500,000	237,000,000	228,800,000	216,900,000	175,900,000	156,900,000	136,100,000	148,100,000	131,500,000	129,000,000	129,500,000	102,700,000	102,900,000	94,200,000	94,100,000	101,200,000	86,700,000		75,200,000
other assets																																													242,700,000	433,800,000
deposits for property, plant and equipment																										41,600,000	52,200,000	68,300,000	17,800,000	17,800,000	17,800,000	17,800,000	17,800,000
total other assets																										656,700,000	676,500,000	770,000,000	375,000,000	375,000,000	375,000,000	357,800,000	375,000,000					83,200,000	78,700,000	84,700,000	93,800,000	143,000,000		131,000,000			444,500,000	408,500,000	542,300,000	739,400,000	761,700,000	717,600,000	2,600,700,000	2,569,600,000	2,539,300,000	2,226,400,000	2,205,200,000	2,181,000,000	1,216,900,000	1,215,300,000	1,158,300,000	1,020,500,000	991,500,000	885,500,000	938,600,000	861,800,000	850,900,000	793,300,000	578,100,000		465,400,000
liabilities
current liabilities
accrued interest																										34,100,000	31,300,000	23,000,000	31,400,000	31,400,000	31,400,000	31,400,000	31,400,000	21,700,000	30,700,000	19,700,000	40,200,000
derivative liabilities																										32,600,000								9,300,000															36,100,000	88,600,000															29,800,000	71,100,000	142,700,000	194,300,000	38,400,000
partnership distribution payable																											44,100,000	43,800,000	44,200,000	44,200,000	44,200,000	44,200,000	44,200,000
pension and postemployment benefit liabilities																										233,200,000	239,300,000	244,200,000	257,700,000	257,700,000	257,700,000	257,700,000	257,700,000	254,300,000	276,100,000	279,100,000		198,500,000	206,400,000	213,800,000		209,100,000		250,200,000	230,000,000	276,600,000	285,000,000		556,100,000	586,900,000	600,000,000
other liabilities																										151,400,000	149,700,000	145,000,000	163,500,000	163,500,000	163,500,000	186,900,000	163,500,000	189,800,000	193,700,000	199,200,000	213,800,000	235,300,000	240,300,000	216,000,000	213,800,000	218,500,000		216,300,000	296,300,000	326,900,000	347,900,000	379,300,000	395,900,000	412,300,000	473,700,000	492,600,000	318,600,000	330,600,000	371,300,000	338,000,000	273,600,000	328,300,000	248,100,000	256,700,000	204,300,000	190,400,000	207,900,000	212,700,000	431,100,000	355,400,000	357,000,000	149,100,000	153,300,000		116,400,000
equity
shareholders' equity
preferred stock - no par value
class a - 3,000,000 shares authorized
class b - 4,000,000 shares authorized
outstanding - 270,075,445 shares																										37,700,000
cost of 31,811,349 common shares in treasury																										-390,900,000
outstanding - 270,042,018 shares																											37,700,000
cost of 31,844,776 common shares in treasury																											-391,300,000
outstanding - 282,839,140 shares																												37,700,000
cost of 19,047,654 common shares in treasury																												-263,900,000
loans to and accounts receivables from the canadian entities																													51,600,000								48,600,000				72,900,000
current assets of discontinued operations																													118,500,000	118,500,000	118,500,000		118,500,000
non-current assets of discontinued operations																													20,300,000	20,300,000
contingent claims																													55,600,000	55,600,000	55,600,000	55,600,000	55,600,000	50,000,000	50,000,000
current liabilities of discontinued operations																													75,000,000	75,000,000	75,000,000		75,000,000
non-current liabilities of discontinued operations																													52,200,000	52,200,000	52,200,000		52,200,000
cliffs shareholders' equity																													-410,300,000
income tax receivable																														13,300,000	235,300,000	235,300,000	235,300,000								5,700,000	3,100,000		165,500,000	25,400,000	35,400,000
loans to and accounts receivable from the canadian entities																														51,600,000	51,600,000	51,600,000	51,600,000	51,900,000	50,100,000	49,000,000		69,300,000	70,200,000	69,900,000
cliffs shareholders' deficit																														-410,300,000	-410,300,000	-410,300,000	-410,300,000
total deficit																														-410,100,000	-410,100,000	-410,100,000	-410,100,000	-833,100,000	-666,700,000	-703,000,000	-1,330,500,000	-1,400,500,000	-1,678,900,000	-1,696,700,000	-1,811,600,000	-1,759,500,000		-1,782,100,000
total liabilities and deficit																														2,990,200,000	2,990,200,000	2,990,200,000	2,990,200,000	1,923,300,000	2,030,100,000	1,925,700,000	1,923,900,000	1,772,900,000	1,851,000,000	1,886,300,000	2,135,500,000	2,271,500,000		2,702,600,000
long-term assets of discontinued operations																															20,300,000		20,300,000
authorized - 600,000,000 shares (2016 - 400,000,000 shares);
issued - 301,886,794 shares (2016 - 238,636,794 shares);
outstanding - 296,503,284 shares																																		37,700,000
cost of 5,383,510 common shares in treasury																																		-236,200,000
total cliffs shareholders' deficit																																		-833,300,000	-789,100,000	-830,100,000	-1,464,300,000	-1,544,300,000	-1,830,700,000	-1,859,400,000	-1,981,400,000	-1,932,000,000		-1,995,700,000
outstanding - 296,496,321 shares																																			37,700,000
cost of 5,390,473 common shares in treasury																																			-236,500,000
authorized - 400,000,000 shares (2016 - 400,000,000 shares);
outstanding - 296,398,149 shares																																				37,700,000
cost of 5,488,645 common shares in treasury																																				-241,200,000
insurance coverage receivable																																							800,000	84,800,000	93,500,000
accrued royalties																																					26,200,000				17,300,000							57,300,000				48,100,000				77,100,000
guarantees																																					200,000	200,000	200,000	23,600,000	96,500,000
insured loss																																							800,000	84,800,000	93,500,000
postemployment benefit liabilities																																																					603,300,000	634,200,000	635,600,000		462,400,000	490,900,000	494,000,000		477,100,000	498,000,000	499,000,000		424,800,000	436,600,000	435,600,000
pensions																																					245,700,000				209,700,000							197,500,000				403,800,000				394,700,000				284,900,000				267,300,000				250,100,000			88,600,000
other postretirement benefits																																					34,800,000				11,300,000							96,500,000				214,500,000				271,100,000				243,100,000				178,500,000				17,900,000			11,200,000
total postemployment benefit liabilities																																					280,500,000				221,000,000							294,000,000				618,300,000				665,800,000				528,000,000				445,800,000				448,000,000
7% series a mandatory convertible, class a, no par value and 1,000 per share liquidation preference
issued and outstanding - none issued
authorized - 400,000,000 shares (2015 - 400,000,000 shares);
issued - 238,636,794 shares (2015 - 159,546,224 shares);
outstanding - 233,074,091 shares																																					29,800,000
cost of 5,562,703 common shares in treasury																																					-245,500,000
short-term assets of discontinued operations																																								500,000	14,900,000	141,400,000		197,200,000
short-term liabilities of discontinued operations																																						5,500,000	4,400,000	4,300,000	6,900,000	182,200,000		265,000,000
issued and outstanding - no shares
issued - 236,346,794 shares (2015 - 159,546,224 shares);
outstanding - 230,594,581 shares																																						29,500,000
cost of 5,752,213 common shares in treasury																																						-255,200,000
issued - 189,622,349 shares (2015 - 159,546,224 shares);
outstanding - 183,864,626 shares																																							23,700,000
cost of 5,757,723 common shares in treasury																																							-255,500,000
issued - 187,822,349 shares (2015 - 159,546,224 shares);
outstanding - 181,909,771 shares																																								23,500,000
cost of 5,912,578 common shares in treasury																																								-262,700,000
long-term liabilities of discontinued operations																																												125,200,000
issued and outstanding - 731,223 shares																																									731,300,000	731,300,000		731,300,000	731,300,000	731,300,000
authorized - 400,000,000 shares (2014 - 400,000,000 shares);
issued - 159,546,224 shares (2014 - 159,546,224 shares);
outstanding - 153,591,930 shares																																									19,800,000
cost of 5,954,294 common shares in treasury																																									-265,000,000
outstanding - 153,404,664 shares																																										19,800,000
cost of 6,141,560 common shares in treasury																																										-277,500,000
description
assets:
cash equivalents																																											130,000,000
available-for-sale marketable securities																																											100,000
total																																											130,100,000
liabilities:
foreign exchange contracts
outstanding - 153,279,552 shares																																												19,800,000
cost of 6,266,672 common shares in treasury																																												-283,500,000
short-term debt and current portion of long-term debt																																													234,700,000
authorized - 400,000,000 shares (2013 - 400,000,000 shares);
issued - 159,546,224 shares (2013 - 159,546,224 shares);
outstanding - 153,162,348 shares																																													19,800,000
cost of 6,383,876 common shares in treasury																																													-291,600,000
short-term and current portion of long-term debt																																														161,100,000	96,900,000
outstanding - 153,182,592 shares																																														19,800,000
cost of 6,363,632 common shares in treasury																																														-297,300,000
issued and outstanding - 731,233 shares																																															731,300,000
outstanding - 153,181,056 shares																																															19,800,000
cost of 6,365,168 common shares in treasury																																															-298,500,000
deferred and refundable income taxes																																																110,700,000				105,400,000													83,400,000
income taxes payable																																																61,700,000	57,300,000	107,100,000	81,500,000	28,300,000				265,400,000				103,400,000				6,100,000				99,300,000	49,500,000		20,000,000
current portion of debt																																																20,900,000	7,900,000			94,100,000	369,700,000	369,700,000
issued and outstanding - 731,250 shares																																																731,300,000	731,300,000	731,300,000	731,300,000
authorized - 400,000,000 shares (2012 - 400,000,000 shares);
issued - 159,546,224 shares (2012 - 149,195,469 shares);
outstanding - 153,126,291 shares																																																19,800,000
cost of 6,419,933 common shares in treasury																																																-305,500,000
investments in ventures																																																	71,500,000	68,700,000	131,800,000	135,800,000	517,000,000	531,200,000	530,900,000	526,600,000	515,800,000	509,400,000	525,400,000	514,800,000	525,300,000	505,700,000	395,300,000	315,100,000	318,500,000	308,400,000	317,400,000	305,300,000	264,200,000		265,900,000
deferred revenue																																																	15,100,000	20,800,000	22,900,000	35,900,000	125,100,000	123,400,000	108,600,000	126,600,000	99,600,000	141,200,000	238,500,000	215,600,000	75,700,000	100,200,000	165,200,000	105,100,000		71,900,000	129,300,000	86,800,000	181,300,000		14,800,000
issued - 159,545,469 shares (2012 - 149,195,469 shares);
outstanding - 153,124,449 shares																																																	19,800,000
cost of 6,421,264 common shares in treasury																																																	-306,100,000
outstanding - 153,121,032 shares																																																		19,800,000
cost of 6,424,437 common shares in treasury																																																		-306,500,000
