Cleveland-Cliffs falls 6% as FY25 revised capex reduced to $525M

* Cleveland-Cliffs press release [https://seekingalpha.com/pr/20271212-cleveland-cliffs-reports-third-quarter-2025-results] (NYSE:CLF [https://seekingalpha.com/symbol/CLF]): Q3 Non-GAAP EPS of -$0.45 in-line.
* Revenue of $4.7B (+3.5% Y/Y) misses by $200M.

*
The Company updated previously guided expectations for the full-year 2025, as follows:

* Capital expenditures of approximately $525 million, from its previous expectation of $600 million
* Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million
* Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume
* Depreciation, depletion and amortization maintained at approximately $1.2 billion
* Cash Pension and OPEB payments and contributions maintained at approximately $150 million

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