On this page of StockholderLetter.com we present the latest annual shareholder letter from CLEVELAND-CLIFFS INC. — ticker symbol CLF. Reading current and past CLF letters to shareholders can bring important insights into the investment thesis.

 •  4/2/2026 Letter Continued (Full PDF)
 •  4/3/2023 CLF Stockholder Letter
 •  4/3/2024 CLF Stockholder Letter
 •  4/2/2025 CLF Stockholder Letter
 •  More "Non-Precious Metals & Non-Metallic Mining" Category Stockholder Letters
 •  CLF Benford's Law Stock Score = 90

CLF Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT 2025
CLEVELAND-CLIFFS INC.

   The Trump Administration   s trade actions put the American steel industry back on
the right track. In 2025, President Trump restored the effectiveness of Section 232 by
ending tariff exclusions and loopholes that had weakened the program, and by raising
tariffs from 25% to 50%. This was a necessary step to curb dumped steel imports.
After nearly a year in place, no industry can credibly claim consumer price increases
were driven by steel prices. 'umped, arti  cially cheap steel destroys American Mobs.
Protecting U.S. domestic, melted-and-poured steel is a national security imperative and
essential to rebuilding American manufacturing.   
Lourenco Goncalves
Chairman, President & CEO
Cleveland-Cliffs Inc.

Letter from Lourenco
Dear Fellow Cleveland-Cliffs Shareholders:
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CLEVELAND-CLIFFS INC.     ANNUAL REPORT 2025
1

2025 Full-Year Highlights

$18.6 billion UHYHQXHV

16.2 million net tons steel shipments

Record safety performance with the lowest Total Recordable Incident Rate        D 
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Successful automotive steel stamping production XVLQJ 2(0 FXVWRPHUV   H[LVWLQJ 
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Based on 200,000 hours worked, employees and contractors.
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CLEVELAND-CLIFFS INC.     ANNUAL REPORT 2025

Operational Highlights
$150 Million Stainless Steel Bright Anneal Line
Investment at Coshocton Works
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CLEVELAND-CLIFFS INC.     ANNUAL REPORT 2025
3

4/2/2026 Letter Continued (Full PDF)

 

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