outstanding - 153,095,702 shares																																																			19,800,000
cost of 6,449,767 common shares in treasury																																																			-307,700,000
assets held for sale																																																					156,600,000
liabilities held for sale																																																					29,700,000
class a - 3,000,000 shares authorized and unissued
class b - 4,000,000 shares authorized and unissued
authorized - 400,000,000 shares (2011 - 400,000,000 shares);
issued - 149,195,469 shares (2011 - 149,195,469 shares);
outstanding - 142,495,902 shares																																																				18,500,000
cost of 6,699,567 common shares in treasury																																																				-322,600,000
taxes payable																																																					84,700,000	49,200,000	238,000,000		221,800,000	140,300,000	213,000,000		42,100,000	68,000,000	67,800,000		40,800,000	64,800,000	131,200,000
below-market sales contracts																																																					83,800,000	98,500,000	113,200,000	111,800,000	128,400,000	145,100,000	161,700,000	164,400,000	185,700,000	196,300,000	208,100,000	153,300,000	163,400,000	173,500,000	183,600,000	183,600,000	221,300,000
authorized - 400,000,000 shares (2011 - 400,000,000);
outstanding - 142,491,645 shares																																																					18,500,000
cost of 6,703,824 common shares in treasury																																																					-322,600,000
outstanding - 142,488,633 shares																																																						18,500,000
cost of 6,706,836 common shares in treasury																																																						-322,600,000
deferred and refundable taxes																																																							21,800,000	21,900,000	4,200,000	38,000,000	36,700,000	43,200,000	101,100,000	98,400,000	81,200,000	61,400,000				54,800,000			24,400,000
current portion of term loan																																																							87,200,000	74,800,000	62,300,000	62,500,000
cliffs shareholders’ equity
outstanding - 142,487,477 shares																																																							18,500,000
cost of 6,707,992 common shares in treasury																																																							-323,000,000
total cliffs shareholders’ equity																																																							6,140,000,000	5,785,000,000	5,723,400,000	5,546,200,000	4,273,000,000	3,845,900,000	3,436,900,000	2,999,800,000	2,830,300,000	2,542,800,000	2,405,700,000	2,265,100,000	1,737,600,000
below-market sales contracts — current																																																								52,700,000				57,100,000				30,300,000				30,300,000
preferred stock — no par value
class a — 3,000,000 shares authorized and unissued
class b — 4,000,000 shares authorized and unissued
common shares — par value 0.125 per share
authorized — 400,000,000 shares (2010 — 224,000,000);
issued — 149,195,469 shares (2010 — 138,845,469 shares);
outstanding — 142,021,718 shares																																																								18,500,000
cost of 7,173,751 common shares in treasury																																																								-336,000,000
accounts receivable from associated companies																																																									69,000,000	70,500,000
authorized - 400,000,000 shares (2010 - 224,000,000 shares);
issued - 149,195,469 shares (2010 - 138,845,469 shares);
outstanding - 143,009,708 shares																																																									18,600,000
cost of 6,185,761 common shares in treasury																																																									-268,200,000
outstanding - 146,010,183 shares																																																										18,600,000
cost of 3,185,286 common shares in treasury																																																										-46,300,000
authorized - 224,000,000 shares;
issued - 138,845,469 shares (2010 - 138,845,469 shares);
outstanding - 135,644,830 shares																																																											17,300,000
cost of 3,200,639 common shares in treasury																																																											-46,400,000
marketable securities																																																												85,900,000				88,100,000				25,400,000	62,800,000		54,300,000
long-term receivables																																																												56,100,000				49,800,000				33,400,000			36,400,000
deposits and miscellaneous																																																												45,900,000				92,000,000				68,400,000			62,900,000
senior notes																																																												1,713,100,000				325,000,000			325,000,000	325,000,000	325,000,000
term loan																																																																200,000,000			200,000,000	200,000,000	200,000,000		200,000,000
authorized — 224,000,000 shares;
issued — 138,845,469 shares (2009 — 134,623,528 shares);
outstanding — 135,456,999 shares																																																												17,300,000
cost of 3,388,470 common shares in treasury																																																												-37,700,000
issued - 138,845,469 shares (2009 - 134,623,528 shares);
outstanding - 135,436,999 shares																																																													17,300,000
cost of 3,408,470 common shares in treasury																																																													-18,600,000
outstanding - 135,441,226 shares																																																														17,300,000
cost of 3,404,243 common shares in treasury																																																														-18,600,000
outstanding - 135,431,974 shares																																																															17,400,000
cost of 3,413,495 common shares in treasury																																																															-18,700,000
3.25% redeemable cumulative convertible perpetual preferred stock — issued 172,500 shares, 205 shares outstanding in 2008
issued — 134,623,528 shares (2008 — 134,623,528 shares);
outstanding — 130,971,470 shares																																																																16,800,000
cost of 3,652,058 common shares in treasury																																																																-19,900,000
3.25% redeemable cumulative convertible perpetual preferred stock - issued 172,500 shares 205 shares outstanding in 2008
issued - 134,623,528 shares (2008 - 134,623,528 shares);
outstanding - 130,975,041 shares																																																																	16,800,000
cost of 3,648,487 common shares in treasury																																																																	-19,900,000
3.25% redeemable cumulative convertible perpetual
preferred stock - issued 172,500 shares
205 shares outstanding in 2008
issued - 134,623,925 shares (2008 - 134,623,528 shares);
outstanding - 130,994,855 shares																																																																		16,800,000
cost of 3,629,070 common shares in treasury																																																																		-19,800,000
issued - 134,623,528 shares; outstanding - 113,721,069 shares																																																																			16,800,000
cost of 20,902,459 common shares in treasury																																																																			-112,800,000
other																																																																				115,900,000	132,000,000		107,100,000
prepaid pensions — salaried
liabilities and shareholders’ equity
revolving credit facility																																																																							400,000,000
contingent consideration																																																																							99,200,000
deferred payment																																																																							97,600,000
minority interest																																																																				3,300,000	69,200,000		133,000,000
3.25% redeemable cumulative convertible perpetual preferred stock — issued 172,500 shares 205 and 134,715 outstanding in 2008 and 2007																																																																				200,000
shareholders’ equity
issued — 134,623,528 shares; outstanding — 113,508,990 shares																																																																				16,800,000
cost of 21,114,538 common shares in treasury																																																																				-113,800,000
total shareholders’ equity																																																																				1,750,500,000	1,688,300,000		1,246,600,000
total liabilities and shareholders’ equity																																																																				4,111,100,000	4,309,200,000		3,301,000,000
property, plant and equipment less accumulated depreciation and depletion - 429.9																																																																					2,518,900,000
long term receivables																																																																					33,100,000
amounts due to former owners of pinnoak																																																																					279,100,000
unregistered common shares issued																																																																					165,000,000
pensions and other postretirement benefits																																																																					186,100,000
revolving credit
3.25% redeemable cumulative convertible perpetual preferred stock - issued 172,500 shares outstanding 205 and 134,715 in 2008 and 2007																																																																					200,000
common shares - par value 0.125 a share authorized - 224,000,000 shares; issued - 134,623,528 shares outstanding - 106,720,611 shares																																																																					16,800,000
cost of 27,902,917 common shares in treasury																																																																					-158,600,000
beginning balance																																																																						63,900,000
total gains
included in earnings																																																																						244,900,000
included in other comprehensive income
settlements																																																																						-183,000,000
transfers in and/or out of level 3
ending balance - june 30, 2008																																																																						125,800,000
total gains for the period included in earnings attributable to the change in unrealized gains or losses on assets still held at june 30, 2008																																																																						84,300,000
trade accounts receivable																																																																							92,500,000
net properties																																																																							1,874,300,000
prepaid pensions																																																																							5,500,000
3.25% redeemable cumulative convertible perpetual preferred stock - issued 172,500 shares outstanding 110,705 and 134,715 in 2008 and 2007																																																																							110,700,000
common shares - par value 0.25 a share authorized - 112,000,000 shares; issued - 67,311,764 shares																																																																							16,800,000
cost of 22,065,203 common shares in treasury																																																																							-237,700,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2018-02-01	2017-09-30	2016-12-31	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

ifrs
inr
irs
ispat
jorc
libor
lifo
ltvsmc
mdeq
mmbtu
mp
mpca
mpi
mpsc
mrrt
msha
naaqs
nbcwa
ndep
no2
nox
northshore
npdes
nrd
nyse
oak grove
oci
opeb
opip
pbo
pinnacle
pinnoak
pluton resources
pm10
portman
ppaca
prp
qcoal
reconciliation act
renewafuel
ring of fire properties
rtwg
sars
abbreviation or acronym
sec
severstal
silver bay power
sip
smcra
smm
so2
sonoma
spider
tcr
tilden
tmdl
tsr
umwa
united taconite
up 1994
u.s.
u.s. steel
usw
vale
veba
vie
vnqdc plan
wabush
weirton
wepco
wheeling
wisco
all cliffs’ managed mines
other u.s. mines
u.s. steel’s minnesota ore operations
minnesota taconite
keewatin taconite
total u.s. steel
arcelormittal usa minorca mine
total other u.s. mines
other canadian mines
iron ore company of canada
arcelormittal mines canada
total other canadian mines
total u.s. and canadian mines
customer
arcelormittal
algoma
total
excluding freight and venture partners’ cost reimbursements.
includes subsidiaries of each customer.
