Cleveland-Cliffs Inc. (NYSE:CLF) on Monday reported third quarter 2025 revenue that rose 4% year over year to $4.734 billion, as the company benefited from the Trump administration’s 50% tariff on foreign steel.
It was Cleveland-Cliffs’ first revenue increase since the fourth quarter of 2023.
As well, the company announced it has signed a Memorandum of Understanding (MoU) with a major global steel producer and expects to issue a more formal announcement regarding the potential transaction in the coming quarters.
“We expect the ultimate outcome of this MoU to be highly accretive to our shareholders,” Cleveland-Cliffs CEO Lourenco Goncalves said in a statement.
Cleveland-Cliffs also said two of its mining assets, one in Michigan and another in Minnesota, are promising targets for rare earth minerals.
In a note to clients on Monday, Jefferies analysts wrote that a lack of clarity on the MoU and some uncertainties with respect to the strategy at Cliffs “may complicate the near-term investment case”.
The brokerage firm reiterated their ‘Hold’ rating on the stock.
The analysts noted that the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter of $143 million surpassed their estimate of $133 million.
Cleveland-Cliffs shares surged nearly 16% to $15.38 in early trading on Monday.