### Financial Performance Overview
- Revenue: $4.569 billion (QoQ -10.27%, YoY -18.48%)
- Gross Profit: -$104 million (QoQ -164.20%, YoY -121.67%)
- Operating Income: -$259 million (QoQ -4,416.67%, YoY -179.69%)
- Net Income: -$242 million (QoQ -12,200.00%, YoY -191.67%)
- EPS: -$0.52 (QoQ -12,480.95%, YoY -200.00%)
ClevelandCliffs reported significant net losses and a declining gross profit, indicating severe operational strain. The operating income margin dropped to -5.6%, reflecting increasing costs outpacing revenues. Management attributed declining revenue to a reduction in shipments due to automotive sector slowdowns and overcapacity in the market.