facility
cleveland works and indiana harbor west facilities
indiana harbor east facility
weirton facility
salaried
hourly
includes our employees and the employees of the u.s. iron ore joint ventures.
includes the employees in our latin american iron ore, asia pacific coal and ferroalloys operating segments, with the exception of contracted mining employees.
excludes contracted mining employees.
name
joseph a. carrabba
laurie brlas
donald j. gallagher
duncan p. price
p. kelly tompkins
clifford smith
william a. brake, jr.
david b. blake
william c. boor
terrence r. mee
james michaud
terrance m. paradie
steven m. raguz
duke d. vetor
david webb
•
item
mine
empire
hibbing taconite
net of accumulated amortization and depreciation. hibbing taconite is reflected at our 23 percent ownership interest.
tons are long tons of 2,240 pounds.
bloom lake
net of accumulated amortization and depreciation.
tons are metric tons of 2,205 pounds.
koolyanobbing
cockatoo island
net of accumulated amortization and depreciation. cockatoo island is reflected at our 50 percent ownership interest.
amapá
net of accumulated amortization and depreciation. amapá is reflected at our 30 percent ownership interest.
pinnacle complex
cliffs logan county coal
tons are short tons of 2,000 pounds.
iron ore:
u.s. iron ore
eastern canadian iron ore
asia pacific iron ore
coal:
north american coal
clcc
pricing for our u.s. iron ore mines and wabush reflects us per long tons of pellets f.o.b. port, except for empire and tilden, which are f.o.b. mine. pricing for our asia pacific iron ore mines and bloom lake reflects us per metric ton of product. pricing for our north american coal mines reflects us per short ton.
totals
estimated standard equivalent pellets, including both proven and probable reserves based on life-of-mine operating schedules.
long tons equal 2,240 pounds.
reserves listed on 100 percent basis. cliffs has a 79 percent interest in empire.
reserves listed on 100 percent basis. cliffs has a 85 percent interest in tilden.
reserves listed on 100 percent basis. cliffs has a 23 percent interest in hibbing taconite.
estimated standard equivalent pellets or concentrate, including both proven and probable reserves based on life-of-mine operating schedules.
metric tons equal 2,205 pounds.
prior year reserves for wabush were reported in long tons. long ton equals 2,240 pounds.
reported ore reserves restricted to proven and probable tonnages based on life of mine operating schedules. 0.51 million metric tons of the koolyanobbing reserves are sourced from current stockpiles.
metric tons of 2,205 pounds.
reserves listed on 100 percent basis. cliffs has a 50 percent interest in the cockatoo island joint venture.
the mineral rights for these mines are 100% leased.
pocahontas no 3
pocahontas no 4
blue creek seam
multi-seam underground
multi-seam surface
all coal extracted by underground mining using longwall and continuous miner equipment except for clcc surface, which is mined by contour and highwall mining methods.
short tons of 2,000 pounds.
assigned reserves represent coal reserves that can be mined without a significant capital expenditure for mine development, whereas unassigned reserves will require significant capital expenditures to mine the reserves.
clcc thermal reserves do not meet u.s. compliance standards as defined by phase ii of the clean air act as coal having a sulfur dioxide content of 1.2 pounds or less per million btu.
the mineral rights for these mines are 100 percent leased.
mine ,
moranbah coal b,c, and e seams
metric tons of 2,205 pounds. recoverable clean coal at 9 percent moisture. reserves listed on 100 percent basis. cliffs has a 45 percent interest in the sonoma joint venture.
all coal extracted by conventional surface mining techniques.
item 5.
first quarter
second quarter
third quarter
fourth quarter
year
cliffs natural resources inc.
s&p 500 index - total returns
s&p 500 steel index
s&p midcap 400 index
period
october 1 — 31, 2011
november 1 — 30, 2011
december 1 — 31, 2011
item 6.
financial data
revenue from product sales and services
cost of goods sold and operating expenses																													-50,400,000	-187,200,000	-242,600,000
other operating expense
operating income																									-105,200,000	227,600,000	-800,000		-28,700,000	294,200,000	-40,000,000
income from continuing operations																									-69,600,000				-29,600,000
income from discontinued operations
net income	-235,000,000	-240,000,000	-470,000,000	-483,000,000	-434,000,000	-230,000,000	9,000,000	-53,000,000	-139,000,000	275,000,000	356,000,000	-42,000,000	-204,000,000	165,000,000	601,000,000	814,000,000	1,282,000,000	795,000,000	57,000,000	73,800,000	1,900,000			201,900,000	-69,900,000			690,300,000	272,700,000				52,900,000	227,100,000	116,800,000	-57,900,000	6,000,000	65,200,000	-761,700,000	-6,887,200,000	-14,200,000	113,900,000	141,300,000	120,800,000	-1,870,800,000	78,500,000	274,300,000	391,400,000	221,900,000	741,400,000	426,000,000	423,300,000	393,200,000	272,400,000	260,600,000	93,500,000	108,100,000	58,600,000	45,200,000	-7,600,000	53,900,000	174,700,000	270,500,000	16,700,000
less: net income attributable to noncontrolling interest
net income attributable to cliffs shareholders																													272,700,000
preferred stock dividends																																				-12,800,000	-12,800,000	-12,800,000	-12,800,000	-12,800,000	-12,700,000	-13,000,000																			1,100,000	-900,000	-200,000	-1,100,000
income attributable to cliffs common shareholders
earnings per common share attributable to cliffs shareholders — basic
continuing operations																									-250,000	670,000	-80,000		-100,000	1,060,000	-290,000
discontinued operations																													1,020,000
earnings per common share attributable to cliffs shareholders — diluted
total assets
long-term obligations
net cash from operating activities					-472,000,000	-84,000,000			652,000,000	767,000,000				536,000,000										174,400,000				289,800,000													460,000,000				239,000,000				743,100,000	820,700,000	618,100,000	106,900,000									271,000,000
redeemable cumulative convertible perpetual preferred stock
distributions to preferred shareholders cash dividends
distributions to common shareholders cash dividends
- per share
- total
repurchases of common shares
iron ore and coal production and sales statistics
production tonnage - u.s. iron ore
- eastern canadian iron ore
- north american coal
- asia pacific iron ore
production tonnage —
- u.s. iron ore
sales tonnage - u.s. iron ore
common shares outstanding — basic
- average for year
- at year-end
item 7.
revenues from product sales and services
sales margin																									-108,100,000	232,100,000	30,900,000		-22,900,000	288,100,000	-3,600,000
sales margin %
selling, general and administrative expenses																									5,100,000	-2,500,000	-28,100,000		-3,900,000	1,500,000	-27,700,000
exploration costs
impairment of goodwill
consolidated thompson acquisition costs
miscellaneous — net
gain on acquisition of controlling interest
changes in fair value of foreign currency contracts
interest income
interest expense																									800,000	-1,000,000	-25,100,000		1,700,000	2,300,000	-33,500,000
other non-operating income																									-300,000	500,000	100,000		-100,000	0	4,400,000
contract maturity
contract portfolio :
contracts expiring in the next 12 months
total hedge contract portfolio
includes collar options.
income tax expense
effective tax rate
u.s. statutory rate
increases/(decreases) due to:
non-taxable income related to noncontrolling interests
percentage depletion
impact of foreign operations
income not subject to tax
non-taxable hedging income
state taxes
manufacturer’s deduction
valuation allowance
tax uncertainties
other items — net
effective income tax rate before discrete items
discrete items
effective income tax rate
contract portfolio (excluding aud call options) :
contracts expiring in the next 13 to 24 months
aud call options
includes collar options and forward contracts.
aud call options are excluded from the weighted-average exchange rate used for the remainder of the contract portfolio due to the unlimited downside participation associated with these instruments.
sales tons
production tons :
cliffs’ share of total
long tons of pellets (2,240 pounds).
sales metric tons
production metric tons
metric tons (2,205 pounds).
production tons
tons are short tons (2,000 pounds).
metric tons (2,205 pounds). cockatoo island production and sales reflects our 50 percent share.
metric tons (2,205 pounds). cockatoo island production reflects our 50 percent share.
cash and cash equivalents — january 1
significant investing transactions
net settlements on canadian dollar foreign exchange contracts
investment in consolidated thompson senior secured notes																																																		0
acquisition of consolidated thompson, net of cash acquired																																																	0	-100,000
acquisition of wabush
acquisition of freewest
acquisition of spider
acquisition of clcc
capital expenditures					-205,000,000	-151,000,000			-165,000,000	-162,000,000				-248,000,000										-191,100,000				-97,200,000													-119,400,000				-333,900,000				-401,800,000	-234,400,000	-178,800,000	-65,700,000									-34,800,000
free cash flows					-677,000,000	-235,000,000			487,000,000	605,000,000				288,000,000										-16,700,000				192,600,000													340,600,000				-94,900,000				341,300,000	586,300,000	439,300,000	41,200,000									236,200,000
sources (uses) of financing
net proceeds from issuance of common shares																																	0	-200,000							0	0	-300,000	285,600,000					0	0							0	-200,000
net proceeds from issuance of senior notes																																																	0	0	298,800,000	699,300,000	100,000	992,900,000	0	395,100,000
borrowing on term loan
repayment of consolidated thompson convertible debentures																																																	0	0
payments under share buyback program																																																	-67,900,000
common stock dividends																																								-23,500,000	-23,100,000	-22,800,000	-23,100,000	-22,900,000	-89,400,000	-89,000,000	-89,100,000	-39,700,000	-40,100,000	-40,800,000	-19,000,000	-19,000,000	-19,000,000	-19,100,000	-19,000,000	-11,800,000	-11,500,000	-5,200,000	-5,300,000	-9,900,000	-10,000,000	-9,200,000	-9,000,000	-7,900,000
other net activity
cash and cash equivalents — december 31
contractual obligations
long-term debt
interest on debt
operating lease obligations
capital lease obligations
purchase obligations:
asia pacific rail upgrade
oak grove portal project
michigan expansion project
koolyanobbing expansion project
bloom lake expansion project
oak grove repair project
lower war eagle development project
open purchase orders
minimum “take or pay” purchase commitments
total purchase obligations
other long-term liabilities:
pension funding minimums
opeb claim payments
deferred revenue
environmental and mine closure obligations																																																											900,000	500,000
unrecognized tax benefits
personal injury
other	-39,000,000	63,000,000	-2,000,000	65,000,000	419,000,000	19,000,000	3,000,000	44,000,000	-45,000,000	47,000,000	35,000,000	39,000,000	47,000,000	20,000,000	-27,000,000	82,000,000	55,000,000	26,000,000	-2,000,000	24,000,000	15,000,000			16,000,000	2,800,000	36,800,000	9,800,000	15,000,000	-6,900,000	-13,300,000	25,900,000		27,300,000	23,600,000	18,500,000	60,400,000	-1,600,000	22,700,000	31,600,000	-47,400,000	11,400,000	11,300,000	-34,800,000	5,200,000	-27,300,000	30,400,000	-35,000,000	-5,700,000	-3,800,000	-6,500,000	32,700,000	-22,500,000	-18,600,000	19,400,000	13,200,000	-5,100,000	-10,100,000	13,400,000	1,600,000	-300,000	21,900,000	6,300,000	-1,400,000	200,000
total other long-term liabilities
includes our consolidated obligations.
