Cleveland-Cliffs Reports Second-Quarter 2025 Results
Second-Quarter Consolidated Results
Record steel shipments of 4.3 million net tons
Revenues of $4.9 billion
GAAP net loss of $470 million, inclusive of $323 million of previously disclosed non-recurring charges related to idled facilities
Adjusted net loss1 of $247 million, or $0.50 per diluted share
Adjusted EBITDA2 of $97 million, a $271 million improvement quarter-over-quarter
Steel unit cost reductions of $15 per net ton compared to the first quarter of 2025
Liquidity of $2.7 billion as of June 30, 2025
Second-quarter 2025 consolidated revenues were $4.9 billion, compared to $4.6 billion in the first quarter of 2025. Included in the second quarter of 2025 results were previously disclosed non-recurring charges and losses totaling $323 million related to recently announced footprint optimization initiatives. For the second quarter of 2025, the Company recorded a GAAP net loss of $470 million and adjusted net loss1 of $247 million, or $0.50 per diluted share. This compares to a first quarter 2025 GAAP net loss of $483 million and adjusted net loss1 of $456 million, or $0.92 per diluted share.
For the second quarter of 2025, the Company reported Adjusted EBITDA2 of $97 million, a $271 million improvement compared to the Adjusted EBITDA2 loss of $174 million recorded in the first quarter of 2025.
Cliffs' Chairman, President and CEO, Lourenco Goncalves, said: "Our second quarter results demonstrate that the footprint optimization initiatives announced a few months ago are already generating a positive impact on both costs and revenues. Our good cost performance in Q2 will be even further amplified into Q3 and Q4, with further expected improvements in adjusted EBITDA as a result. In Q2 we also further reduced inventories, which drove a meaningful release in working capital during the quarter."
Mr. Goncalves continued: "Our return to generating meaningful free cash flow and rapidly reducing debt is in sight. Domestic steel pricing remains strong, we have visibility into our cost reductions, and our order book remains healthy. Very importantly, the end of the five-year contract to supply slabs from Indiana Harbor to one of our competitors comes in less than five months. Due to the abnormally low index-based prices for slabs we have been exposed to in the last few months, this contract became a negative contributor to EBITDA and will not be extended."
Mr. Goncalves added: "Cliffs is a major supplier of steel to the automotive manufacturers, and the Trump Administration continues to show strong support to both the domestic steel and the domestic automotive sectors. We have started to see the positive impact that tariffs have on domestic manufacturing, protecting domestic jobs and national security. We expect this trend to continue, promoting the resurgence of the American automotive industry supported by a thriving domestic steel industry."
Mr. Goncalves concluded: "Going forward, foreign competitors need to acquire steel capacity within the United States if they want to participate in this desirable market. As a publicly traded America-based company centered on automotive, electrical steels, stainless and plate, Cleveland-Cliffs' assets, business and footprint are uniquely positioned to benefit from this new reality."
Steelmaking Segment Results
Three Months EndedJune 30,
Six Months EndedJune 30,
Three MonthsEnded
2025
2024
2025
2024
Mar. 31, 2025
External Sales Volumes - In Thousands
Steel Products (net tons)
4,290
3,989
8,430
7,929
4,140
Selling Price - Per Net Ton
Average net selling price per net ton of steel products
$
1,015
$
1,125
$
998
$
1,150
$
980
Operating Results - In Millions
Revenues
$
4,771
$
4,915
$
9,238
$
9,942
$
4,467
Cost of goods sold
(4,996
)
(4,770
)
(9,863
)
(9,527
)
(4,867
)
Gross margin
$
(225
)
$
145
$
(625
)
$
415
$
(400
)
Second-quarter 2025 steel product sales volumes of 4.3 million net tons consisted of 40% hot-rolled, 27% coated, 15% cold-rolled, 5% plate, 3% stainless and electrical, and 10% other, including slabs and rail.
Steelmaking revenues of $4.8 billion included $1.5 billion, or 31%, of sales to the infrastructure and manufacturing market; $1.4 billion, or 30%, of sales to the distributors and converters market; $1.2 billion, or 26%, of direct sales to the automotive market; and $600 million, or 13%, of sales to steel producers.
