Cleveland-Cliffs (CLF)
Market Price (8/23/2026): $11.31 | Market Cap: $6.5 BilSector: Materials | Industry: Steel
Cleveland-Cliffs (CLF)
Market Price (8/23/2026): $11.31Market Cap: $6.5 BilSector: MaterialsIndustry: Steel
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Hydrogen Economy, Circular Economy & Recycling, and Electric Vehicles & Autonomous Driving. Themes include Green Hydrogen Production, Show more. | Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -100% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -797 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 119% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.5% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% Key risksCLF key risks include [1] a substantial reliance on the automotive industry, Show more. |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, Circular Economy & Recycling, and Electric Vehicles & Autonomous Driving. Themes include Green Hydrogen Production, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -100% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -797 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 119% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Key risksCLF key risks include [1] a substantial reliance on the automotive industry, Show more. |
Qualitative Assessment
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Updated on 8/19/2026
Cleveland-Cliffs (CLF) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upbeat Guidance.
Cleveland-Cliffs reported its fiscal Q2 2026 results on July 23, 2026, which served as a significant catalyst. The company posted an adjusted loss of $0.20 per share, which was narrower than the consensus estimate of a $0.21 loss. Revenues increased 5.9% year-over-year to $5.23 billion, exceeding analysts' expectations of $5.15 billion by 1.9%. Critically, adjusted EBITDA tripled sequentially to $286 million, marking the best quarterly result in two years, and the company returned to positive free cash flow after two years of negative performance. Management provided an optimistic outlook, projecting fiscal Q3 2026 adjusted EBITDA to be approximately $575 million, which would more than double Q2 levels, with further strength expected in fiscal Q4 and over $1 billion in incremental EBITDA in fiscal year 2027 from contract resets.
2. Favorable Steel Pricing Environment.
Higher steel pricing significantly contributed to Cleveland-Cliffs' top-line growth and margin expansion during fiscal Q2 2026. The average steel selling price increased by 10.7% in fiscal Q2 2026. This trend is anticipated to continue, with the company guiding for an additional $55 per ton increase in prices for fiscal Q3 2026. Macroeconomic data indicated that North American steel prices saw an increase of approximately 2.9% from April to May 2026, and structural steel costs climbed by 7.50% from fiscal Q1 to fiscal Q2 2026. This positive pricing environment was driven by ongoing strong demand and limited spot availability from domestic mills prioritizing contract commitments.
Show more
Cleveland-Cliffs (CLF) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upbeat Guidance.
Cleveland-Cliffs reported its fiscal Q2 2026 results on July 23, 2026, which served as a significant catalyst. The company posted an adjusted loss of $0.20 per share, which was narrower than the consensus estimate of a $0.21 loss. Revenues increased 5.9% year-over-year to $5.23 billion, exceeding analysts' expectations of $5.15 billion by 1.9%. Critically, adjusted EBITDA tripled sequentially to $286 million, marking the best quarterly result in two years, and the company returned to positive free cash flow after two years of negative performance. Management provided an optimistic outlook, projecting fiscal Q3 2026 adjusted EBITDA to be approximately $575 million, which would more than double Q2 levels, with further strength expected in fiscal Q4 and over $1 billion in incremental EBITDA in fiscal year 2027 from contract resets.
2. Favorable Steel Pricing Environment.
Higher steel pricing significantly contributed to Cleveland-Cliffs' top-line growth and margin expansion during fiscal Q2 2026. The average steel selling price increased by 10.7% in fiscal Q2 2026. This trend is anticipated to continue, with the company guiding for an additional $55 per ton increase in prices for fiscal Q3 2026. Macroeconomic data indicated that North American steel prices saw an increase of approximately 2.9% from April to May 2026, and structural steel costs climbed by 7.50% from fiscal Q1 to fiscal Q2 2026. This positive pricing environment was driven by ongoing strong demand and limited spot availability from domestic mills prioritizing contract commitments.
Show more
Updated on 8/19/2026
Cleveland-Cliffs (CLF) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upbeat Guidance.
Cleveland-Cliffs reported its fiscal Q2 2026 results on July 23, 2026, which served as a significant catalyst. The company posted an adjusted loss of $0.20 per share, which was narrower than the consensus estimate of a $0.21 loss. Revenues increased 5.9% year-over-year to $5.23 billion, exceeding analysts' expectations of $5.15 billion by 1.9%. Critically, adjusted EBITDA tripled sequentially to $286 million, marking the best quarterly result in two years, and the company returned to positive free cash flow after two years of negative performance. Management provided an optimistic outlook, projecting fiscal Q3 2026 adjusted EBITDA to be approximately $575 million, which would more than double Q2 levels, with further strength expected in fiscal Q4 and over $1 billion in incremental EBITDA in fiscal year 2027 from contract resets.
