Risk Sleuth
CLF · 10-K filed 9 Feb 2026 · year to 31 Dec 2025

Cleveland-Cliffs

35 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.

Customers

North American automotive industry

earns from · 30%named as a risk
The largest end user for our steel products is the automotive industry in North America, which makes light vehicle production a key driver of demand.Business (Item 1)

ArcelorMittal USA slab supply contract

earns from · approximately 10 percent of our sales volume
This contract historically represented approximately 10 percent of our sales volume and was unprofitable in 2024 and 2025.Business (Item 1)

Electrical steel (GOES/NOES) transformer market

earns from
Because of these industry dynamics and our current customer base, our electrical steel business is expected to continue to achieve strong profitability in the coming years.Business (Item 1)

Suppliers

MinnTac iron ore mine

depends on · 25% ownership interest
Additionally, Stelco has a multi-year supply agreement to meet its iron ore pellet requirements and is party to an option agreement providing it with the ability to purchase a 25% ownership interest in the MinnTac iron ore mine, located in Mt. Iron, Minnesota, at any time through January 31, 2027.Business (Item 1)

Sole-source utility and raw material suppliers

depends onnamed as a risk
Many of our production facilities and mines are dependent on a sole source for electric power, natural gas, water, industrial gases and/or certain other raw materials or supplies.Risk factors (Item 1A)

Partners and platforms

POSCO

named as a risk
We are also subject to risks and uncertainties relating to our non-binding Memorandum of Understanding with POSCO.Risk factors (Item 1A)

Other companies

United Steelworkers (USW)

over 18,000 employeesnamed as a risk
With over 18,000 employees subject to collective bargaining agreements, our strong and productive labor relationships are key to our long-term success and allow us to work together in achieving our goals.Business (Item 1)

Also named by ALSN, ATI, CLMT

Stelco

operates innamed as a risk
We remain subject to significant risks and uncertainties arising out of the Stelco Acquisition that may adversely affect us, including in connection with the following:Risk factors (Item 1A)

Competitors

Aluminum

competes with
The steel industry has faced competition from aluminum manufacturers (and, to a lesser extent, other materials) as automotive manufacturers attempt to develop vehicles that are lighter in weight.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Places

Facility closures (Conshohocken, Riverdale, Steelton)

operates in · approximately $300 millionnamed as a risk
For example, during 2025, we indefinitely idled and subsequently announced the permanent closure of our Conshohocken, Pennsylvania, Riverdale, Illinois and Steelton, Pennsylvania steelmaking facilities, which collectively caused us to recognize approximately $300 million in respect of employee-related costs, asset impairments and exit costs.Risk factors (Item 1A)

Minnesota

operates in · approximately 20.1 million long tons
Accordingly, our ownership share of annual rated iron ore production capacity, as of December 31, 2025, was approximately 20.1 million long tons, which supplies the vast majority of the iron ore needed for our steelmaking operations.Business (Item 1)

Also named by CNP, XEL

China

depends onnamed as a risk
As we source a portion of our critical supplies, manufacturing equipment and raw materials from China, such as refractories, electrodes, chemicals and spare parts, existing tensions or further adverse geopolitical developments between the U.S. and China triggering or exacerbating sanctions or trading restrictions could lead to us experiencing disruptions, delays or higher costs in supplying our operations and maintaining steady-state production.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

Great Lakes shipping

depends onnamed as a risk
For example, if the vessel shipping season on the Great Lakes were to be interrupted or shortened as compared to historical levels, whether due to extended winter conditions, operational failure of critical shipping locks or otherwise, our ability to transport iron ore pellets to our steel mills could be adversely affected, resulting in potential operational disruptions and reduced production volumes.Risk factors (Item 1A)

Commodities and inputs

Natural gas

exposed to its price · approximately 5 to 6 MMBtu’s of natural gas per net tonnamed as a risk
We consume a large amount of natural gas, electricity, industrial gases and diesel fuel, which are significant costs to our operations.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Hot-rolled coil (HRC) steel price

exposed to its price · $851 per net tonnamed as a risk
The price for domestic HRC, the most significant index in driving the revenues and profitability of our Steelmaking segment, averaged $851 per net ton for 2025, compared to $772 per net ton for 2024.Business (Item 1)

Busheling scrap

exposed to its price · $424 per long tonnamed as a risk
The price of busheling scrap, a necessary input for flat-rolled steel production in EAFs in the U.S., averaged $424 per long ton during 2025, which remained well above the historical ten-year average of approximately $385 per long ton.Business (Item 1)

Coke

depends on · more than half of the coke requirements
These facilities currently provide more than half of the coke requirements for our steelmaking operations and have an annual rated capacity of 4.0 million net tons.Business (Item 1)

