• Cleveland-Cliffs average debt/equity ratio for 2023 was 0.47, a 27.69% increase from 2022.
• Cleveland-Cliffs average debt/equity ratio for 2022 was 0.65, a 51.49% decline from 2021.
• Cleveland-Cliffs average debt/equity ratio for 2021 was 1.34, a 60.7% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.