Cleveland-Cliffs Inc. (CLF) shares plummeted 11.07% during intraday trading on Monday, following the release of its fourth-quarter 2025 financial results.

The steel producer reported quarterly revenue of $4.313 billion, which missed the analyst consensus estimate of $4.585 billion. Although the company's adjusted loss per share of $0.43 was better than the expected loss of $0.60, the significant revenue shortfall appeared to be the primary driver behind the stock's sharp decline. The company also reported a GAAP net loss of $235 million for the quarter.

CEO Lourenco Goncalves attributed the weak 2025 performance to persistently low production levels in the automotive sector, the final year of an expiring five-year slab contract described as "value-destructive," and newly adverse dynamics in the Canadian market. Despite these challenges, management expressed optimism for 2026, noting that these negative situations have improved and the U.S. trade environment is constructive, setting the stage for better results.