2. Favorable Steel Pricing Environment.
Higher steel pricing significantly contributed to Cleveland-Cliffs' top-line growth and margin expansion during fiscal Q2 2026. The average steel selling price increased by 10.7% in fiscal Q2 2026. This trend is anticipated to continue, with the company guiding for an additional $55 per ton increase in prices for fiscal Q3 2026. Macroeconomic data indicated that North American steel prices saw an increase of approximately 2.9% from April to May 2026, and structural steel costs climbed by 7.50% from fiscal Q1 to fiscal Q2 2026. This positive pricing environment was driven by ongoing strong demand and limited spot availability from domestic mills prioritizing contract commitments.
3. Positive Analyst Revisions and Price Target Increases.
Following the strong earnings report and guidance, several analysts revised their ratings and price targets positively, enhancing market sentiment for Cleveland-Cliffs. GLJ Research upgraded Cleveland-Cliffs to "Buy" from "Hold" on July 24, 2026, setting a new price target of $15.60, which represented a 42% upside. The firm's 2026 adjusted EBITDA estimate of $1.741 billion was 17% above the Street's consensus, and their 2026 adjusted earnings per share estimate of $0.24 contrasted with a consensus at negative $0.24. Additionally, Wells Fargo and Citigroup reissued "positive" ratings on July 24, 2026.
4. Robust Automotive Demand and Strategic Contracts.
Cleveland-Cliffs, as a leading North America-based steel producer focusing on value-added sheet products, particularly for the automotive industry, benefited from strong underlying demand. The company's optimistic outlook for fiscal year 2027, projecting over $1 billion in incremental EBITDA from contract resets, indicates solid and growing demand from its strategic customer base, notably the automotive sector. This strong contractual framework provides a stable demand foundation for its steel products.
Show less
Cleveland-Cliffs (CLF) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Upbeat Guidance.
Cleveland-Cliffs reported its fiscal Q2 2026 results on July 23, 2026, which served as a significant catalyst. The company posted an adjusted loss of $0.20 per share, which was narrower than the consensus estimate of a $0.21 loss. Revenues increased 5.9% year-over-year to $5.23 billion, exceeding analysts' expectations of $5.15 billion by 1.9%. Critically, adjusted EBITDA tripled sequentially to $286 million, marking the best quarterly result in two years, and the company returned to positive free cash flow after two years of negative performance. Management provided an optimistic outlook, projecting fiscal Q3 2026 adjusted EBITDA to be approximately $575 million, which would more than double Q2 levels, with further strength expected in fiscal Q4 and over $1 billion in incremental EBITDA in fiscal year 2027 from contract resets.
2. Favorable Steel Pricing Environment.
Higher steel pricing significantly contributed to Cleveland-Cliffs' top-line growth and margin expansion during fiscal Q2 2026. The average steel selling price increased by 10.7% in fiscal Q2 2026. This trend is anticipated to continue, with the company guiding for an additional $55 per ton increase in prices for fiscal Q3 2026. Macroeconomic data indicated that North American steel prices saw an increase of approximately 2.9% from April to May 2026, and structural steel costs climbed by 7.50% from fiscal Q1 to fiscal Q2 2026. This positive pricing environment was driven by ongoing strong demand and limited spot availability from domestic mills prioritizing contract commitments.
3. Positive Analyst Revisions and Price Target Increases.
Following the strong earnings report and guidance, several analysts revised their ratings and price targets positively, enhancing market sentiment for Cleveland-Cliffs. GLJ Research upgraded Cleveland-Cliffs to "Buy" from "Hold" on July 24, 2026, setting a new price target of $15.60, which represented a 42% upside. The firm's 2026 adjusted EBITDA estimate of $1.741 billion was 17% above the Street's consensus, and their 2026 adjusted earnings per share estimate of $0.24 contrasted with a consensus at negative $0.24. Additionally, Wells Fargo and Citigroup reissued "positive" ratings on July 24, 2026.
