Cleveland-Cliffs sees FY25 capital expenditures $700M

Sees FY25 SG&A expenses $625M. Sees FY25 depreciation, depletion and amortization $1.1B. Sees FY25 cash pension OPEB payments and contributions $150M. Says demand for steel in 2024 was weakest since 2010 apart from COVID. Says steel unit costs down $110 per ton in two years. Says further $40 per ton cost reduction expected in 2025. Says starting to see positive signs. Says appreciated tariffs. Says tariffs are critical to addressing the problem. Says in 2024 sales of imported cars surpassed sales of domestic vehicles. Says steadfast in opinion that U.S. steel sale to Nippon Steel will never close. Says sees Q4 as trough in profitability. Comments and guidance taken from Q4 earnings conference call.