Liquidity
As of June 30, 2025, the Company has $2.7 billion in total liquidity.
Outlook
The Company updated previously guided expectations for the full-year 2025, as follows:
Capital expenditures of approximately $600 million, from its previous expectation of $625 million
Selling, general and administrative expenses of approximately $575 million, from its previous expectation of approximately $600 million
Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024
Depreciation, depletion and amortization of approximately $1.2 billion, from its previous expectation of approximately $1.1 billion, primarily due to accelerated depreciation from idled facilities
Cash Pension and OPEB payments and contributions maintained at approximately $150 million
Cleveland-Cliffs Inc. will host a conference call this morning, July 21, 2025, at 8:30 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada.
Forward-Looking Statements
This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: continued volatility of steel, scrap metal and iron ore market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity and production, prevalence of steel imports, reduced market demand and oversupply of iron ore; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges of one or more of our major customers, key suppliers or contractors, which, among other adverse effects, could disrupt our operations or lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; risks related to U.S. government actions and other countries' reactions with respect to Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, tariffs, treaties or policies, as well as the uncertainty of obtaining and maintaining effective antidumping and countervailing duty orders to counteract the harmful effects of unfairly traded imports; impacts of existing and changing governmental regulation, including actual and potential environmental regulations relating to climate change and carbon emissions, and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorizations of, or from, any governmental or regulatory authority and costs related to implementing improvements to ensure compliance with regulatory changes, including potential financial assurance requirements, and reclamation and remediation obligations; potential impacts to the environment or exposure to hazardous substances resulting from our operations; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit our financial flexibility and cash flow necessary to fund working capital, planned capital expenditures, acquisitions, and other general corporate purposes or ongoing needs of our business, or to repurchase our common shares; our ability to reduce our indebtedness or return capital to shareholders within the currently expected timeframes or at all; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; challenges to successfully implementing our business strategy to achieve operating results in line with our guidance; the outcome of, and costs incurred in connection with, lawsuits, claims, arbitrations or governmental proceedings relating to commercial and business disputes, antitrust claims, environmental matters, government investigations, occupational or personal injury claims, property-related matters, labor and employment matters, or suits involving legacy operations and other matters; supply chain disruptions or changes in the cost, quality or availability of energy sources, including electricity, natural gas and diesel fuel, critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap metal, chrome, zinc, other alloys, coke and metallurgical coal, and critical manufacturing equipment and spare parts; problems or disruptions associated with transporting products to our customers, moving manufacturing inputs or products internally among our facilities, or suppliers transporting raw materials to us; the risk that the cost or time to implement a strategic or sustaining capital project may prove to be greater than originally anticipated; our ability to consummate any public or private acquisition or divestiture transactions and to realize any or all of the anticipated benefits or estimated future synergies, as well as to successfully integrate any acquired businesses into our existing businesses; uncertainties associated with natural or human-caused disasters, adverse weather conditions, unanticipated geological conditions, critical equipment failures, infectious disease outbreaks, tailings dam failures and other unexpected events; cybersecurity incidents relating to, disruptions in, or failures of, information technology systems that are managed by us or third parties that host or have access to our data or systems, including the loss, theft or corruption of our or third parties' sensitive or essential business or personal information and the inability to access or control systems; liabilities and costs arising in connection with any business decisions to temporarily or indefinitely idle or permanently close an operating facility or mine, which could adversely impact the carrying value of associated assets, trigger contractual liabilities or termination costs, and give rise to impairment charges or closure and reclamation obligations, as well as uncertainties associated with restarting any previously idled operating facility or mine; our ability to realize the anticipated synergies or other expected benefits of the acquisition of Stelco, as well as the impact of additional liabilities and obligations incurred in connection with the Stelco acquisition; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; uncertainties associated with our ability to meet customers' and suppliers' decarbonization goals and reduce our greenhouse gas emissions in alignment with our own announced targets; challenges to maintaining our social license to operate with our stakeholders, including the impacts of our operations on local communities, reputational impacts of operating in a carbon-intensive industry that produces greenhouse gas emissions, and our ability to foster a consistent operational and safety track record; our actual economic mineral reserves or reductions in current mineral reserve estimates, and any title defect or loss of any lease, license, option, easement or other possessory interest for any mining property; our ability to maintain satisfactory labor relations with unions and employees; unanticipated or higher costs associated with pension and other post-employment benefit obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; uncertain availability or cost of skilled workers to fill critical operational positions and potential labor shortages caused by experienced employee attrition or otherwise, as well as our ability to attract, hire, develop and retain key personnel; and potential significant deficiencies or material weaknesses in our internal control over financial reporting.
