Risk Factors Dashboard
Once a year, publicly traded companies issue a comprehensive report of their business, called a 10-K. A component mandated in the 10-K is the ‘Risk Factors’ section, where companies disclose any major potential risks that they may face. This dashboard highlights all major changes and additions in new 10K reports, allowing investors to quickly identify new potential risks and opportunities.
View risk factors by ticker
Search filings by term
Risk Factors - CLF
-New additions in green
-Changes in blue
-Hover to see similar sentence in last filing
Item 1A. Risk Factors.
RAW MATERIALS AND ENERGY
Our steelmaking operations require iron ore, HBI, coke, coal, steel scrap, chrome, nickel, zinc and other alloys as primary raw materials. We also consume natural gas, electricity, industrial gases and diesel fuel at our operations. As a vertically integrated steel company, we are able to internally supply a majority of our ferrous raw materials needed for our steelmaking operations. We also attempt to reduce the risk of future supply shortages and price volatility in other ways. If multi-year contracts are available in the marketplace for those raw materials that we cannot supply internally, we may use these contracts to secure sufficient supply to satisfy our key raw material needs. When multi-year contracts are not available, or are not available on acceptable terms, we purchase the remainder of our raw material needs under annual contracts or conduct spot purchases. We also regularly evaluate alternative sources and substitute materials. Additionally, we may hedge portions of our energy and raw materials purchases to reduce volatility and risk. We believe that we have secured, or will be able to secure, adequate supply to fulfill our raw materials and energy requirements for 2026.
The raw materials needed to produce a ton of steel will fluctuate based upon the specifications of the final steel products, the quality of raw materials and, to a lesser extent, differences among steel production equipment. For example, generally, in our integrated steelmaking facilities, we consume approximately 1.4 net tons of coal to produce one net ton of coke. The process to
12 | CLF 2025 FORM 10-K
produce one ton of raw steel (generally defined as a carbon slab) requires approximately 1.4 net tons of iron ore pellets and/or HBI pellet equivalents, 0.3 to 0.4 net tons of coke and 0.3 net tons of steel scrap or scrap substitutes. At normal operating levels, we also consume approximately 5 to 6 MMBtu’s of natural gas per net ton of raw steel produced, prior to rolling, finishing and further processing. Additionally, on average, our EAFs require 1.1 net tons of ferrous scrap, stainless scrap or scrap substitutes to produce one net ton of steel. While these estimated consumption amounts are presented to give a general sense of raw material and energy consumption used in our steel production, substantial variations may occur.
IRON ORE
We own or co-own five active iron ore mines in Minnesota and Michigan. While our Tilden, Northshore and United mines were fully operational as of December 31, 2025, our Minorca mine and a portion of our Hibbing mine were indefinitely idled. Accordingly, our ownership share of annual rated iron ore production capacity, as of December 31, 2025, was approximately 20.1 million long tons, which supplies the vast majority of the iron ore needed for our steelmaking operations. Additionally, Stelco has a multi-year supply agreement to meet its iron ore pellet requirements and is party to an option agreement providing it with the ability to purchase a 25% ownership interest in the MinnTac iron ore mine, located in Mt. Iron, Minnesota, at any time through January 31, 2027. Refer to Part I -
Recently Filed
Click on a ticker to see risk factors
| Ticker * | File Date |
|---|---|
| T | 57 minutes ago |
| BE | an hour ago |
| SIGI | an hour ago |
| UTL | an hour ago |
| RXO | an hour ago |
| APAD | an hour ago |
| ITT | an hour ago |
| CLF | an hour ago |
| VNO | an hour ago |
| ON | an hour ago |
| PI | 2 hours ago |
| BSAA | 2 hours ago |
| ZWS | 2 hours ago |
| BRX | 2 hours ago |
| KN | 2 hours ago |
| MRSH | 2 hours ago |
| FCFS | 2 hours ago |
| WM | 2 hours ago |
| NSC | 6 hours ago |
| OHI | 7 hours ago |
| LADR | 9 hours ago |
| ALX | 9 hours ago |
| AAT | 3 days, 1 hour ago |
| LVS | 3 days, 1 hour ago |
| RTX | 3 days, 1 hour ago |
| APTV | 3 days, 1 hour ago |
| SYF | 3 days, 2 hours ago |
| POWI | 3 days, 2 hours ago |
| MAA | 3 days, 2 hours ago |
| CHAC | 3 days, 2 hours ago |
| VTR | 3 days, 2 hours ago |
| ELV | 3 days, 3 hours ago |
| MSCI | 3 days, 3 hours ago |
| HNOI | 3 days, 4 hours ago |
| HAL | 3 days, 4 hours ago |
| AXP | 3 days, 5 hours ago |
| RLEA | 3 days, 6 hours ago |
| ATR | 3 days, 6 hours ago |
| MTD | 3 days, 6 hours ago |
| TXN | 3 days, 7 hours ago |
| UNP | 3 days, 8 hours ago |
| OMF | 3 days, 9 hours ago |
| BIIB | 3 days, 10 hours ago |
| PM | 3 days, 11 hours ago |
| AMZN | 3 days, 23 hours ago |
| RDDT | 4 days ago |
| CCIX | 4 days ago |
| VRSN | 4 days, 1 hour ago |
| CUZ | 4 days, 1 hour ago |
| XPO | 4 days, 1 hour ago |
