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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In 2025, the rare earth magnet market faces unprecedented pressures due to geopolitical tensions, supply chain disruptions, and soaring demand from emerging technologies such as electric vehicles and robotics. China's export controls have particularly impacted industries like defense and Tesla's humanoid robots, causing significant ripple effects worldwide. The U.S.'s strategic interventions, including a $400 million investment in MP Materials and Apple's $500 million recycling partnership, highlight efforts to lessen dependency on Chinese exports. The demand for rare earth magnets, valued at $19 billion, continues to grow, underscoring the necessity for alternative technologies and robust domestic supply chains. The report examines the entire supply chain, from mining to recycling, and profiles key industry players. Dublin, July 28, 2025 (GLOBE NEWSWIRE) -- The "Global Rare Earth Magnets Market 2026-2036" report has been added to offering. The rare earth magnet market stands at a critical juncture in 2025, shaped by unprecedented geopolitical tensions, supply chain disruptions, and explosive demand growth from emerging technologies. The industry's strategic importance has become paramount as governments and corporations recognize these materials as essential infrastructure for the global energy transition and technological advancement. The most significant recent development has been China's implementation of export controls on rare earth magnets beginning in April 2025, which triggered immediate supply chain disruptions across multiple industries. China's rare earth magnet exports to the United States experienced dramatic volatility, with shipments initially halted before surging 660% in June 2025 following trade negotiations. This rebound, while substantial, still leaves overall 2025 exports trailing previous year levels, demonstrating the fragility of current supply arrangements. The export restrictions particularly impacted critical applications including defense systems, electric vehicles, and emerging technologies like Tesla's Optimus humanoid robots. Ford halted production at its Chicago plant due to magnet shortages, while companies across industries depleted stockpiles while scrambling for alternative sources. Despite a temporary trade framework announced in June 2025, implementation remains problematic with companies facing ongoing uncertainty about future supply availability. The crisis has accelerated fundamental restructuring of global rare earth magnet supply chains. The U.S. Department of Defense's $400 million investment in MP Materials represents the largest government intervention in the sector, aimed at creating domestic magnet production capabilities. MP Materials has strategically halted all rare earth exports to China as of April 2025, redirecting focus toward domestic processing and magnet manufacturing at its Mountain Pass facility. Apple's $500 million partnership with MP Materials for recycling facility development exemplifies industry efforts to build resilient domestic supply chains. These initiatives reflect growing recognition that supply chain diversification requires comprehensive investment across the entire value chain, from mining through final magnet production. However, analysts warn that developing complete alternatives to Chinese capabilities will require years rather than months, given the complex separation and processing technologies involved. Market fundamentals remain exceptionally strong despite supply disruptions. Global rare earth magnet demand approaches 385,000 tonnes annually in 2025, valued at approximately $19 billion, with compound annual growth of 7.8% driven primarily by automotive electrification and renewable energy deployment. Emerging applications promise even more dramatic growth. Robotics, currently a small demand category, is forecast to become the single largest driver of neodymium-iron-boron (NdFeB) magnet consumption by 2040, driven by professional service robots in manufacturing, hospitality, and transportation. The humanoid robotics sector alone could require massive magnet quantities as production scales toward potential deployment of billions of units. Rising costs and supply uncertainty are driving intensive research into alternative magnet technologies. Cerium-based formulations are gaining attention as substitutes for dysprosium-enhanced magnets, with cerium offering advantages as a light rare earth element avoiding current export restrictions. Companies like Volkswagen's Scout Motors are exploring magnet-free motor designs, while automakers broadly investigate reduced-magnet architectures. However, these alternatives often involve performance trade-offs that limit applicability in high-performance applications. The concept of "demand destruction" through technological substitution represents a long-term market risk, but near-term demand growth from electrification continues to outpace substitution efforts. The rare earth magnet market's evolution represents a fundamental shift from commodity trading toward strategic resource management, with profound implications for global technology deployment, national security, and the pace of energy transition. Success in navigating these challenges will determine which nations and companies maintain technological leadership in the emerging clean energy economy. The Global Rare Earth Magnets Market 2026-2036 report provides the most comprehensive analysis of the rapidly evolving rare earth permanent magnet industry, delivering critical insights into market dynamics, supply chain vulnerabilities, technological innovations, and strategic opportunities across key application sectors. This authoritative 270-page plus report combines deep technical expertise with extensive market research to deliver actionable intelligence for stakeholders navigating the complex rare earth magnet ecosystem. As global demand for high-performance magnetic materials accelerates driven by electrification megatrends, renewable energy deployment, and emerging technologies including humanoid robotics, the