Cleveland-Cliffs Inc. reported a second-quarter 2025 net loss of $483 million, or an adjusted $0.50 a share, narrower than the $0.71 loss analysts expected. Revenue rose to $4.9 billion, topping estimates, as steel shipments climbed to a record 4.3 million net tons. The company cut full-year capital-expenditure guidance to about $600 million from $625 million and trimmed projected SG&A spending to roughly $575 million. Management said lower unit costs—targeted at $50 per net ton below 2024 levels—along with the recently imposed U.S. tariffs on Chinese steel should bolster results in the second half. Results contrasted with those of peer Steel Dynamics Inc., which missed expectations for the quarter. The Fort Wayne, Indiana-based producer posted revenue of $4.57 billion, earnings of $2.01 a share and net income of $301 million, all below consensus estimates. Steel Dynamics attributed the softer performance to customer caution amid ongoing trade-policy uncertainty. The divergent outcomes underscore how U.S. steelmakers are navigating volatile demand and shifting policy conditions as they head into the year’s second half.