CLEVELAND-CLIFFS INC.CLF

CLEVELAND-CLIFFS INC. Revenue Disclosure

10-KFiled Feb 9, 20262 min read
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. Revenue by market and product are presented net of intersegment revenues, which are entirely related to the Steelmaking segment.
The following table represents our Revenues by market:
Year Ended December 31,
(In millions)202520242023
Steelmaking:
Automotive$5,047 $5,571 $7,440 
Infrastructure and manufacturing5,377 5,208 5,612 
Distributors and converters5,195 5,281 5,330 
Steel producers
2,334 2,469 2,949 
Total Steelmaking17,953 18,529 21,331 
Other Businesses:
Automotive537 540 545 
Infrastructure and manufacturing43 39 38 
Distributors and converters77 77 82 
Total Other Businesses657 656 665 
Total revenues$18,610 $19,185 $21,996 
The following table represents our Revenues by product line:
Year Ended December 31,
(In millions)202520242023
Steelmaking:
Hot-rolled steel$4,770 $4,276 $4,864 
Cold-rolled steel2,402 2,712 2,658 
Coated steel5,431 5,773 6,661 
Stainless and electrical steel1,748 1,807 2,281 
Plate1,079 1,119 1,444 
Slab and other steel products881 1,178 1,329 
Other1,642 1,664 2,094 
Total Steelmaking17,953 18,529 21,331 
Other Businesses:
Other657 656 665 
Total revenues$18,610 $19,185 $21,996 

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 25, 2025
2023Feb 8, 2024
2022Feb 14, 2023
2021Feb 11, 2022
2020Feb 26, 2021

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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