includes minimum electric power demand charges, minimum coal, diesel and natural gas obligations, minimum railroad transportation obligations, and minimum port facility obligations.
includes accrued interest.
this is for services to be provided in future periods.
cash and cash equivalents
credit facility
revolving loans drawn
senior notes
senior notes drawn
term loan
term loans drawn
letter of credit obligations and other commitments
borrowing capacity available
sales volume
revenue per ton
cash cost per ton
dd&a per ton
u.s. iron ore tons are reported in long tons.
eastern canadian lron ore tons are reported in metric tons, f.o.b. eastern canada.
asia pacific iron ore tons are reported in metric tons, f.o.b. the port.
north american coal tons are reported in short tons, f.o.b. the mine.
japan
china
the impact of product revenue resulted from the difference between the estimated price and the actual price was recorded in the second quarter of each respective year in the table above.
2009
2010
2011
2012
u.s. plan discount rate
canadian pension plan discount rate
canadian opeb plan discount rate
rate of compensation increase
u.s. expected return on plan assets
canadian expected return on plan assets
decrease discount rate .25 percent
decrease return on assets 1 percent
increase medical trend rate 1 percent
item 7a. quantitative
item 8.
assets
current assets
accounts receivable	349,000,000	-16,000,000	24,000,000	-223,000,000	106,000,000	191,000,000	94,000,000	-27,000,000	284,000,000	169,000,000	-76,000,000	-257,000,000
inventories	-84,000,000	3,000,000	214,000,000	182,000,000	-195,000,000	-37,000,000	235,000,000	-8,000,000	132,000,000	135,000,000	196,000,000	207,000,000	412,000,000	246,000,000	-222,000,000	-372,000,000	-236,000,000	-385,000,000	-172,000,000	-141,800,000	121,900,000			-6,900,000	1,700,000	93,700,000	-224,800,000	100,000,000	68,500,000	67,400,000	-193,000,000		80,500,000
supplies and other inventories
deferred and refundable taxes
derivative assets
other current assets
total current assets
property, plant and equipment
other assets
investments in ventures																																															542,400,000	-11,200,000	-1,600,000	-2,300,000	-1,200,000	-100,000	-9,100,000	-800,000	-105,100,000	-76,300,000	-2,700,000	-72,200,000	-600,000	-6,300,000	-42,400,000	-18,100,000
goodwill
intangible assets
deferred income taxes	-125,000,000	-80,000,000	-150,000,000	-151,000,000					-18,000,000	116,000,000	20,000,000	-4,000,000	-120,000,000	59,000,000			332,000,000	215,000,000	10,000,000	-11,100,000	-17,400,000			-5,900,000												-200,000	-2,600,000	-3,200,000	165,800,000	-941,700,000	-98,600,000	82,000,000	-75,200,000	-46,300,000	479,500,000	-874,700,000	770,700,000	-248,500,000	-52,500,000	-90,000,000	61,700,000	14,200,000	-56,600,000	15,200,000	22,600,000	34,000,000	82,200,000	-84,500,000	65,700,000	-2,600,000	-85,900,000	500,000	-700,000	-2,400,000
other non-current assets
total other assets
liabilities
current liabilities
accounts payable
accrued employment costs
income taxes payable
state and local taxes payable
below-market sales contracts — current
current portion of term loan
accrued expenses
accrued royalties
other current liabilities
total current liabilities
postemployment benefit liabilities
pensions
other postretirement benefits
total postemployment benefit liabilities
below-market sales contracts
other liabilities
total liabilities
commitments and contingencies
equity																																																6,900,000	-6,900,000	-11,100,000	11,300,000	-3,000,000	-5,100,000	-3,600,000
cliffs shareholders’ equity
preferred stock — no par value
class a — 3,000,000 shares authorized and unissued
class b — 4,000,000 shares authorized and unissued
common shares — par value 0.125 per share
authorized — 400,000,000 shares (2010 — 224,000,000);
issued — 149,195,469 shares (2010 — 138,845,469 shares);
outstanding — 142,021,718 shares
capital in excess of par value of shares
retained earnings
cost of 7,173,751 common shares in treasury
accumulated other comprehensive income
total cliffs shareholders’ equity
noncontrolling interest
total equity
total liabilities and equity
product																									-182,400,000	552,000,000	145,400,000		12,700,000	451,300,000	220,700,000
freight and venture partners’ cost reimbursements
other operating income
other income
gain on acquisition of controlling interests																																																					-12,300,000	32,200,000	0	-60,600,000
income from continuing operations before income taxes and equity income from ventures
equity income from ventures
income from discontinued operations, net of tax																															500,000
average number of shares
basic																									-5,809,000,000	-13,756,000,000	289,525,000,000		260,000,000	352,000,000	297,266,000,000
diluted																									-8,901,000,000	-4,046,000,000	289,525,000,000		8,928,000,000	4,009,000,000	297,266,000,000
cash dividends declared per share
other comprehensive income, net of tax
pension and opeb liability
unrealized net gain on marketable securities
unrealized net gain on foreign currency translation																														1,500,000	700,000
unrealized net income on derivative financial instruments
unrealized gain on interest rate swap
other comprehensive income																									2,500,000	-4,700,000	8,400,000		-230,300,000	1,400,000	7,700,000
less: comprehensive income attributable to the noncontrolling interest
total comprehensive income attributable to
cliffs shareholders
cash flow from continuing operations
operating activities
adjustments to reconcile net income to net cash provided (used) by operating activities:
depreciation, depletion and amortization	272,000,000	288,000,000	393,000,000	282,000,000	258,000,000	235,000,000	228,000,000	230,000,000	235,000,000	249,000,000	247,000,000	242,000,000	246,000,000	237,000,000	250,000,000	301,000,000	239,000,000	208,000,000	217,000,000	124,100,000	72,400,000			22,000,000	22,200,000	21,000,000	19,900,000	20,400,000	19,200,000	25,500,000	23,900,000		21,500,000	26,500,000	35,200,000	34,900,000	35,600,000	30,500,000	33,000,000	144,000,000	155,300,000	153,100,000	144,300,000	140,600,000	143,500,000	132,900,000	132,100,000	117,300,000	124,000,000	117,700,000	105,400,000	79,800,000	82,800,000	84,400,000	88,500,000	66,600,000	63,900,000	58,000,000	59,200,000	55,500,000	71,900,000	51,100,000
goodwill impairment
derivatives and currency hedges																																									3,200,000	-39,800,000	35,000,000	5,200,000	-7,900,000	3,000,000	18,900,000	-9,900,000	15,400,000	5,400,000	-47,100,000	-42,700,000	128,800,000	-60,600,000	-25,300,000	-81,900,000	-23,600,000	-60,200,000	-102,100,000	-18,600,000
foreign exchange loss																																																												3,400,000
share-based compensation																																																											2,000,000	3,400,000	6,000,000	4,600,000	6,400,000	4,400,000
pensions and other postretirement benefits																																												-11,000,000	19,300,000			-24,800,000	17,000,000										9,100,000	-3,300,000	-4,500,000	-26,400,000	600,000	-2,600,000
changes in deferred revenue and below-market sales contracts																																									-600,000	-20,500,000	-16,800,000	-14,900,000	11,700,000	-13,000,000	100,000	-23,300,000				15,800,000
changes in operating assets and liabilities:
receivables and other assets													285,000,000	337,000,000	-4,000,000	-441,000,000	-272,000,000	-423,000,000	-480,000,000	-301,800,000	-105,900,000			98,000,000	28,700,000	-72,100,000	199,900,000	-43,900,000	34,400,000	-134,500,000	196,300,000		600,000	-94,300,000	38,500,000	76,000,000	156,500,000	64,900,000	71,700,000	13,400,000	102,600,000	-51,000,000	-15,500,000	102,700,000	43,800,000	-32,200,000	-76,900,000	-9,500,000	143,900,000	-69,500,000	173,700,000	-166,700,000	-133,100,000	43,500,000	-164,100,000	49,100,000	12,300,000	-15,300,000	-23,400,000	2,200,000
product inventories																																			-66,100,000	14,200,000	141,200,000	-62,500,000	-154,900,000	122,500,000	41,600,000	95,000,000	88,200,000	-194,000,000	110,300,000	195,500,000	-46,900,000	-219,000,000	54,000,000	68,300,000	32,700,000	-229,500,000		90,200,000	-5,500,000	-69,500,000	22,000,000	65,500,000	-12,900,000	-66,900,000	4,300,000	156,400,000	-74,400,000	-130,900,000
payables and accrued expenses																																						-2,900,000	-152,700,000	51,200,000	8,000,000	-47,500,000	68,900,000	-139,200,000	-113,800,000	36,600,000	-185,000,000	-103,900,000	184,300,000	166,500,000	-64,400,000	38,200,000	96,900,000	-48,300,000	64,000,000	-22,900,000	-44,800,000	65,400,000	-102,600,000	-59,000,000	33,900,000	45,000,000	100,500,000	-37,100,000
investing activities
acquisition of controlling interests, net of cash acquired																																																					-23,000,000	-864,300,000	-7,300,000	-99,900,000
net settlements in canadian dollar foreign exchange contracts																																																	0
investment in consolidated thompson senior notes