For additional factors affecting the business of Cliffs, refer to Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission.
FINANCIAL TABLES FOLLOW
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS
Three Months EndedJune 30,
Six Months EndedJune 30,
Three Months Ended
(In millions, except per share amounts)
2025
2024
2025
2024
Mar. 31, 2025
Revenues
$
4,934
$
5,092
$
9,563
$
10,291
$
4,629
Operating costs:
Cost of goods sold
(5,143
)
(4,930
)
(10,163
)
(9,844
)
(5,020
)
Selling, general and administrative expenses
(137
)
(103
)
(270
)
(235
)
(133
)
Restructuring and other charges
(86
)
(25
)
(89
)
(129
)
(3
)
Asset impairment
(39
)
(15
)
(39
)
(79
)
—
Miscellaneous – net
(27
)
(13
)
(38
)
(36
)
(11
)
Total operating costs
(5,432
)
(5,086
)
(10,599
)
(10,323
)
(5,167
)
Operating income (loss)
(498
)
6
(1,036
)
(32
)
(538
)
Other income (expense):
Interest expense, net
(149
)
(69
)
(289
)
(133
)
(140
)
Loss on extinguishment of debt
—
(6
)
—
(27
)
—
Net periodic benefit credits other than service cost component
43
62
100
122
57
Other non-operating income (expense)
(14
)
1
(23
)
3
(9
)
Total other expense
(120
)
(12
)
(212
)
(35
)
(92
)
Loss before income taxes
(618
)
(6
)
(1,248
)
(67
)
(630
)
Income tax benefit
148
15
295
23
147
Net income (loss)
(470
)
9
(953
)
(44
)
(483
)
Net income attributable to noncontrolling interests
(13
)
(7
)
(25
)
(21
)
(12
)
Net income (loss) attributable to Cliffs shareholders
$
(483
)
$
2
$
(978
)
$
(65
)
$
(495
)
Earnings (loss) per common share attributable to Cliffs shareholders:
Basic
$
(0.97
)
$
0.00
$
(1.97
)
$
(0.13
)
$
(1.00
)
Diluted
$
(0.97
)
$
0.00
$
(1.97
)
$
(0.13
)
$
(1.00
)
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION
(In millions)
June 30, 2025
December 31,2024
ASSETS
Current assets:
Cash and cash equivalents
$
61
$
54
Accounts receivable, net
1,783
1,576
Inventories
4,699
5,094
Other current assets
144
183
Total current assets
6,687
6,907
Non-current assets:
Property, plant and equipment, net
9,620
9,942
Goodwill
1,814
1,768
Intangible assets
1,185
1,170
Pension and OPEB assets
453
427
Other non-current assets
712
733
TOTAL ASSETS
$
20,471
$
20,947
LIABILITIES
Current liabilities:
Accounts payable
$
1,947
$
2,008
Accrued employment costs
521
447
Accrued expenses
348
375
Other current liabilities
461
492
Total current liabilities
3,277
3,322
Non-current liabilities:
Long-term debt
7,727
7,065
Pension and OPEB liabilities
693
751
Deferred income taxes
612
858
Asset retirement and environmental obligations
613
601
Other non-current liabilities
1,507
1,453
TOTAL LIABILITIES
14,429
14,050
TOTAL EQUITY
6,042
6,897
TOTAL LIABILITIES AND EQUITY
$
20,471
$
20,947
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS
Three Months EndedJune 30,
Six Months EndedJune 30,
(In millions)
2025
2024
2025
2024
OPERATING ACTIVITIES
Net income (loss)
$
(470
)
$
9
$
(953
)
$
(44
)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation, depletion and amortization
393
228
675
458
Pension and OPEB credits
(34
)
(53
)
(82
)
(104
)
Deferred income taxes
(150
)
(13
)
(301
)
(21
)
Restructuring and other charges
86
25
89
129
Asset impairments
39
15
39
79
Other
1
22
63
95
Changes in operating assets and liabilities:
Accounts receivable, net
24
94
(199
)
67
Inventories
214
235
...
