For the year ending 2025-12-31, CLF had $1M increase in cash & cash equivalents over the period. -$1,023M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | -1,428 | -708 | 450 | 1,376 |
| Depreciation, depletion and amortization | 1,235 | 951 | 973 | 1,034 |
| Pension and opeb credits | -187 | -211 | -163 | -132 |
| Loss on extinguishment of debt | - | - | 0 | -75 |
| Amortization of inventory step-up | - | - | 0 | 0 |
| Deferred income taxes | -506 | -195 | 114 | 90 |
| Restructuring and other charges | 86 | - | - | - |
| Asset impairment | 39 | - | - | - |
| Impairment of long-lived assets | - | - | - | 29 |
| Goodwill impairment | 0 | - | 125 | - |
| Other | -87 | -485 | -76 | -122 |
| Receivables and other assets | - | - | - | -177 |
| Accounts receivable, net | -134 | -364 | -120 | - |
| Inventories | -315 | 5 | -670 | -64 |
| Income taxes | 13 | -17 | 122 | -22 |
| Pension and opeb payments and contributions | 154 | 195 | 94 | 204 |
| Payables, accrued employment and accrued expenses | -78 | -408 | 4 | -186 |
| Other, net | 18 | -44 | 130 | - |
| Net cash provided (used) by operating activities | -462 | 105 | 2,267 | 2,423 |
| Purchase of property, plant and equipment | 561 | 695 | 646 | 943 |
| Acquisition of stelco, net of cash acquired-Stelco Holdings Inc | 0 | 2,512 | - | - |
| Acquisition, net of cash acquired-Ferrous Processing And Trading | - | 0 | 0 | 31 |
| Acquisition, net of cash acquired-Arcelor Mittal USA | - | - | 0 | 0 |
| Payments to acquire businesses, net of cash acquired-AKSteel | - | - | - | 0 |
| Proceeds from sale of business | 53 | - | - | - |
| Other investing activities | -29 | 5 | -55 | -38 |
| Net cash used by investing activities | -479 | -3,212 | -591 | -936 |
| Repurchase of common shares | 0 | 733 | 152 | 240 |
| Series b redeemable preferred stock redemption | - | - | 0 | 0 |
| Proceeds from issuance of common shares | 951 | - | 0 | 0 |
| Proceeds from issuance of debt | 1,983 | 3,221 | 750 | 0 |
| Repayments of senior notes | 685 | 845 | 0 | 1,358 |
| Borrowings under credit facilities | - | - | 3,004 | 5,749 |
| Repayments under credit facilities | - | - | 4,868 | 5,494 |
| Borrowings (repayments) under credit facilities | -1,109 | 1,560 | - | - |
| Debt issuance costs | 30 | 109 | 34 | 0 |
| Other financing activities | -168 | -124 | -204 | -166 |
| Net cash provided (used) by financing activities | 942 | 2,970 | -1,504 | -1,509 |
| Net increase (decrease) in cash and cash equivalents | 1 | -137 | 172 | -22 |
| Cash and cash equivalents at beginning of period | 60 | 198 | 26 | 48 |
| Effect of exchange rate changes on cash | 2 | -1 | - | - |
| Cash and cash equivalents at end of period | 63 | 60 | 198 | 26 |
CLEVELAND-CLIFFS INC. (CLF)
CLEVELAND-CLIFFS INC. (CLF)