purchase of property, plant and equipment	-140,000,000	-157,000,000	-112,000,000	-152,000,000	-205,000,000	-151,000,000	-157,000,000	-182,000,000	-165,000,000	-162,000,000	-131,000,000	-188,000,000	-227,000,000	-248,000,000	-232,000,000	-236,000,000	-175,000,000	-162,000,000	-136,000,000	-146,100,000	-96,000,000			-191,100,000	-153,500,000	-161,700,000	-132,700,000	-97,200,000	-69,300,000	-29,700,000	-12,400,000		-29,500,000	-23,300,000	-10,400,000	-22,900,000	-23,500,000	-18,500,000	-15,900,000	-68,900,000	-119,400,000	-241,000,000	-270,800,000	-230,400,000	-333,900,000	-276,600,000	-275,900,000	-241,100,000	-401,800,000	-234,400,000	-178,800,000	-65,700,000	-116,800,000	-87,100,000	-44,100,000	-18,900,000	-20,500,000	-35,300,000	-30,100,000	-30,400,000	-34,800,000	-88,600,000	-24,900,000	-34,200,000
investment in marketable securities																																																													300,000	-3,700,000
redemption of marketable securities																																																					17,200,000								100,000	-2,600,000	10,700,000	9,600,000
proceeds from sale of assets																																															7,700,000	300,000				300,000	58,200,000	0	700,000	200,000	4,500,000	0	0	23,800,000	1,700,000	900,000	24,000,000	14,600,000
other investing activities	2,000,000	19,000,000	1,000,000	7,000,000	-18,000,000	5,000,000	5,000,000	3,000,000	44,000,000	2,000,000	6,000,000	3,000,000	18,000,000	19,000,000	0	1,000,000	3,000,000	1,000,000	1,000,000	2,000,000	8,200,000			400,000	2,700,000	0	8,500,000	20,500,000					-6,600,000	-5,500,000	5,500,000	6,100,000	300,000	200,000	200,000	9,300,000	42,500,000	6,900,000	-1,100,000	2,000,000	4,200,000				-4,800,000	16,700,000
net cash used by investing activities	-85,000,000	-138,000,000	-111,000,000	-145,000,000	-2,735,000,000	-146,000,000	-152,000,000	-179,000,000	-121,000,000	-160,000,000	-125,000,000	-185,000,000	-209,000,000	-260,000,000	-232,000,000	-235,000,000	-172,000,000	-107,000,000	-135,000,000	-801,800,000	-87,800,000			-194,900,000	-157,100,000	-166,800,000	-125,600,000	-99,400,000	-73,900,000	-28,400,000	-71,400,000		-36,100,000		-4,900,000		-23,200,000	-18,300,000	-15,700,000	-59,600,000	-76,900,000	-234,100,000	-271,900,000	-228,400,000	-177,100,000	-263,800,000	-268,900,000	-252,000,000	-385,800,000	-197,800,000	-4,683,400,000	-37,400,000	-75,100,000	-935,400,000	-162,300,000	-194,900,000	-29,700,000	-69,600,000	-48,800,000	-31,200,000	-422,400,000	-216,000,000	-146,100,000	-11,100,000
financing activities
borrowings on term loan																																																	0	0
repayment of term loan																																									0	0	0	-847,100,000	-74,900,000	-24,900,000	-12,500,000	-12,500,000	-12,600,000				0	0	0	-200,000,000
borrowings on bridge credit facility																																																	0	0
repayment of bridge credit facility																																																	0	0
borrowings under revolving credit facility																																												297,000,000	342,000,000	120,000,000			0													110,000,000	80,000,000	180,000,000
repayment under revolving credit facility																																												-72,000,000	-267,000,000	-195,000,000																-270,000,000	-320,000,000	-20,000,000
debt issuance costs	-4,000,000	-12,000,000	-1,000,000	-13,000,000	-36,000,000	-60,000,000	0	-13,000,000	0	0							0	-1,000,000	-16,000,000	-18,500,000	400,000			0	0			0	0	0	-1,500,000		-3,500,000	0	-5,200,000	0	0	-500,000	-33,100,000										0	-7,100,000
repayment of 200 million term loan
repayment of other borrowings																																																											-1,300,000	-3,000,000	-700,000	-900,000	-6,000,000	-800,000
other financing activities	-60,000,000	-22,000,000	-53,000,000	-33,000,000	-48,000,000	-54,000,000	3,000,000	-25,000,000	-39,000,000	-44,000,000	-71,000,000	-50,000,000	-51,000,000	-42,000,000	-35,000,000	-38,000,000	53,000,000	1,000,000	-40,000,000	10,300,000	20,300,000			-200,000	1,400,000	-2,500,000	-8,400,000	-1,800,000	-36,800,000	-3,400,000	-5,500,000		-3,100,000	-5,200,000	-4,200,000	-7,100,000	3,800,000	-28,300,000	-14,300,000	-35,600,000	-26,400,000	-2,300,000	-10,900,000	-15,400,000	-12,600,000	-12,800,000	-12,100,000	1,000,000	-19,900,000	-7,600,000	-20,700,000	1,200,000	12,000,000	-8,900,000	-7,500,000	-9,100,000	8,400,000
net cash from financing activities																		-441,000,000	512,000,000																	-37,200,000	-170,200,000	-41,600,000	310,000,000	-273,300,000	-333,900,000	-31,300,000			92,400,000	-164,400,000			-391,500,000	-292,800,000	2,032,000,000	627,400,000	-25,000,000	964,900,000			-20,000,000	-2,800,000				-171,900,000	71,300,000	153,800,000
effect of exchange rate changes on cash	-1,000,000	0																										0	-1,300,000	-1,200,000	200,000		1,300,000	-900,000	-500,000	800,000	-1,300,000	400,000	-1,300,000	-10,900,000	-12,500,000	3,900,000	-13,700,000	-100,000	1,400,000	200,000	-3,200,000	2,900,000	10,700,000	-23,100,000	3,700,000	4,100,000	8,400,000	17,100,000	-3,100,000	1,700,000	1,400,000	2,800,000	8,000,000	800,000	-37,100,000	-43,500,000	5,800,000	6,700,000
increase in cash and cash equivalents																																			-225,300,000			-79,500,000	64,800,000	-115,900,000	36,700,000	35,500,000	-23,900,000	92,000,000				-399,300,000	-23,500,000	307,000,000	-2,029,600,000	701,000,000	597,300,000	441,900,000	-22,900,000	47,700,000	142,800,000	85,300,000	177,300,000	-81,700,000	-209,300,000	67,900,000	133,900,000	29,400,000
cash and cash equivalents at beginning of year																																																												179,000,000
cash and cash equivalents at end of year																																																												97,300,000
january 1, 2009
comprehensive income
reclassification of net gains on derivative financial instruments into net income
total comprehensive income, net of tax
purchase of subsidiary shares from noncontrolling interest
undistributed losses to noncontrolling interest
capital contribution by noncontrolling interest to subsidiary
issuance of common shares
purchase of additional noncontrolling interest
stock and other incentive plans
conversion of preferred stock
december 31, 2009
unrealized gain on derivative instruments
acquisition of controlling interest
december 31, 2010
unrealized net income on marketable securities
unrealized net income on foreign currency translation
unrealized gain on derivative financial instruments
share buyback
equity offering
december 31, 2011
freewest
segment
asset class
buildings
mining equipment
processing equipment
information technology
plant and equipment
plant and equipment and mine assets
motor vehicles, furniture & equipment
land rights and mineral rights
office and information technology
railroad equipment
electric power facilities
port facilities
interest capitalized during construction
land improvements
construction in progress
allowance for depreciation and depletion
land rights
mineral rights:
cost
less depletion
net mineral rights
investment
ausquest
cockatoo
hibbing
reimbursements for:
freight																									-5,200,000	34,200,000	11,600,000
venture partners’ cost
total reimbursements
revenues from product sales and services:
u.s iron ore
total revenues from product sales and services for reportable segments
sales margin:
depreciation, depletion and amortization:
easten canadian iron ore
total depreciation, depletion and amortization
capital additions :
total capital additions
assets:
total segment assets
corporate
includes capital lease additions.
revenue
united states
canada
other countries
total revenue
australia
total property, plant and equipment
revenue is attributed to countries based on the location of the customer and includes both product sales and services.
revenue category
iron ore
coal
derivative instrument
derivatives designated as hedging instruments under asc 815:
foreign exchange contracts
total derivatives designated as hedging instruments under asc 815
derivatives not designated as hedging instruments under asc 815:
customer supply agreements
provisional pricing arrangements
total derivatives not designated as hedging instruments under asc 815
total derivatives
derivatives in cash flow hedging relationships
australian dollar foreign exchange contracts
derivative not designated as hedging instruments
united taconite purchase provision
consideration
cash
fair value of total consideration transferred
recognized amounts of identifiable assets acquired and liabilities assumed
mineral rights
total identifiable assets acquired
liabilities:
accrued liabilities
convertible debentures
long-term deferred tax liabilities
senior secured notes
other long-term liabilities
total identifiable liabilities assumed
total identifiable net assets acquired
noncontrolling interest in bloom lake
preliminary goodwill
total net assets acquired
working capital adjustments
fair value of cliffs’ equity interest in wabush held prior to acquisition of remaining interest
in-process inventories
pension and opeb obligations
mine closure obligations
deferred taxes
equity instruments
fair value of cliffs’ ownership interest in freewest held prior to acquisition of remaining interest
marketable securities
fair value of cliffs’ ownership interest in spider held prior to acquisition of remaining interest
noncontrolling interest in spider
land and mineral rights
beginning balance
arising in business combinations
impairment
impact of foreign currency translation
ending balance
definite lived intangible assets:
permits
utility contracts
easements
leases
unpatented technology
total intangible assets
total below-market sales contracts
upon the acquistion of consolidated thompson, this intangible asset is now eliminated through intercompany eliminations. the easement agreement is between wabush and consolidated thompson.
