• Cleveland-Cliffs average operating margin for 2023 was 2.88%, a 82.08% decline from 2022.
• Cleveland-Cliffs average operating margin for 2022 was 16.07%, a 31.51% decline from 2021.
• Cleveland-Cliffs average operating margin for 2021 was 12.22%, a 798.53% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.