Cleveland-Cliffs expects steel demand to rebound in early 2025

The company said, “For 2025, we’ve set a much lower capital budget, even after including the strategic projects that are expected to boost annual EBITDA by over $600 million once completed. Additionally, lower coal costs will bring a $70 million benefit next year compared to 2024. We expect steel demand to rebound in early 2025, supported by a number of economic and political factors. With Stelco’s assets and our cost reductions, we’re well-positioned to capitalize on this upswing and will be able to reduce acquisition debt quickly with healthy free cash flow.”