intangible asset
year ending december 31
2013
2014
2015
2016
description
cash equivalents
international marketable securities
derivative liabilites
u.s. marketable securities
beginning balance — january 1
total gains
included in earnings
included in other comprehensive income
settlements
transfers into level 3
transfers out of level 3
ending balance — december 31
total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
total losses
total losses for the period included in earnings attributable to the change in unrealized losses on assets still held at the reporting date
long-term receivables:
customer supplemental payments
arcelormittal usa — receivable
total long-term receivables
long-term debt:
term loan — 1.25 billion
senior notes — 700 million
senior notes — 1.3 billion
senior notes — 400 million
senior notes — 325 million
customer borrowings
total long-term debt
includes current portion.
debt instrument
1.25 billion term loan
700 million 4.875% 2021 senior notes
1.3 billion senior notes:
500 million 4.80% 2020 senior notes
800 million 6.25% 2040 senior notes
400 million 5.90% 2020 senior notes
325 million private placement senior notes:
series 2008a — tranche a
series 2008a — tranche b
1.75 billion credit facility:
revolving loan
1 billion senior notes:
500 million 6.25% 2040 senior notes
600 million credit facility:
2017 and thereafter
total minimum lease payments
amounts representing interest
present value of net minimum lease payments
environmental
mine closure
operating mines:
total mine closure
total environmental and mine closure obligations
less current portion
long term environmental and mine closure obligations
asset retirement obligation at beginning of period
accretion expense
exchange rate changes
revision in estimated cash flows
payments
acquired through business combinations
asset retirement obligation at end of period
defined benefit pension plans
defined contribution pension plans
change in benefit obligations:
benefit obligations — beginning of year
service cost
interest cost
plan amendments
actuarial loss
benefits paid
participant contributions
federal subsidy on benefits paid
exchange rate gain
benefit obligations — end of year
change in plan assets:
fair value of plan assets — beginning of year
actual return on plan assets
employer contributions
asset transfers
fair value of plan assets — end of year
funded status at december 31:
fair value of plan assets
benefit obligations
funded status
amount recognized at december 31
amounts recognized in statements of financial position:
noncurrent liabilities
net amount recognized
amounts recognized in accumulated other comprehensive income:
net actuarial loss
prior service cost
transition asset
the estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2012:
benefit obligation
expected return on plan assets
amortization:
net asset
prior service costs
net periodic benefit cost
current year actuarial (gain)/loss
amortization of net income
current year prior service cost
amortization of prior service (cost) credit
amortization of transition asset
total recognized in other comprehensive income
total recognized in net periodic cost and other comprehensive income
effect of change in mine ownership & noncontrolling interest
canadian plan discount rate
u.s. plan health care cost trend rate assumed for next year
canadian plan health care cost trend rate assumed for next year
ultimate health care cost trend rate
u.s. plan year that the ultimate rate is reached
canadian plan year that the ultimate rate is reached
effect on total of service and interest cost
effect on postretirement benefit obligation
asset category
equity securities
fixed income
hedge funds
private equity
structured credit
real estate
equity securities:
u.s. large-cap
u.s. small/mid-cap
international
beginning balance — january 1, 2011
actual return on plan assets:
relating to assets still held at the reporting date
relating to assets sold during the period
purchases
sales
ending balance — december 31, 2011
beginning balance — january 1, 2010
acquired through business combination
purchases, sales and settlements
transfers in (out) of level 3
ending balance — december 31, 2010
company contributions
2012 (expected)*
*
2017-2021
underfunded status of plan
additional shutdown and early retirement benefits
performance share plan year
year of grant
reduction of operating income from continuing operations before income taxes and equity income from ventures
income tax benefit																										-25,700,000	3,700,000		-2,300,000	17,500,000	-15,700,000
reduction of net income attributable to cliffs shareholders
reduction of earnings per share attributable to cliffs shareholders:
stock options:
options outstanding at beginning of year
granted during the year
exercised
cancelled or expired
options outstanding at end of year
options exercisable at end of year
restricted awards:
outstanding and restricted at beginning of year
vested
cancelled
outstanding and restricted at end of year
performance shares:
outstanding at beginning of year
issued
forfeited/cancelled
outstanding at end of year
vested or expected to vest as of december 31, 2011
directors’ retainer and voluntary shares:
reserved for future grants or awards at end of year:
employee plans
directors’ plans
the shares granted during the year include 71,956 shares, 114,371 shares and 99,958 shares for each year presented, respectively, related to the 50 percent payout associated with the prior-year pool as actual payout exceeded target.
outstanding, beginning of year
granted
forfeited/expired
outstanding, end of year
foreign
current provision
united states federal
united states state & local
deferred provision
total provision on continuing operations
tax at u.s. statutory rate of 35 percent
increase due to:
foreign exchange remeasurement
impact of tax law change
percentage depletion in excess of cost depletion
legal entity restructuring
other comprehensive (income) loss:
minimum pension/opeb liability
mark-to-market adjustments
paid in capital — stock based compensation
deferred tax assets:
postretirement benefits other than pensions
alternative minimum tax credit carryforwards
capital loss carryforwards
development
asset retirement obligations
operating income carryforwards
properties
lease liabilities
total deferred tax assets before valuation allowance
deferred tax asset valuation allowance
net deferred tax assets
deferred tax liabilities:
investment in ventures																																																																-1,100,000
income tax uncertainties																																																										57,600,000	3,600,000	-2,200,000
financial derivatives
total deferred tax liabilities
net deferred tax (liabilities) assets
current
long-term
total united states
total deferred tax assets
unrecognized tax benefits balance as of january 1
increases for tax positions in prior years
increases for tax positions in current year
increase due to foreign exchange
lapses in statutes of limitations
unrecognized tax benefits balance as of december 31
as of december 31, 2009:
postretirement benefit liability
foreign currency translation adjustments
unrealized net gain on derivative financial instruments
unrealized loss on securities
as of december 31, 2010:
unrealized gain on securities
as of december 31, 2011:
balance december 31, 2008
change during 2009
balance december 31, 2009
change during 2010
balance december 31, 2010
change during 2011
balance december 31, 2011
net income from continuing operations attributable to cliffs shareholders
weighted-average number of shares:
employee stock plans
earnings per common share attributable to cliffs shareholders — basic:
earnings per common share attributable to cliffs shareholders — diluted:
capital additions																							157,700,000
cash paid for capital expenditures
difference
non-cash accruals																							-10,300,000
capital leases
taxes paid on income																							100,000
interest paid on debt obligations
product revenues to related parties
total product revenues
related party product revenue as a percent of total product revenue
less: income attributable to noncontrolling interest
earnings per common share attributable to cliffs shareholders - basic and diluted
item 9.
item 9a.
item 9b.
item 10.
item 11.
item 12.
plan category
equity compensation plans approved by security holders
equity compensation plans not approved by security holders
includes 866,920 performance share awards for which issuance is dependent upon meeting certain performance targets, and 316,055 restricted awards for which issuance is based upon a three-year vesting period.
the mpi plan, the opip plan and the vnqdc plan provide for the issuance of common shares, but do not provide for a specific amount available under the plans. descriptions of those plans are set forth below.
item 13.
item 14.
item 15.
by:
signatures
/s/ j. carrabba j. carrabba
/s/ l. brlas l. brlas
/s/ t. m. paradie t. m. paradie
* s. m. cunningham
* b. j. eldridge
* a. r. gluski
* s. m. green
* j. k. henry
* j. f. kirsch
* f. r. mcallister
* r. phillips
* r. k. riederer
* r. ross
* a. schwartz
exhibit number
2.1
3.1
3.2
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
10.10
10.11
10.12
10.13
10.14
10.15
10.16
10.17
10.18
10.19
10.20
10.21
10.22
10.23
10.24
10.25
10.26
10.27
10.28
10.29
10.30
10.31
10.32
10.33
10.34
10.35
10.36
10.37
10.38
10.39
10.40
10.41
10.42
10.43
10.44
10.45
10.46
10.47
10.48
10.49
10.50
10.51
10.52
10.53
10.54
10.55
10.56
10.57
10.58
10.59
10.60
10.61
10.62
10.63
10.64
10.65
10.66
10.67
10.68
10.69
**
10.70
10.71
10.72
10.73
10.74
10.75
10.76
10.77
10.78
10.79
10.80
12
21
23
24
31.1
31.2
32.1
32.2
95
99
101.ins
101.sch
101.cal
101.def
101.lab
101.pre
***
¨
pension and opeb credits	-57,000,000	-48,000,000	-34,000,000	-48,000,000	-54,000,000	-53,000,000	-53,000,000	-51,000,000	-44,000,000	-40,000,000	-39,000,000	-40,000,000	-51,000,000	-27,000,000	-27,000,000	-27,000,000
restructuring and other charges	-6,000,000	3,000,000				2,000,000	25,000,000	104,000,000
asset impairment
changes in operating assets and liabilities, net of business combination:
income taxes	-2,000,000	5,000,000	3,000,000	7,000,000	29,000,000	-34,000,000	-11,000,000	-1,000,000	106,000,000	-153,000,000	154,000,000	15,000,000	87,000,000	-54,000,000
pension and opeb payments and contributions	-33,000,000	-48,000,000	-30,000,000	-43,000,000	-33,000,000	-100,000,000	-30,000,000	-32,000,000	-10,000,000	-26,000,000	-28,000,000	-30,000,000	-30,000,000	-60,000,000	-54,000,000	-60,000,000	-56,000,000	-48,000,000	-175,000,000
payables, accrued employment and accrued expenses	-47,000,000	-28,000,000	-60,000,000	57,000,000	-191,000,000	-41,000,000	-6,000,000	-170,000,000	99,000,000	-17,000,000	12,000,000	-90,000,000
net cash provided (used) by operating activities	-13,000,000	-143,000,000	45,000,000	-351,000,000				142,000,000				-39,000,000				533,000,000	1,516,000,000			-207,800,000	246,000,000																										96,200,000	-129,000,000						395,300,000	169,000,000	66,700,000		154,900,000
acquisition of stelco, net of cash acquired
proceeds from sale of business
repurchase of common shares					0	0	-125,000,000	-608,000,000	0	-58,000,000			-30,000,000	-34,000,000	-157,000,000	-19,000,000								0	0	-128,600,000	-124,300,000
proceeds from issuance of common shares																	0	0	322,000,000
proceeds from issuance of debt																	0	0	1,000,000,000	100,000	0			0	0
repayments of senior notes					0	0	-193,000,000	-652,000,000
borrowings (repayments) under credit facilities	-396,000,000	-530,000,000	122,000,000	-305,000,000	1,513,000,000	-323,000,000
net cash provided (used) by financing activities	89,000,000	286,000,000	68,000,000	499,000,000				-131,000,000				257,000,000			-621,000,000	-311,000,000				1,064,800,000	-176,900,000										-7,000,000			-20,400,000	-93,400,000									345,900,000				-21,200,000								174,200,000