396
227
Income taxes
3
(11
)
10
(12
)
Pension and OPEB payments and contributions
(30
)
(30
)
(73
)
(62
)
Payables, accrued employment and accrued expenses
(60
)
(6
)
(3
)
(176
)
Other, net
29
4
33
25
Net cash provided (used) by operating activities
45
519
(306
)
661
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(112
)
(157
)
(264
)
(339
)
Other investing activities
1
5
8
8
Net cash used by investing activities
(111
)
(152
)
(256
)
(331
)
FINANCING ACTIVITIES
Proceeds from issuance of senior notes
—
—
850
825
Repayments of senior notes
—
(193
)
—
(845
)
Repurchase of common shares
—
(124
)
—
(733
)
Borrowings (repayments) under credit facilities, net
122
28
(183
)
370
Debt issuance costs
(1
)
—
(14
)
(13
)
Other financing activities
(53
)
2
(86
)
(22
)
Net cash provided (used) by financing activities
68
(287
)
567
(418
)
Net increase (decrease) in cash and cash equivalents
2
80
5
(88
)
Cash, cash equivalents, and restricted cash at beginning of period
63
30
60
198
Effect of exchange rate changes on cash
3
—
3
—
Cash, cash equivalents, and restricted cash at end of period
68
110
68
110
Restricted cash
(7
)
$
—
(7
)
$
—
Cash and cash equivalents at end of period
$
61
$
110
$
61
$
110
1 CLEVELAND-CLIFFS INC. AND SUBSIDIARIESADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE RECONCILIATION
In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented adjusted net income (loss) attributable to Cliffs shareholders and adjusted earnings (loss) per common share attributable to Cliffs shareholders - diluted. These measures are used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry, showing results exclusive of certain non-recurring and/or non-cash items. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these consolidated measures to their most directly comparable GAAP measures is provided in the table below.
Three Months EndedJune 30,
Six Months EndedJune 30,
Three MonthsEnded
(In millions)
2025
2024
2025
2024
Mar. 31, 2025
Net income (loss) attributable to Cliffs shareholders
$
(483
)
$
2
$
(978
)
$
(65
)
$
(495
)
Adjustments:
Idled facilities chargesA
(323
)
(40
)
(367
)
(217
)
(44
)
Changes in fair value of derivatives, net
(15
)
—
(24
)
—
(9
)
Currency exchange
48
—
46
—
(2
)
Loss on extinguishment of debt
—
(6
)
—
(27
)
—
Severance
(19
)
(1
)
(20
)
(3
)
(1
)
Other, net
(3
)
—
1
(2
)
4
Income tax effect
76
(1
)
89
47
13
Adjusted net income (loss) attributable to Cliffs shareholders
$
(247
)
$
50
$
(703
)
$
137
$
(456
)
Earnings (loss) per common share attributable to Cliffs shareholders - diluted
$
(0.97
)
$
0.00
$
(1.97
)
$
(0.13
)
$
(1.00
)
Adjusted earnings (loss) per common share attributable to Cliffs shareholders - diluted
$
(0.50
)
$
0.11
$
(1.42
)
$
0.28
$
(0.92
)
A Primarily includes asset impairments, accelerated depreciation, employee-related costs and asset retirement obligation charges
2 CLEVELAND-CLIFFS INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - EBITDA AND ADJUSTED EBITDA
In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented EBITDA and Adjusted EBITDA on a consolidated basis. These measures are used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry, showing results exclusive of certain non-recurring and/or non-cash items. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these consolidated measures to their most directly comparable GAAP measures is provided in the table below.
