What Went Wrong In 2025 2025 was brutal for Cliffs. Weak automotive production hit demand for flat-rolled steel, while lower spot steel prices pressured margins. Revenue slipped to $18.6 billion from $19.2 billion in 2024, and net losses nearly doubled from $714 million to $1.4 billion. Global steel oversupply remained a major issue, and sentiment worsened after CEO Lourenco Goncalves sold 3 million shares in February 2026 for roughly $37 million. Following weak Q4 earnings, the stock plunged 16.4% in a sin ...