EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 17 - EARNINGS PER SHARE

The following table summarizes the computation of basic and diluted EPS:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share amounts)	2025		2024		2025		2024
Net income (loss)	$	(470)	$	9	$	(953)	$	(44)
Net income attributable to noncontrolling interests	(13)		(7)		(25)		(21)
Net income (loss) attributable to Cliffs shareholders	$	(483)	$	2	$	(978)	$	(65)
Weighted average number of shares:
Basic	495		473		495		483
Employee stock plans1	—		1		—		—
Diluted	495		474		495		483
Earnings (loss) per common share attributable to Cliffs shareholders:
Basic	$	(0.97)	$	0.00	$	(1.97)	$	(0.13)
Diluted	$	(0.97)	$	0.00	$	(1.97)	$	(0.13)
1 For the three and six months ended June 30, 2025, 4 million and 2 million potentially dilutive shares, respectively, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. For both the three and six months ended June 30, 2024, 2 million potentially dilutive shares were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.