Three Months EndedJune 30,
Six Months EndedJune 30,
Three MonthsEnded
(In millions)
2025
2024
2025
2024
Mar. 31, 2025
Net income (loss)
$
(470
)
$
9
$
(953
)
$
(44
)
$
(483
)
Less:
Interest expense, net
(149
)
(69
)
(289
)
(133
)
(140
)
Income tax benefit
148
15
295
23
147
Depreciation, depletion and amortization
(393
)
(228
)
(675
)
(458
)
(282
)
Total EBITDA
$
(76
)
$
291
$
(284
)
$
524
$
(208
)
Less:
EBITDA from noncontrolling interests
20
15
38
36
18
Idled facilities charges
(204
)
(40
)
(248
)
(217
)
(44
)
Changes in fair value of derivatives, net
(15
)
—
(24
)
—
(9
)
Currency exchange
48
—
46
—
(2
)
Loss on extinguishment of debt
—
(6
)
—
(27
)
—
Severance
(19
)
(1
)
(20
)
(3
)
(1
)
Other, net
(3
)
—
1
(2
)
4
Total Adjusted EBITDA
$
97
$
323
$
(77
)
$
737
$
(174
)
EBITDA from noncontrolling interests includes the following:
Net income attributable to noncontrolling interests
$
13
$
7
$
25
$
21
$
12
Depreciation, depletion and amortization
7
8
13
15
6
EBITDA from noncontrolling interests
$
20
$
15
$
38
$
36
$
18
View source version on businesswire.com: https://www.businesswire.com/news/home/20250721969280/en/
Contacts
MEDIA CONTACT: Patricia PersicoSenior Director, Corporate Communications(216) 694-5316
INVESTOR CONTACT: James KerrDirector, Investor Relations(216) 694-7719
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At the beginning of the year, we were also seeing not just some contracts being paused, but the opposite in some cases, right? Orders coming in to try to sort of front run the tariffs to build up inventory. Is that inventory now? Has it been worked down? Are we how, in other words, I guess right now, how would flows compare to normal conditions? Yeah, it varies across industry, and, you know, what we're seeing from our customers is they're trying to be prepared for whatever might come next. And from a software perspective, that's what we do. You know, we can help them be prepared and make sure that they can react and have their correct strategies and agility so that they can do the things that they need to do in real time. And so when it comes to your business, I know that a lot of the contracts that you all sign are sort of longer term contracts, right? Have you seen any disruption to that? Have you seen any of your customers sort of pulling back on spending amidst all of this? You know, it's interesting, as you mentioned, we announced earnings earlier this week, and we had a strong Q2 and a strong first half. It was a beaten raised quarter, and with really strong margin expansion. And when you look at, you know, the difficult and uncertain macroeconomic environment, the past three quarters at Manhattan have been our strongest bookings, sales quarters in the history of the company. So you can argue that all three of those quarters were, if not challenging, at least changing macro environment, and we continue to do well from a bookings performance. And not only that, but new logo bookings has been the strength of our bookings performance. So we're able to actually go out there and take market share from our competitors. And you know, that also gives us opportunity to continue to expand and cross-sell into those customers in the future. So we're feeling really good about the commitments that our customers are making and that customers in the supply chain space are making with their supply chain software. And Eric, would you say I think sort of during the pandemic, we all paid a lot more attention to supply chains than we ever had, of course, because they were affecting us directly. But there was also a lot of discussion about how antiquated the systems were, both the actual physical infrastructure, but also sort of the things that you help people do now, right? That that stuff was sort of obsolete in many cases. Where are we now? And how much further does supply chain modernization need to go? Well, I think we're in the early days of supply chain modernization. And at Manhattan, I think we're rated a leader across our product portfolio, and I think we're really the only true cloud-based SAS provider across the supply chain space. And that's why we continue to have high win rates in the market, and that's why we continue to drive that expansion with these strong bookings quarters. Again, I point to with this uncertainty in the market, it is confirming the fact that this is mission critical software and confirming the fact that this needs to be part of the strategy. And that's why people are really leaning into the modern technology that we can offer. Eric, thanks so much for joining us. Appreciate it. Yeah, thank you. Related Videos BlackRock's Rick Rieder: I Think Rates Can Come Down Elon Musk's 'master plan': Is Tesla an EV maker or AI play? How meme stock mania is a 'sign of the times' 'We ask for more data' than FICO: VantageScore CEO Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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22 minutes ago
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How to Track Driver Hours Without Drowning in ELD Reports