rare earth magnet market faces unprecedented supply chain challenges and strategic realignment. With China's dominant position in production and processing creating geopolitical risks, alternative supply chain development has become a critical priority for governments and corporations worldwide. This report examines the complete rare earth magnet value chain from mining and separation through metallization, manufacturing, and recycling, providing detailed analysis of production capacity forecasts, demand projections by application segment, technological innovation pathways, and strategic recommendations for market participants. The analysis covers neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo) permanent magnet technologies across automotive, wind energy, consumer electronics, data centers, robotics, medical imaging, aerospace, marine, and industrial automation applications. Report contents include: Critical materials classification and rare earth magnet technology fundamentals Global market sizing, demand projections, and geographic distribution analysis Supply chain architecture assessment and strategic implications Regulatory environment evolution and policy framework impact Supply Chain and Value Chain Analysis Complete value chain structure from mining through magnet manufacturing Geographic production stage distribution and regional cluster development Market entry barriers, implementation challenges, and competitive dynamics 2025 export restriction impact assessment on dysprosium, terbium, and NdFeB alloys Rare Earth Mining and Production Global mining landscape with detailed regional development analysis North American, Australian, European, South American, and African project pipelines Hard rock versus ionic clay deposit comparison and processing technologies Mining economics, financial modelling, and resource discovery lifecycle analysis Processing and Separation Technologies Comprehensive processing technology comparison including hydrometallurgical and bioleaching methods Solvent extraction, chromatography, and multi-line separation system analysis Global processing capacity forecasts and geographic distribution projections Technology innovation roadmap and development priorities Magnet Manufacturing and Technology Metallization process fundamentals and global capacity control analysis NdFeB and SmCo magnet technology comparison and performance characteristics Sintered and bonded magnet manufacturing processes and innovation developments Grade classification, performance specifications, and cost structure analysis Application Market Analysis Electric vehicle and e-mobility market demand forecasts with motor technology assessment Wind energy sector analysis including turbine technology and magnet requirements Consumer electronics, data centers, and hard disk drive market dynamics Robotics and humanoid robot technology platform analysis Medical imaging, aerospace, marine, and industrial automation applications Recycling Technologies and Circular Economy Short-loop and long-loop recycling technology comparison and performance analysis Feedstock sources, pre-processing challenges, and automation integration Market barriers assessment and industry outlook through 2036 Value chain evolution and circular supply chain development Market Forecasts and Strategic Analysis Production capacity forecasts by geographic region (2026-2036) Demand projections by application segments and materials Supply-demand balance analysis and shortage risk assessment Revenue forecasts, investment opportunities, and risk assessment framework Technology innovation roadmap and competitive dynamics evolution Company Profiles and Competitive Intelligence Detailed analysis of 29 leading companies across the rare earth magnet value chain Strategic positioning, technology focus, and market development initiatives Investment activities, partnership strategies, and capacity expansion plans The report provides comprehensive profiles of 29 leading companies across the rare earth magnet value chain including: Arafura Resources Limited Australian Strategic Materials Ltd (ASM) Carester (Caremag) Cyclic Materials Energy Fuels Inc. Hastings Technology Metals Limited HyProMag Ionic Rare Earths Ionic Technologies JL Mag Lynas Rare Earths Limited MagREEsource Materials Nexus Metalysis MP Materials Corporation Neo Performance Materials Niron Magnetics and more. These profiles examine strategic positioning, technology capabilities, production capacity, market focus, and development initiatives across mining, processing, manufacturing, and recycling operations. For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Connectez-vous pour accéder à votre portefeuille
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Trump looms large over a Fed likely to again defy his call for cuts
President Trump will loom large over the Federal Reserve's policy meeting this week, even if the central bank does what the market expects and keeps interest rates on hold. Trump and other top White House officials have been hammering Fed Chair Jerome Powell for months over his wait-and-see rate stance and his insistence that more time is needed to assess how the president's tariffs will affect the path of inflation. The president took that message directly to the Fed last Thursday as he toured a $2.5 billion renovation of the central bank's headquarters and confronted Powell in person while the two argued in front of reporters over the true costs of the project. "I just want to see one thing happen, very simple: Interest rates have to come down," the president told reporters. Traders widely expect the Fed's Federal Open Market Committee to defy Trump and once again keep rates unchanged this Wednesday, as they have for every other meeting so far in 2025. The market expects the first cut of 2025 to happen on Sept. 17, the third-to-last meeting of the year. But at least two of Powell's colleagues are warming to Trump's near-term rate cut call, which could produce some disagreement this week behind closed doors in Washington. One Fed governor, Christoper Waller, has already hinted that he may publicly dissent Wednesday if his colleagues vote to keep rates unchanged. His opinion is that any inflation from Trump's tariffs will prove to be temporary, and he's concerned that the labor market may soon worsen. But many other Fed officials have backed Powell in his view that more time is needed to assess the impact of Trump's tariffs on inflation. They also note that the labor market is holding up, removing any urgency to act in the way that Trump wants. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments "This is a campaign of undermining the chairman's credibility and really trying to undermine his public support in the face of what I think is the real objective, and that is to get a lower rate environment in place," former Kansas City Fed president Esther George said. A Powell press conference following the meeting on Wednesday gives the Fed chair a new chance to respond to the White House's escalating pressure campaign and mounting questions about the $2.5 billion renovation of two Fed buildings along the National Mall. Trump considered firing Powell in recent weeks but has now appeared to back away from doing so, telling reporters this past week that "he is going to be out pretty soon anyway" — a reference to the fact that Powell's term as chair is up in May. While touring the Fed's construction site on Thursday, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Read more: How much control does the president have over the Fed and interest rates? New headaches But that doesn't mean the White House is going to let up on Powell. Treasury Secretary Scott Bessent this past week called for a review of the central bank's $2.5 billion project and an "exhaustive internal review' of its non-monetary policy operations. He argued that "significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission." The Fed also got another new headache last week when a money manager — and Trump ally who recently served as an adviser to the Department of Government Efficiency — filed a lawsuit arguing that the central bank is violating a 1976 federal law by keeping its policy meetings behind closed doors. That money manager, Azoria Capital, is asking for a Washington, D.C., federal court to issue a temporary restraining order compelling the FOMC to open its deliberations to the public this week. Some on Capitol Hill are also getting louder about more scrutiny of the Fed. Rep. Dan Meuser of Pennsylvania, a subcommittee chair on the House Financial Services Committee, is reportedly moving forward with a congressional investigation of the Fed, according to PunchBowl News, even as many of his Senate colleagues have shied away from that idea. Rep. Anna Paulina Luna of Florida, another Trump ally, formally requested that the DOJ investigate Powell for perjury over June comments about the renovations, although that is seen as a long shot at best. House Speaker Mike Johnson said in an interview with Bloomberg reporters and editors last week that he is "disenchanted" with Powell and is even open to modifying the 1913 act that created the Fed. That would be a major change, but it is not expected to come before Congress in the near term, as the House of Representatives went home Wednesday evening for a recess that is scheduled to last for the rest of the summer. Powell has repeatedly stated that he does not intend to leave as chair until his term is up, that his removal is "not permitted by law," and that he was honest and transparent about the Fed's construction project while testifying before Senate lawmakers on June 25. In a July 17 letter to White House budget director Russ Vought, Powell wrote that "we take seriously the responsibility to be good stewards of public resources" and offered a point-by-point response to Vought's concerns about cost overruns and certain design elements. Read more: What experts say about the possibility of additional rate cuts 'I do think it's damaging' Trump and his allies have taken to several new lines of attack against Powell, even beyond the building renovation, as they argue for rates to be as many as three percentage points lower. They cite what they predict will be savings on US debt if the rate is lower, as well as how a lower rate would make borrowing for a home less expensive in the US. Trump has even hinted that he has more than just Powell to blame for the fact that rates have remained unchanged since he took office. "The Board should act, but they don't have the Courage to do so!" Trump wrote on his social media platform this past week, referring to the larger Fed Board of Governors on which Powell serves. StoneX senior adviser Jon Hilsenrath told Yahoo Finance that he expects Trump's attacks to eventually extend to the regional Fed presidents based around the country. They have rotating positions on the Fed body that makes the final call on rates. The president does not appoint the regional Fed bosses, who are instead chosen by banks in those Fed districts. One of them, Chicago Fed president Austan Goolsbee, defended Powell in a July 18 interview with Yahoo Finance, calling the Fed chair a "totally honorable guy." He also expressed concerns about Fed independence. "It pains me to hear people actively discussing whether the central bank should be independent. There's nothing good can come of discussion like that." George, the former Kansas City Fed president, said of the president's pressure campaign targeting building renovations: "I do think it's damaging." "It's when we undermine institutions and create suspicion in the public that something is wrong here, I think credibility suffers," she said. "This is a time when the Fed needs its independence," George added. "It is a time when, yes, lower rates would help the federal government, but we know countries that have gone down that path, and we know in this country going down that path does not produce good outcomes in the long term." Last Thursday, though, Trump sounded confident during his tour of the Fed's headquarters that Powell would see things his way. "I think he's going to do the right thing,' the president said. "Everybody knows what the right thing is.' Click here for in-depth analysis of the latest stock market news and events moving stock prices