Brazilian slab export price

exposed to its price · approximately 1.5 million tons of slab annually
Under the terms of the contract, we supplied approximately 1.5 million tons of slab annually, with pricing directly linked to the Brazilian slab export price, which was negatively impacted in 2025 by tariffs.Business (Item 1)

Electricity

exposed to its pricenamed as a risk
For example, increased electricity demand to the grid in response to physical climate-related risks, adverse or extreme weather events, and electrification of the economy (such as unprecedented power and water demands for data centers) could adversely impact energy prices.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Metallurgical coal

depends on
We typically purchase most of our metallurgical coal under annual fixed price agreements.Business (Item 1)

Also named by BTU, NRP

Regulators

U.S. Department of Energy (DOE)

subject tonamed as a risk
For example, in order to remain eligible for DOE funding, our major Butler and Middletown capital projects are subject to extensive U.S. government and DOE-specific regulations with which we must comply, including with respect to restrictions related to the use of foreign contractors and workers.Risk factors (Item 1A)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CW and 16 more

EPA National Emission Standards for Hazardous Air Pollutants (NESHAP)

subject tonamed as a risk
However, if the EPA or the courts uphold any of the rules in their current form, the impacts on us could be material.Business (Item 1)

Laws and programs

U.S. Section 232 steel tariffs

subject to · 50%named as a risk
Subsequently, in June 2025, the Section 232 steel tariffs were generally increased to 50%.Risk factors (Item 1A)

Also named by AESI, ARLP, ET, JBI, NUE, RBC, SUN, SUNC and 2 more

Canadian steel import tariffs

subject to · 25%named as a risk
Furthermore, in 2025, the Canadian government imposed a 25% tariff on imported steel regardless of country of originRisk factors (Item 1A)

EPA ozone regulations

subject to · $8 million in 2026named as a risk
We estimate that the potential changes to comply with the new ozone requirements would cost us $8 million in 2026, and we could incur additional capital investment in the future should additional reductions be required to maintain the regional ambient air quality below the standard.Business (Item 1)

Michigan selenium discharge regulation

subject to · approximately $143 millionnamed as a risk
As of December 31, 2025, included within our Empire asset retirement obligation is a discounted liability of approximately $143 million, which includes the estimated costs associated with the construction of Empire's portion of the required infrastructure and expected future operating costs of the treatment facilities.Business (Item 1)

Minnesota Mercury Air Emissions Reporting and Reduction Rules

subject to · 72%named as a risk
The rules apply to all of our Minnesota iron ore mining and pelletizing operations and required submittal of a Mercury Reduction Plan to the MPCA in 2018.Business (Item 1)

U.S. automobile import tariffs

25%
Furthermore, we expect the 25% tariff on imports of automobiles and certain automobile parts, which were implemented during 2025, to lead to increased demand for domestically produced vehicles that consume domestically made steel.Business (Item 1)

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk
Because all our steel manufacturing facilities are located in North America and one of our principal markets is automotive manufacturing in North America, the USMCA has the potential to significantly impact our business results.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CMI, CP, CW, DCH, DE and 29 more

National Ambient Air Quality Standard for particulate matter

subject tonamed as a risk
If the rule is not amended or rescinded by the EPA or the courts uphold the rule in its current form, the impact on us could be material.Business (Item 1)

Minnesota sulfate wild rice water quality standard

subject tonamed as a risk
However, if we are required to significantly reduce sulfate concentrations in any discharges, the financial impacts on us could be material.Business (Item 1)

Canadian Environmental Protection Act, 1999

subject tonamed as a risk
Potential impacts of implementation are not estimable at this time, pending details on SO2 reduction requirements by the provincial regulator, but could be material.Business (Item 1)

Canadian carbon pricing

subject tonamed as a risk
For example, as part of climate change mitigation strategies, governmental authorities may introduce mandatory carbon pricing obligations, carbon emissions limitations, carbon taxes or carbon trading mechanisms, such as the carbon taxes we are required to pay in respect of Stelco’s emissions, any of which could impose significant costs on our operations, including causing us to incur higher energy and supplier costs, invest in costly and potentially unproven emissions control or reduction technologies, and engage in more intensive environmental monitoring and reporting efforts.Risk factors (Item 1A)

Steelworkers' Pension Trust

named as a risk
We also contribute to certain multiemployer pension plans, including the Steelworkers’ Pension Trust, for which we are one of the largest contributing employers.Risk factors (Item 1A)

United Mine Workers of America 1974 Pension Plan

named as a risk
For example, during 2025, the trustees of the United Mine Workers of America 1974 Pension Plan assessed withdrawal liability against us in respect of the Pinnacle, West Virginia and Oak Grove, Alabama coal mines that we divested in 2015.Risk factors (Item 1A)