Running a small fleet means you're stretched thin—dispatching loads, chasing payments, and keeping trucks rolling. Then ELD reports hit you like a brick wall, piling on data you barely have time to read, let alone understand. Hours of service rules aren't optional, but you don't need to drown in reports to stay compliant. If you're running one to five trucks, every minute spent decoding logs is a minute you're not booking better loads or building broker relationships. This is about tracking driver hours efficiently, staying FMCSA-compliant, and focusing on what keeps your business alive—hauling freight. Here's how small fleet owners and owner-operators can cut through the noise and keep their trucks where they belong: on the road. Why ELD Reports Are a Small Fleet's Nightmare ELDs were sold as a time-saver, but for small carriers, they're often a headache that eats your day. You're staring at dense logs, sifting through alerts for minor violations, and chasing drivers who log wrong—or don't log at all. FMCSA rules feel like they change every time you blink, and one slip can mean a fine that wipes out a week's profit. Here's what you're up against: Logs so complicated they take an hour to review Alerts flooding your inbox for every 5-minute overage Drivers forgetting to switch to 'off-duty' or logging yard moves wrong Rules that seem designed for big fleets with compliance teams If you're a five-truck operation, you're not staffed to play data analyst. Every hour spent untangling ELD reports is an hour you're not negotiating rates or planning lanes. A one-truck operator in Indiana lost $3,000 last year on a single HOS violation because he didn't catch a logging error. The goal isn't just staying legal—it's doing it without sacrificing your bottom line. Build Systems That Work for You You don't need a degree in tech to track hours right. It's about setting up lean, practical systems that save time and keep you compliant. You're a small fleet owner, not a corporate desk jockey—focus on what moves the needle. Here's how to make it happen. 1. Choose an ELD That Fits Your Fleet Not every ELD is built for small operations. Some are bloated with features for mega-carriers, not for you. Pick one that's simple, mobile-friendly, and doesn't bury you in menus. Look for: Real-time hours tracking, you can check from your phone Clean dashboards that show available hours at a glance Syncing with your TMS or load board for seamless planning Motive and Samsara are good bets—starting at $25-$40 per truck monthly, they give you what you need without the fluff. Avoid systems that cost $100 per truck or push features you'll never touch. A three-truck fleet in Oklahoma switched to a simpler ELD and cut their log review time from 2 hours to 20 minutes a day. Test the app yourself before signing up—make sure it's built for someone who's always on the move. 2. Train Drivers to Log Like Pros Your ELD is only as good as the driver behind it. Most violations come from simple mistakes—drivers logging drive time as on-duty, forgetting breaks, or messing up personal conveyance. Don't let bad habits tank your compliance. Set your drivers up to win: Spend 15 minutes (not an hour) walking them through the ELD app's key features Make a one-page cheat sheet for logging breaks, yard moves, and pre-trips Review logs daily for the first two weeks to catch errors early Real-world example: A two-truck operator in Ohio cut HOS violations by 80% after one afternoon training his drivers to log pre-trip inspections right. He printed a laminated checklist and stuck it in the cab—problem solved. That's less time fixing reports and more time hauling $3/mile loads. 3. Zero In on Metrics That Keep You Legal ELD reports spit out enough data to fill a book, but you don't need it all. Focus on the numbers that keep you out of trouble: Available drive time per driver 14-hour duty window status 70-hour weekly limit HOS violations (and what caused them) Set your ELD dashboard to highlight these upfront. Ignore the rest unless you're digging into a specific issue. Most ELDs let you tweak alerts—turn off the spam for minor 5-minute overages and focus on big risks, like 11-hour drive limit violations. A four-truck fleet in Virginia saved 6 hours a week by customizing their dashboard to show only critical metrics. That's time you can spend chasing direct shipper contracts. 4. Automate Compliance to Save Your Sanity You're not a machine, so stop doing machine work. Your ELD can handle the heavy lifting if you set it up right. Use automation to catch issues before they cost you: Set alerts for when drivers hit 90% of their drive time or duty window Schedule weekly summary reports instead of daily email floods Use geofencing to auto-log yard moves at docks you hit often This cuts your review time to 10-15 minutes a day. A five-truck fleet in Texas went from 8 hours a week on compliance to under 2 by automating HOS alerts and only checking flagged logs. That's a full day back for dispatching or negotiating better rates with brokers. 