net increase in cash and cash equivalents	-9,000,000	5,000,000	2,000,000	3,000,000	22,000,000	-71,000,000	80,000,000	-168,000,000	167,000,000	-3,000,000	-25,000,000	33,000,000
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
restricted cash	1,000,000	0	-1,000,000	-6,000,000
asset impairments		0				0	15,000,000	64,000,000
proceeds from issuance of senior notes		850,000,000	0	850,000,000		596,000,000	0	825,000,000																									557,800,000
cash, cash equivalents, and restricted cash at beginning of period		0	0	60,000,000
cash, cash equivalents, and restricted cash at end of period		5,000,000	5,000,000	63,000,000
cash and cash equivalents at end of period		5,000,000	4,000,000	57,000,000		-71,000,000	80,000,000	30,000,000		-3,000,000	-25,000,000	59,000,000		9,000,000	12,000,000	35,000,000	-31,000,000	-37,000,000	110,000,000		-17,700,000				22,100,000	-53,000,000	430,200,000		94,600,000	15,900,000	786,600,000		-60,700,000		59,900,000	15,000,000	-6,000,000	-79,500,000	355,700,000	-115,900,000	36,700,000	35,500,000	-23,900,000	287,200,000	155,700,000	-119,700,000	36,900,000	122,300,000		307,000,000	-2,029,600,000	2,267,700,000		441,900,000	-22,900,000	550,400,000		85,300,000				67,900,000	133,900,000	186,500,000
adjustments to reconcile net income to net cash from operating activities:
acquisition of fpt, net of cash acquired													0
loss on extinguishment of debt						0	6,000,000	21,000,000					-1,000,000	-4,000,000	66,000,000	14,000,000								0	0			7,000,000	0
net cash used by financing activities						159,000,000			-364,000,000	-610,000,000															-59,000,000	-150,100,000	-157,800,000		-82,000,000				-164,800,000
cash and cash equivalents at beginning of period						0	0	198,000,000		0	0	26,000,000		0	0	48,000,000	0	0	112,000,000		0				0	0	823,200,000		0	-29,400,000	1,007,700,000		0		285,200,000	0	0	0	290,900,000	0	0	0	0	195,200,000	0	0	0	521,600,000		0	0	1,566,700,000		0	0	502,700,000		0				0	0	157,100,000
borrowings under credit facilities								342,000,000	0	325,000,000	1,033,000,000	1,646,000,000	1,099,000,000	1,390,000,000	1,545,000,000	1,715,000,000	1,673,000,000	1,522,000,000	1,158,000,000	1,260,000,000	0													0		0	0	14,800,000	295,000,000	188,100,000	103,500,000	130,000,000
amortization of inventory step-up																	11,000,000	37,000,000	81,000,000	22,000,000	14,600,000
acquisition of arcelormittal usa, net of cash acquired																	0
series b redeemable preferred stock redemption
repayments under credit facilities									-325,000,000	-833,000,000	-2,371,000,000	-1,339,000,000	-1,325,000,000	-1,545,000,000	-1,015,000,000	-1,609,000,000	-1,670,000,000	-1,480,000,000	-1,010,000,000	-150,000,000	-150,000,000
impairment of long-lived assets													0	0	0	29,000,000																						0	76,600,000
repayments of debt													-3,000,000	-36,000,000	-959,000,000	-360,000,000	-7,000,000	-437,000,000	-902,000,000
payables, accrued expenses and other liabilities													-182,000,000	-383,000,000	186,000,000	193,000,000	219,000,000	61,000,000	22,000,000	160,300,000	170,600,000			-10,400,000	-7,600,000	25,400,000	-88,200,000	16,100,000	-74,000,000	66,300,000	-70,900,000		-52,700,000
acquisition of ak steel, net of cash acquired																				300,000	0
net decrease in cash and cash equivalents															12,000,000	-13,000,000	-31,000,000	-37,000,000	-2,000,000	55,600,000	-17,700,000				22,100,000	-53,000,000	-393,000,000		94,600,000
changes in deferred revenue																			-3,000,000																															-58,200,000				-56,300,000	-76,800,000	60,100,000		-4,500,000	-67,300,000	42,500,000
gain on extinguishment of debt																	0	22,000,000	66,000,000		0															0	-79,200,000	0	-313,700,000
gain on derivatives																					-27,100,000					-21,500,000	-5,700,000	26,200,000	-12,900,000	-82,700,000	-40,800,000
repayments of leased liabilities																	-24,000,000
suncoke middletown distributions to noncontrolling interest owners																				-13,400,000
adjustments to reconcile net income to net cash used by operating activities:
net cash used by operating activities																			-379,000,000								-111,200,000				-142,900,000				-126,500,000			-20,000,000	-228,200,000					-25,400,000																-44,800,000				-120,000,000
loss on derivatives
gain on foreign currency translation																												0
dividends paid																				-200,000	0			-27,000,000	-16,200,000	-14,100,000	-14,800,000
repurchase of debt																				-23,500,000	0			0	0	-719,000,000	-10,300,000	-218,200,000	-1,000,000				-566,700,000	-4,400,000		0	-92,600,000	0	-133,300,000
decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations																				55,200,000	-18,700,000				20,900,000	-54,600,000	-394,600,000
less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets																				-400,000	-1,000,000				-1,200,000	-1,600,000	-1,600,000
less:
right-of-use assets - finance leases																							29,900,000
grants
cash paid for capital expenditures including deposits																							138,100,000
income tax refunds																							-60,400,000
interest paid on debt obligations net of capitalized interest1																							29,700,000
fair value of common shares issued for consideration for business combination																							617,600,000
fair value of equity awards assumed from ak steel acquisition																							4,300,000
dividends declared																							24,000,000
deposits for property, plant and equipment																								-4,200,000	-6,300,000	-5,100,000	-1,400,000	-4,200,000	-11,000,000	-13,300,000	-59,000,000
acquisition of noncontrolling interest
distributions of partnership equity																								0				0					-44,300,000	-7,400,000	-11,100,000	-8,900,000
increase in cash and cash equivalents, including cash classified within other current assets related to discontinued operations
less: increase in cash and cash equivalents from discontinued operations, classified within other current assets
cost of goods sold																									79,500,000	-354,100,000	-126,100,000
miscellaneous – net																									-2,200,000	-2,000,000	-3,600,000		-1,900,000	4,600,000	-8,700,000
income from continuing operations before income taxes																									-86,800,000	209,200,000	-25,800,000		-27,300,000
earnings per common share – basic
earnings per common share – diluted
changes in pension and other post-retirement benefits, net of tax																									0	100,000	5,700,000		100,000	0	6,700,000
changes in foreign currency translation
changes in derivative financial instruments, net of tax																									2,500,000	-4,800,000	2,700,000
total comprehensive income																									-67,400,000
change in derivatives
loss from discontinued operations, net of tax
proceeds on sales of assets																													3,900,000
loss from continuing operations																											-22,100,000				-84,800,000
net loss																											-22,100,000				-84,300,000
loss per common share – basic
loss per common share – diluted
total comprehensive loss																											-13,700,000
adjustments to reconcile net loss to net cash used by operating activities:
loss on deconsolidation
repayment under credit facilities																																		0		0	0	-14,800,000	-295,000,000	-389,500,000	-483,500,000	-190,000,000
repayments of equipment loans
increase in cash and cash equivalents, including cash classified within current assets of discontinued operations
less: increase in cash and cash equivalents classified within current assets of discontinued operations																												-3,200,000
freight and venture partners' cost reimbursements																													14,800,000	24,000,000	18,300,000
loss attributable to noncontrolling interest
income per common share attributable to cliffs shareholders – basic
income per common share attributable to cliffs shareholders – diluted
other comprehensive income attributable to the noncontrolling interest
total comprehensive income attributable to cliffs shareholders																													42,400,000
decrease in cash and cash equivalents, including cash classified within current assets of discontinued operations																													80,800,000
unrealized net gain on derivative financial instruments, net of tax																														-100,000	300,000
other comprehensive loss attributable to the noncontrolling interest
loss from continuing operations before income taxes																															-69,100,000
net loss attributable to cliffs shareholders																															-84,300,000
loss per common share attributable to cliffs shareholders – basic
loss per common share attributable to cliffs shareholders – diluted
total comprehensive loss attributable to cliffs shareholders																															-76,600,000
loss on extinguishment/restructuring of debt
decrease in cash and cash equivalents																															-221,100,000		-60,700,000													-119,700,000
includes our employees and the employees of the north american joint ventures.
william r. calfee
richard r. mehan
duncan price
george w. hawk, jr.
mine location
north america
asia pacific
pricing in north america reflects us per long tons of pellets fob port, except for empire and tilden, which are fob mine. pricing in asia pacific reflects us per product dry metric ton iron unit.
estimated standard equivalent pellets, including both proven and probable reserves based on life of mine operating schedules.
cockatoo island jv
reported ore reserves restricted to proven and probable tonnages based on life of mine operating schedules. 3.5 million tonnes of the koolyanobbing reserves are sourced from current stockpiles.
asia pacific iron ore has a 50% interest in the cockatoo island joint venture. reserves reported at 100% and represent the stage 3 seawall extension project area.
all coal extracted by underground mining using longwall and continuous miner equipment.
in millions of short tons of 2,000 pounds.
moranbah coal measures b, c and e seams
metric tons of 2,205 pounds. in-place coal at 8 percent moisture, recoverable clean coal at 9 percent moisture. reserves listed on 100 percent basis. cliffs natural resources has an effective 45 percent interest in the joint venture.
all coal is extracted by conventional surface mining techniques.
in million of metric tons of 2,205 pounds. in-place coal at 8 percent moisture, recoverable clean coal at 9 percent moisture. reserves listed on 100% basis. cliffs natural resources has an effective 45 percent interest in the joint venture.
sonoma steam coal recoverable reserves meet us compliance standards as defined by phase ii of the clean air act as coal having sulfur dioxide content of 1.2 pounds or less per million btu.
october 1 — 31, 2009
november 1 — 30, 2009
december 1 — 31, 2009
income before cumulative effect of accounting changes
cumulative effect of accounting changes
earnings
production tonnage - north american iron ore
sales tonnage - north american iron ore
common shares outstanding - basic
royalties and management fee revenue
terminated acquisition costs
gain on sale of other assets — net
casualty recoveries
impairment of securities
includes collar options and convertible collar options.
contracts expiring in the next 25 to 36 months
includes collar options, convertible collar options and forward exchange contracts.
cost of goods sold and operating expense
includes 1.6 million tons allocated to cliffs due to re-nominations by cliffs’ partners at tilden and wabush.
mine:
sales tonnes
tonnes are metric tons (2,205 pounds). cockatoo production reflects our 50 percent share.
