Cleveland-Cliffs Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Cleveland-Cliffs Inc (CLF). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Steelmaking | $4.97B 92.7% | $19.90B 97.3% · +300.8% | $22.46B 97.7% · +12.9% | $21.41B 97.3% · -4.7% | $18.62B 97.1% · -13.0% | $18.06B 97.1% · -3.0% |
| Other Businesses | $389.0M 7.3% | $543.0M 2.7% · +39.6% | $606.0M 2.6% · +11.6% | $665.0M 3.0% · +9.7% | $656.0M 3.4% · -1.4% | $657.0M 3.5% · +0.2% |
| Eliminations | – | – | -$79.0M -0.3% | -$82.0M -0.4% · -3.8% | -$91.0M -0.5% · -11.0% | -$110.0M -0.6% · -20.9% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| United States | $4.58B 85.5% | $18.88B 92.4% · +312.2% | $20.99B 91.3% · +11.2% | $20.00B 90.9% · -4.7% | $17.34B 90.4% · -13.3% | $15.89B 85.4% · -8.4% |
| Canada | $602.0M 11.2% | $803.0M 3.9% · +33.4% | $963.0M 4.2% · +19.9% | $1.05B 4.8% · +8.6% | $1.07B 5.6% · +2.0% | $2.07B 11.1% · +94.1% |
| Other countries | $172.0M 3.2% | $760.0M 3.7% · +341.9% | $1.04B 4.5% · +36.2% | $950.0M 4.3% · -8.2% | $778.0M 4.1% · -18.1% | $652.0M 3.5% · -16.2% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.