5. Plan Loads Around Hours, Not Hopes Tracking hours isn't just about staying legal—it's about making money. Smart hours management lets you maximize freight without pushing drivers past their limits. Use load boards like DAT or Truckstop to match loads to your drivers' clocks: Filter for loads that fit the remaining drive time Save short-haul runs for drivers low on hours Reserve high-mileage loads for drivers with fresh clocks Check lane history to find shippers with quick turnarounds. Avoid docks known for detention unless the rate covers the wait—$100/hour minimum. A two-truck fleet in Illinois boosted revenue by 15% by picking loads that matched their hours instead of chasing tight deadlines. Keep your trucks moving and your drivers legal. 6. Build a Routine That Sticks Consistency is your edge. Set up a daily and weekly routine to stay on top of hours without losing your mind: Daily: Spend 10 minutes checking ELD alerts and driver logs Weekly: Run a 70-hour report to plan loads for the next week Monthly: Audit one driver's logs to spot patterns (wrong status, missed breaks) A one-truck operator in Nevada caught a recurring logging error by spending 20 minutes a month reviewing logs. That saved him $1,500 in potential fines. Routines don't have to be complicated—just consistent. The Load Board Trap Load boards are a lifeline, but they can make hours tracking harder if you're not careful. Brokers post loads with sometimes tight deadlines, tempting you to stretch driver hours to grab them. Don't bite. A $2,000 load isn't worth a fine or a sidelined OOS driver. Always check available hours before bidding. Build a 1-2 hour buffer into every load for delays—detention, traffic, or breakdowns. Use load boards to: Find lanes that fit your drivers' clocks Spot shippers with consistent freight for direct outreach Avoid brokers with a history of unrealistic schedules (check Carrier Assure for reviews) A three-truck fleet in Florida stopped taking last-minute spot loads with tight windows and saw violations drop to zero. Focus on freight that fits your operation, not the other way around. Tech That Doesn't Break the Bank You don't need a high-dollar setup to track hours like a pro. Stick to tools that save time and money: ELD with a mobile app for real-time updates ($25-$40/truck/month) TMS integration to tie hours to load planning ($50-$75/month) Free spreadsheet or app (like Trucker Tools) to track weekly hours across drivers Spend $100-$150/month total for a two-truck fleet. That's less than one HOS fine or one missed load. A four-truck operator in Michigan switched to a $120/month ELD-TMS combo and saved $6,000 a year by avoiding compliance penalties and picking better lanes. Double-Check Your Drivers' Habits Drivers aren't perfect, and neither are you. Even with a great ELD, human error can creep in. Common mistakes: Logging 'on-duty' instead of 'off-duty' during breaks Forgetting to log pre-trip or post-trip inspections Misusing personal conveyance for non-personal trips Spot-check logs weekly to catch these early. A two-truck fleet in Georgia found one driver was logging 30 minutes of drive time daily as on-duty by mistake. Fixing it saved 10 hours of drive time a month—enough for an extra $1,500 load. Final Word Tracking driver hours doesn't have to bury you in ELD reports. Pick a simple ELD, train your drivers to log right, focus on the metrics that keep you legal, and automate the grunt work. Tie your hours tracking to load planning so you're not just dodging fines—you're making money. Small fleets don't win by working harder; they win by working smarter. Get your systems tight, train your drivers, and keep your trucks hauling freight where they belong. The post How to Track Driver Hours Without Drowning in ELD Reports appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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22 minutes ago
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Uncertainty is 'here to stay': What that means for markets
PIMCO chief investment officer core strategies Mohit Mittal joins Market Domination with Josh Lipton and Hennion & Walsh chief investment officer Kevin Mahn to discuss President Trump's upcoming August 1 tariff deadline, the uncertainty that comes with it, and why "the balance of risk" is shifting to the downside. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. Joining us now is Mohit Mittal, he's chief investment officer, core strategies at Pimco. That firm has more than two trillion dollars in assets under management. Mohit, it is great to see you on the show. Maybe start, Mohit, with what we were just talking about there: trade tensions, tariffs. We have August 1st that is circled on our calendars. As investors we're all waiting for it. I'm curious to think about how are you thinking through that deadline? As a CIO, what are you telling clients? Thanks for having me, Josh. Yes, so, I think the way we are thinking about this, even if we take a step back from that one immediate deadline, what we are observing is a broad, somewhat slowdown in the data. Add to it the incredible amount of uncertainty that is being created by these broad tariff policies. And those uncertainties are not going to go away on August 1st. Meaning that there might be some extensions, there might be some deals, but those uncertainties are here to stay. And what that means is that that uncertainty feeds into corporate sentiment. That uncertainty feeds into consumer sentiment. Which means that, you know, as we go forward towards the end of the year or next year, growth continues to slow down towards, say, 1%. And then add to it the context around earnings expectations. So when you look at the earnings expectations for this year, they are in the high single digits, same for next year. So the balance of risk in our mind, given kind of these uncertainties and in the context of expectations which are quite optimistic, the balance of risk seems to be towards kind of under-delivering relative to expectations. So is your point, and I'm just looking at the popular average here, we are, you know, agreeing across the board. Again, Mohit, is your point that you think investors are being a bit complacent here? Absolutely. I think that's kind of the view here that investors are being complacent in, say for example, kind of the equity markets, even in lower quality segments of the credit markets where valuations are near historic types. And when we contrast that to higher quality fixed income where investors can get, call it, six percent yield in a very, very high quality manner. That looks like a very attractive alternative in this kind of environment of elevated uncertainty and ongoing complacency. Kevin, bring you in here as well. Mohit's point is well taken. To the extent, Kevin, I wonder whether you get nervous when nobody else seems to be nervous. Absolutely, and I think what we need to understand is that we're pretty far along this bull market run. Through the first 73 trading days of 2025, the S&P 500 was down 10.2%, the fifth worst start in history. Now we've seen a significant move higher since day 74. How much longer can that run last? So I would anticipate some more short-term bouts of volatility ahead, whether it's due to the lack of trade agreements being announced, perhaps tariffs being more severe than when originally anticipated, or the Fed staying on pause for even longer than many are currently forecasting right now. That could all create more volatility. But I think each part of that volatility brings more investors back into the market. Mohit, what do you say to those folks who come on the show and they're, they're bulled up, they're more constructive. And honestly, Mohit, I think they basically tell me, 'Listen, Josh, just don't overthink this. The reason the market's higher is because the fundamentals look good: solid earnings, solid economic data, and a Fed that seems to want to cut later in the year.' What is your response to that? I think there's a lot of merit to that and that certainly can hold that we can continue to see, you know, equity markets do well. We continue to see credit markets do well. But I think what is also interesting is that in the last, call it, 15, 17 years, post the GFC, generally buying the dip has always worked out. And I think many factors have been behind it, but one of the factors continues to be around ongoing large fiscal deficits, as well as a strong monetary policy support through quantitative easings. Whenever there has been a big stress, you have seen both the fiscal authorities as well as monetary authorities come to the rescue. I think where we are, as we think about kind of where we are, we recognize that because of high debt to GDP for the US federal government, you have some constraints at the fiscal level in order to be able to address the next crisis with larger fiscal deficits. Same thing, you know, with the Central Bank. I think the QE would be somewhat less easier to do next time around, given the prior inflation or concerns around inflation that the prior QEs may have created. So in that context, we recognize that I think certainly you could have an environment where earnings continue to deliver and equities do well, but the balance of risk seems to have shifted to the downside. And I think the last point I would highlight also is that a lot of optimism is being built around the idea that we will realize the productivity enhancements because of all the investments in AI related chips, energy, all of that. In a scenario we don't realize those productivity enhancements, I think certainly the balance of risk again shifts a little bit to the downside. Related Videos Mortgage rates steady, Trump says no capital gains on home sales Why bitcoin could hit $300,000 next year 4 advantages give Alphabet a 'strategic position' in AI race Pharma sector outlook as Trump's drug tariff deadline looms Sign in to access your portfolio
