• Cleveland-Cliffs average return on tangible equity for 2023 was 5.39, a 90.83% decline from 2022.
• Cleveland-Cliffs average return on tangible equity for 2022 was 58.77, a 1.46% decline from 2021.
• Cleveland-Cliffs average return on tangible equity for 2021 was 59.64, a 1071.71% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.