Cold-Rolled Steel was Cleveland-Cliffs’s largest segment in fiscal 2025, bringing in $2.40B of $6.00B (40%).
| Segment | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Iron Products | — | — | — | — | ||||
| Stainless & Electrical Steel | — | $2.28B | — | — | ||||
| Coated Steel | — | — | — | — | ||||
| Other | $2.33B | $665.00M | $1.66B | $1.64B | ||||
| Cold-Rolled Steel | — | — | — | $2.40B | ||||
| Slab & Other Steel Products | $1.49B | $1.33B | $1.18B | $881.00M | ||||
| Plate | — | $1.44B | $1.12B | $1.08B | ||||
| Hot-Rolled Steel | — | — | — | — | ||||
| Total | $3.82B | $5.72B | $3.96B | $6.00B |
Cleveland-Cliffs brought in $6.00B from its four segments in fiscal 2025, the year ended December 31, 2025. Cleveland-Cliffs regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $3.96B. Cold-Rolled Steel was the largest at $2.40B (40.0%), ahead of Other at $1.64B (27.3%) and Plate at $1.08B (18.0%). The remaining segment, Slab & Other Steel Products, brought in $881.00M.
Compared with fiscal 2024, every segment above 2% of revenue shrank. Other held up best, down 1.3% to $1.64B, and Slab & Other Steel Products fell the most, down 25.2% to $881.00M.
Cleveland-Cliffs stopped reporting Stainless & Electrical Steel as a separate segment after fiscal 2023, when it brought in $2.28B.
Automotive was Cleveland-Cliffs’s largest revenue line in fiscal 2025, bringing in $5.05B of $5.17B (98%).
| Industry Sector | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Infrastructure & Manufacturing | $5.87B | $38.00M | $5.21B | $43.00M | ||||
| Steel Producers | — | $2.95B | — | — | ||||
| Automotive | $478.00M | $545.00M | $540.00M | $5.05B | ||||
| Direct Automotive | — | — | — | — | ||||
| Distributors & Converters | $76.00M | $82.00M | $77.00M | $77.00M | ||||
| Total | $6.42B | $3.61B | $5.83B | $5.17B |
Cleveland-Cliffs brought in $5.17B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $6.00B it reports by segment, so these revenue lines do not cover all of its revenue. Automotive was the largest at $5.05B (97.7%), ahead of Distributors & Converters at $77.00M (1.5%) and Infrastructure & Manufacturing at $43.00M (0.8%).
Cleveland-Cliffs stopped reporting Steel Producers as a separate revenue line after fiscal 2023, when it brought in $2.95B.
Canada was Cleveland-Cliffs’s largest region in fiscal 2024, bringing in $1.07B of $1.85B (58%).
| Geography | FY 2010 | FY 2011 | FY 2012 | FY 2014 | FY 2015 | FY 2016 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | — | — | — | — | |||||||||
| China | — | — | — | — | |||||||||
| Canada | $803.00M | $963.00M | $1.05B | $1.07B | |||||||||
| Other Countries | $760.00M | $1.04B | $950.00M | $778.00M | |||||||||
| Total | $1.56B | $2.00B | $2.00B | $1.85B |
Cleveland-Cliffs brought in $1.85B from its two regions in fiscal 2024, the year ended December 31, 2024. That was down 7.6% from $2.00B in fiscal 2023. Canada was the largest at $1.07B (57.8%), ahead of Other Countries at $778.00M (42.2%).
Compared with fiscal 2023, Canada grew 2.0% to $1.07B, while Other Countries fell 18.1% to $778.00M. From fiscal 2021 to 2024, combined revenue from these regions grew from $1.56B to $1.85B, a compound annual growth rate of 5.7%. Canada's share of the total rose from 51.4% to 57.8%.
Cleveland-Cliffs (CLF) reports its revenue by segment, by industry sector and by geography. In fiscal 2025, Cold-Rolled Steel was its largest segment, bringing in $2.40B (40.0% of the total), followed by Other at $1.64B (27.3%).
Cold-Rolled Steel was Cleveland-Cliffs' largest segment in fiscal 2025, bringing in $2.40B, or 40.0% of the $6.00B total across its four segments.
Automotive was Cleveland-Cliffs' largest revenue line in fiscal 2025, bringing in $5.05B, or 97.7% of the $5.17B total across its three revenue lines.
Canada was Cleveland-Cliffs' largest region in fiscal 2024, bringing in $1.07B, or 57.8% of the $1.85B total across its two regions.
Canada grew faster than Other Countries in fiscal 2024, up 2.0% from $1.05B to $1.07B. Other Countries fell 18.1% to $778.00M.
Every figure comes from Cleveland-Cliffs' annual financial filings, as reported. Each line keeps the name Cleveland-Cliffs gives it, and years follow its fiscal calendar.
Cleveland-Cliffs' revenue by segment goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.