2006
2007
2008
significant transactions
rail upgrade in asia pacific
payments for new longwall system at north american coal
purchase of noncontrolling interest in asia pacific iron ore
purchase of noncontrolling interest in united taconite
acquisition termination fees
other capital expenditures
sale of assets
dividend distributions
sources of financing
proceeds from sale of common shares
net borrowings under senior notes
net borrowings (repayments) under credit facility
longwall plow system
fin 48 obligations
asia pacific iron ore facilities
revenue per ton/tonne
cost per ton/tonne
the impact on product revenue resulting from the difference between the estimated price and the actual price was recorded in the second quarter of each respective year.
long-term receivables
deposits and miscellaneous
derivative liabilities
3.25% redeemable cumulative convertible perpetual preferred stock — issued 172,500 shares, 205 shares outstanding in 2008
authorized — 224,000,000 shares;
issued — 134,623,528 shares (2008 — 134,623,528 shares);
outstanding — 130,971,470 shares
cost of 3,652,058 common shares in treasury
accumulated other comprehensive loss
less: net income
cash dividends per share
foreign exchange gains
equity loss in ventures																																										500,000	67,900,000	5,500,000												3,400,000	9,900,000	20,900,000	25,500,000	9,200,000	8,900,000	13,100,000	6,200,000	6,900,000
property damage recoveries																																																													0	-500,000
purchase of pinnoak
purchase of noncontrolling interests
proceeds from property damage insurance recoveries																																																													0	500,000
borrowings under credit facility																																																					0				1,300,000	4,200,000	124,200,000	150,000,000
repayments under credit facility																																																					0				-200,000	-100,000	-126,100,000	-150,000,000
repayment of pinnoak debt
borrowings under senior notes																																																													0	0
contributions by (to) joint ventures																																																													-11,400,000
january 1, 2007
unrealized loss on interest rate swap
effect of implementing provisions of asc 740 related to accounting for income tax uncertainties
undistributed earnings to noncontrolling interest
stock options exercised
repurchases of common stock
december 31, 2007
equity purchase of noncontrolling interest
pinnoak settlement
december 31, 2008
unrealized loss on derivative instruments
north american iron ore
assets :
long-lived assets
total long-lived assets
interest rate swap
benchmark pricing provision
held to maturity — current
held to maturity — non-current
available for sale — non-current
asset backed securities
floating rate notes
asset backed securities:
within 1 year
1 to 5 years
floating rate notes:
carrying value of net assets acquired
fair value adjustments:
land
mineral reserves
below market sales contracts
fair value of net assets acquired
purchase price
inventory
balance sheet information
non-current assets
non-current liabilities
the financial information of amapá is recorded one month in arrears and is presented in accordance with u.s. gaap. the information presented in the table represents 100% of amapá’s results.
beginning balance—january 1
transfers in to level 3
ending balance—december 31
total gains for the period included in earnings attributable to the change in unrealized gains or losses on assets and liabilities still held at the reporting date
arcelormittal usa—ispat receivable
asia pacific rail credit receivable
private placement senior notes:
credit facility:
2015 and thereafter
reclassification adjustments
actuarial gain
prior service (credit) cost
the estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2010:
discount rate
health care cost trend rate assumed for next year
year that the ultimate rate is reached
beginning balance—january 1, 2009
ending balance—december 31, 2009
2010 (expected)*
2015-2019
grant date market price
12.96 - 25.31
vested or expected to vest at
tax effect of foreign operations
as of december 31, 2007:
as of december 31, 2008:
balance december 31, 2006
change during 2007
balance december 31, 2007
change during 2008
income from continuing operations attributable to cliffs shareholders
preferred dividends
income from continuing operations attributable to cliffs common shareholders
income attributable to cliffs common shareholders — basic
dilutive effect preferred dividend
income attributable to cliffs common shareholders plus assumed conversions — diluted
convertible preferred stock
income attributable to cliffs before extraordinary gain and cumulative effect of accounting change
earnings per common share attributable to cliffs shareholders:
includes 823,393 performance share awards for which issuance is dependent upon meeting certain performance targets, and 323,021 restricted awards for which issuance is based upon a three-year vesting period.
the mpi plan, the mine plan, and the vnqdc plan provide for the issuance of common shares, but do not provide for a specific amount available under the plans. descriptions of those plans are set forth below.
item 14. principal
item 15. exhibits,
* r. c. cambre
* j. d. ireland, iii
2
3
#
4
10
31
32
level
i
ii
iii
iv
v
“borrower”
name: laurie brlas title: executive vice president and chief financial officer
“administrative agent”
bank of america, n.a., as administrative agent
name: george s. carey title: assistant vice president
bank of america, n.a., as a lender, swing line lender and as l/c issuer
name: kenneth g. wood title: senior vice president
jpmorgan chase bank, n.a., as a lender
name: barry a. boderschatz title: assistant vice president
rbs citizens, n.a., as a lender
name: debra l. mcallonis title: senior vice president
keybank national association, as documentation agent and a lender
name: suzannah harris title: vice president
fifth third bank, as a lender
name: roy c. lanctot title: vice president
commonwealth bank of australia, as a lender
name:
title:
pnc bank, national association, as a lender
us bank, n.a., as a lender
bmo capital markets, financing inc., as a lender
national australia bank limited a.b.n. 12 004 044 937, as a lender
national city bank, as a lender
comerica bank, as a lender
“guarantors” the cleveland-cliffs iron company
cliffs mining company clf pinnoak llc
northshore mining company silver bay power company cliffs minnesota mining company cliffs empire, inc. cliffs tiop, inc. cliffs north american coal llc (f/k/a pinnoak resources, llc) cliffs sales company
(gain) loss on extinguishment/restructuring of debt																																	88,600,000
(gain) loss on deconsolidation																																	-32,300,000
repayment of equipment loans																																			-72,900,000
impairment of goodwill and other long-lived assets																																				0
gain on extinguishment/restructuring of debt																																		-148,000,000	-178,800,000
loss on deconsolidation, net of cash deconsolidated																																		20,700,000		13,500,000	13,400,000	-134,700,000	776,100,000
loss on sale of north american coal mines
investments in dip and pre-petition financing
proceeds from dip and pre-petition financing
proceeds (uses) from sale of north american coal mines
net cash from investing activities
proceeds from first lien notes offering																																				0	0	0	503,500,000
contributions (to)/by joint ventures
miscellaneous - net
equity loss from ventures, net of tax
net income attributable to cliffs common shareholders
earnings per common share attributable to cliffs shareholders - basic
earnings per common share attributable to cliffs shareholders - diluted
cash dividends declared per depositary share
unrealized net gain on marketable securities, net of tax
impairment of other long-lived assets
(gain) loss on deconsolidation, net of cash deconsolidated																																			-3,800,000
payables, accrued expenses and other current liabilities																																			-86,800,000
investments in dip and prepetition financing
net proceeds from issuance of series a, mandatory convertible preferred stock, class a																																									0	0	0	709,400,000
proceeds from equipment loans
proceeds from sale of sonoma
repayment of senior notes
contributions by joint ventures																																									5,600,000	4,700,000	1,700,000	11,300,000	26,600,000			30,000,000												3,300,000
proceeds from equipment loan
equity income
settlements in canadian dollar foreign exchange contracts
less: other comprehensive loss attributable to the noncontrolling interest
taxes payable
current portion of debt
cliffs shareholders' equity
common shares - par value 0.125 per share
authorized - 400,000,000 shares (2011 - 400,000,000);
issued - 149,195,469 shares (2011 - 149,195,469 shares);
outstanding - 142,488,633 shares
cost of 6,706,836 common shares in treasury
total cliffs shareholders' equity
cost of canadian dollar foreign exchange option																																																			0	-22,300,000
cash flow from operations
operating activities:
settlements on canadian dollar foreign exchange contracts																																																				28,100,000
issuance costs of bridge credit facility																																																				-31,800,000
foreign exchange gain																																																										-10,500,000
investments in marketable securities																																																						1,500,000
purchase of noncontrolling interest in portman
gain on sale of assets																																																											-1,800,000	2,100,000			-13,800,000	-500,000
excess tax benefit from share-based compensation																																																											-300,000	-3,100,000	-200,000	0	-100,000	-3,200,000
additional investment in amapá																																																											-19,600,000	-18,300,000
net cash from (used by) financing activities																																																												-6,500,000
cash flow from continuing operations operating activities
minority interest																																																													-7,900,000	3,600,000	22,400,000	3,100,000
proceeds from casualty recoveries
deferred revenue and below-market sales contracts
sales of marketable securities
purchases of marketable securities
purchase of minority interest in portman																																																													-347,300,000	0
purchase of minority interest in united taconite																																																													0
issuance costs of revolving credit
proceeds from stock options exercised
cash from (used by) continuing operations
cash from discontinued operations — operating
tax contingency reserve																																																														-4,300,000
derivatives and currency hedging																																																														40,100,000	-55,800,000	-10,300,000
(gain) loss on sale of assets
environmental and closure obligations																																																														1,400,000	100,000	-400,000
receivables and all other assets																																																														32,100,000	-106,400,000	-2,000,000
investing activities:
financing activities:
borrowings under term loans
contributions by minority interest																																																															1,400,000	400,000
depreciation and amortization																																																																38,100,000
purchase of marketable securities
repayment of capital lease obligations

Cleveland-Cliffs Inc(NYSE:CLF)

Cleveland-Cliffs Inc
(NYSE:CLF)