Cleveland-Cliffs posted first-quarter revenue of $4.9 billion, marking a $600 million increase from the prior quarter. The gains were fueled by rising domestic demand for flat-rolled steel, as tariffs and geopolitical tensions pushed prices higher. 

President and CEO Lourenco Goncalves noted the company's order book is fully booked, with more automotive and appliance manufacturers shifting from aluminum back to steel. 

Despite the revenue growth, the Ohio-based steelmaker recorded a net loss of $229 million for the quarter. However, this represents a meaningful improvement over both the prior quarter and the same period last year, with results having been weighed down by a temporary spike in energy costs and winter-related operational disruptions.