Cleveland-Cliffs Inc. (NYSE:CLF) shares plunged 3.4% premarket Thursday after the steelmaker reported fourth-quarter revenue of $4.3 billion, falling short of analyst expectations of $4.59 billion. The company posted an adjusted loss of $0.43 per share, better than the expected $0.62 loss, but investors focused on the revenue miss amid persistent weakness in automotive production.

Steel shipments totaled 3.8 million net tons for the quarter, down slightly from 3.83 million net tons year-over-year. The company's average net selling price per ton increased to $993 from $976 in the fourth quarter of 2024. Chairman, President, and CEO Lourenco Goncalves cited weak automotive sector production, an expiring five-year slab contract, and adverse dynamics in the Canadian market as key factors affecting performance.

For full-year 2025, Cleveland-Cliffs reported consolidated revenues of $18.6 billion, down from $19.2 billion in 2024, with an adjusted net loss of $2.48 per diluted share compared to $0.74 per diluted share in 2024. to 2026, the company expects steel shipment volumes of approximately 16.5-17.0 million net tons and steel unit cost reductions of approximately $10 per net ton compared to 2025.

Quick Fact: Cleveland-Cliffs reported fourth-quarter revenue of $4.3 billion, below analyst consensus of $4.59 billion.