Cleveland-Cliffs Inc. (CLF) shares tumbled 6.61% in pre-market trading on Monday following the release of its third-quarter 2025 financial results, which fell short of market expectations. The steelmaker reported disappointing revenue figures and a significant net loss, prompting investors to reassess their positions.

The company announced quarterly revenue of $4.7 billion, missing the analyst consensus estimate of $4.9 billion. This shortfall in top-line performance signals potential challenges in demand or pricing for Cleveland-Cliffs' steel products. Additionally, the firm reported a substantial net loss of $234 million for the quarter, further fueling investor concerns about its financial health and operational efficiency.

On a slightly positive note, Cleveland-Cliffs posted an adjusted earnings per share (EPS) of -$0.45, which was marginally better than the -$0.48 anticipated by analysts. However, this minor beat on the bottom line was not enough to offset the negative sentiment surrounding the revenue miss and net loss. As the steel industry continues to face headwinds from economic uncertainties and fluctuating commodity prices, Cleveland-Cliffs' performance in the coming quarters will be closely watched by market participants for signs of improvement or further deterioration.