Coated Steel was Cleveland-Cliffs’s largest product and service line in fiscal 2025, bringing in $5.43B of $18.61B (29%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Coated Steel | $6.91B | $6.66B | $5.77B | $5.43B | |||||
| Hot-Rolled Steel | $4.53B | $4.86B | $4.28B | $4.77B | |||||
| Cold-Rolled Steel | $3.19B | $2.66B | $2.71B | $2.40B | |||||
| Iron Products | — | — | — | — | |||||
| Other | $2.94B | $2.76B | $2.32B | $2.30B | |||||
| Stainless & Electrical Steel | $2.28B | $2.28B | $1.81B | $1.75B | |||||
| Product | — | — | — | — | |||||
| Plate | $1.65B | $1.44B | $1.12B | $1.08B | |||||
| Slab & Other Steel Products | $1.49B | $1.33B | $1.18B | $881.00M | |||||
| Freight | — | — | — | — | |||||
| Venture Partners' Cost Reimbursements | — | — | — | — | |||||
| Total | $22.99B | $22.00B | $19.19B | $18.61B |
Cleveland-Cliffs brought in $18.61B from its seven product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 3.0% from $19.19B in fiscal 2024. Coated Steel was the largest at $5.43B (29.2%), ahead of Hot-Rolled Steel at $4.77B (25.6%) and Cold-Rolled Steel at $2.40B (12.9%). The other four lines brought in $6.01B combined.
Compared with fiscal 2024, Hot-Rolled Steel grew fastest, up 11.6% to $4.77B, while Slab & Other Steel Products fell the most, down 25.2% to $881.00M. From fiscal 2022 to 2025, combined revenue from these lines fell from $22.99B to $18.61B, a compound annual decline of 6.8%. Coated Steel's share of the total fell from 30.0% to 29.2%.
Steelmaking was Cleveland-Cliffs’s largest segment in fiscal 2025, bringing in $18.06B of $18.61B (97%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Steelmaking | $22.46B | $21.41B | $18.62B | $18.06B | |||||||||||||
| U.S. Iron Ore | — | — | — | — | |||||||||||||
| Mining & Pelletizing | — | — | — | — | |||||||||||||
| Asia Pacific Iron Ore | — | — | — | — | |||||||||||||
| Eastern Canadian Iron Ore | — | — | — | — | |||||||||||||
| Other Businesses | $606.00M | $665.00M | $656.00M | $657.00M | |||||||||||||
| North American Coal | — | — | — | — | |||||||||||||
| Other | — | — | — | — | |||||||||||||
| All Other Segments | — | — | — | — | |||||||||||||
| Eliminations | -$79.00M | -$82.00M | -$91.00M | -$110.00M | |||||||||||||
| Total | $22.99B | $22.00B | $19.19B | $18.61B |
Cleveland-Cliffs brought in $18.61B from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 3.0% from $19.19B in fiscal 2024. Steelmaking was the largest at $18.06B (97.1%), ahead of Other Businesses at $657.00M (3.5%).
Compared with fiscal 2024, Other Businesses grew 0.2% to $657.00M, while Steelmaking fell 3.0% to $18.06B. From fiscal 2022 to 2025, combined revenue from these segments fell from $22.99B to $18.61B, a compound annual decline of 6.8%. Steelmaking's share of the total fell from 97.7% to 97.1%.
The total is net of Eliminations, which took $110.00M off revenue in fiscal 2025.
United States was Cleveland-Cliffs’s largest region in fiscal 2025, bringing in $15.89B of $18.61B (85%).
| Geography | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $20.99B | $20.00B | $17.34B | $15.89B | ||||||||||||
| China | — | — | — | — | ||||||||||||
| Canada | $963.00M | $1.05B | $1.07B | $2.07B | ||||||||||||
| Other Countries | $1.04B | $950.00M | $778.00M | $652.00M | ||||||||||||
| Total | $22.99B | $22.00B | $19.19B | $18.61B |
Cleveland-Cliffs brought in $18.61B from its three regions in fiscal 2025, the year ended December 31, 2025. That was down 3.0% from $19.19B in fiscal 2024. United States was the largest at $15.89B (85.4%), ahead of Canada at $2.07B (11.1%) and Other Countries at $652.00M (3.5%).
Compared with fiscal 2024, Canada grew fastest, up 94.1% to $2.07B, while Other Countries fell the most, down 16.2% to $652.00M. From fiscal 2022 to 2025, combined revenue from these regions fell from $22.99B to $18.61B, a compound annual decline of 6.8%. United States' share of the total fell from 91.3% to 85.4%.
Cleveland-Cliffs (CLF) reports its revenue by product and service, by segment and by geography. In fiscal 2025, Coated Steel was its largest product and service line, bringing in $5.43B (29.2% of the total), followed by Hot-Rolled Steel at $4.77B (25.6%).
Coated Steel was Cleveland-Cliffs' largest product and service line in fiscal 2025, bringing in $5.43B, or 29.2% of the $18.61B total across its seven product and service lines.
Steelmaking was Cleveland-Cliffs' largest segment in fiscal 2025, bringing in $18.06B, or 97.1% of the $18.61B total across its three segments.
United States was Cleveland-Cliffs' largest region in fiscal 2025, bringing in $15.89B, or 85.4% of the $18.61B total across its three regions.
Among Cleveland-Cliffs' product and service lines that make up at least 2% of revenue, Hot-Rolled Steel grew fastest in fiscal 2025, up 11.6% from $4.28B to $4.77B.
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 product and service goes back to fiscal 2017, 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.