### Key Metrics Analysis
- Revenue: $5.09 billion (YoY: -14.91%, QoQ: -2.06%)
- Revenue fell significantly year-over-year, primarily due to reduced steel prices and decreased demand from key sectors.
- Gross Profit: $162 million (YoY: -74.84%, QoQ: -43.16%)
- This drastic decline indicates squeezed margins as raw material costs remained high, contrasting with lower selling prices.
- Operating Income: $6 million (YoY: -98.76%, QoQ: 115.79%)
- Operated at minimal profitability, demonstrating severe operational constraints and high fixed costs.
- Net Income: $2 million (YoY: -99.42%, QoQ: 102.99%)
- A sharp reduction in net income highlights the effects of declining sales and increased expenses, despite a slight positive change from the previous quarter.
- EPS: $0.0042 (YoY: -99.38%, QoQ: 103.00%)
- Significant drop underscores decreased profitability per share.
ClevelandCliffs' performance metrics illustrate a challenging quarter, necessitating strategic pivots for recovery and growth.