4. Robust Automotive Demand and Strategic Contracts.
Cleveland-Cliffs, as a leading North America-based steel producer focusing on value-added sheet products, particularly for the automotive industry, benefited from strong underlying demand. The company's optimistic outlook for fiscal year 2027, projecting over $1 billion in incremental EBITDA from contract resets, indicates solid and growing demand from its strategic customer base, notably the automotive sector. This strong contractual framework provides a stable demand foundation for its steel products.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 10.5% change in CLF stock from 4/30/2026 to 8/22/2026 was primarily driven by a 9.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.20 | 11.27 | 10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,903 | 19,195 | 1.5% |
| P/S Multiple | 0.3 | 0.3 | 9.0% |
| Shares Outstanding (Mil) | 570 | 571 | -0.2% |
| Cumulative Contribution | 10.5% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| CLF | 10.5% | |
| Market (SPY) | 6.5% | 35.8% |
| Sector (XLB) | 4.0% | 52.0% |
Fundamental Drivers
The -18.1% change in CLF stock from 1/31/2026 to 8/22/2026 was primarily driven by a -13.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.76 | 11.27 | -18.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,622 | 19,195 | 3.1% |
| P/S Multiple | 0.4 | 0.3 | -8.3% |
| Shares Outstanding (Mil) | 495 | 571 | -13.3% |
| Cumulative Contribution | -18.1% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| CLF | -18.1% | |
| Market (SPY) | 11.0% | 41.8% |
| Sector (XLB) | 9.2% | 44.1% |
Fundamental Drivers
The 7.1% change in CLF stock from 7/31/2025 to 8/22/2026 was primarily driven by a 18.8% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.52 | 11.27 | 7.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,457 | 19,195 | 4.0% |
| P/S Multiple | 0.3 | 0.3 | 18.8% |
| Shares Outstanding (Mil) | 495 | 571 | -13.3% |
| Cumulative Contribution | 7.1% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| CLF | 7.1% | |
| Market (SPY) | 22.2% | 41.4% |
| Sector (XLB) | 23.8% | 43.8% |
Fundamental Drivers
The -36.1% change in CLF stock from 7/31/2023 to 8/22/2026 was primarily driven by a -18.6% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.65 | 11.27 | -36.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,976 | 19,195 | -12.7% |
| P/S Multiple | 0.4 | 0.3 | -18.6% |
| Shares Outstanding (Mil) | 513 | 571 | -10.2% |
| Cumulative Contribution | -36.1% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| CLF | -36.1% | |
| Market (SPY) | 73.2% | 44.5% |
| Sector (XLB) | 31.8% | 49.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLF Return | 50% | -26% | 27% | -54% | 41% | -19% | -26% |
| Peers Return | 77% | 35% | 25% | -9% | 36% | 27% | 369% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| CLF Win Rate | 58% | 42% | 58% | 33% | 83% | 50% | |
| Peers Win Rate | 62% | 50% | 50% | 58% | 65% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLF Max Drawdown | -28% | -64% | -39% | -60% | -51% | -48% | |
| Peers Max Drawdown | -21% | -31% | -26% | -28% | -24% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NUE, STLD, RS, CMC. See CLF Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | CLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.8% | -18.8% |
| % Gain to Breakeven | 103.3% | 23.1% |
| Time to Breakeven | 108 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.5% | -7.8% |
| % Gain to Breakeven | 22.7% | 8.5% |
| Time to Breakeven | 432 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.0% | -9.5% |
| % Gain to Breakeven | 26.6% | 10.5% |
| Time to Breakeven | 74 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.0% | -6.7% |
| % Gain to Breakeven | 44.9% | 7.1% |
| Time to Breakeven | 201 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.8% | -24.5% |
| % Gain to Breakeven | 66.1% | 32.4% |
| Time to Breakeven | 128 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.6% | 50.9% |
| Time to Breakeven | 198 days | 140 days |
In The Past
Cleveland-Cliffs's stock fell -50.8% during the 2025 US Tariff Shock. Such a loss loss requires a 103.3% gain to breakeven.
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| Event | CLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.8% | -18.8% |
| % Gain to Breakeven | 103.3% | 23.1% |
| Time to Breakeven | 108 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.0% | -9.5% |
| % Gain to Breakeven | 26.6% | 10.5% |
| Time to Breakeven | 74 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.0% | -6.7% |
| % Gain to Breakeven | 44.9% | 7.1% |
| Time to Breakeven | 201 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.8% | -24.5% |
| % Gain to Breakeven | 66.1% | 32.4% |
| Time to Breakeven | 128 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.6% | 50.9% |
| Time to Breakeven | 198 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.9% | -19.2% |
| % Gain to Breakeven | 66.3% | 23.8% |
| Time to Breakeven | 709 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -66.4% | -12.2% |
| % Gain to Breakeven | 197.6% | 13.9% |
| Time to Breakeven | 91 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -91.5% | -6.8% |
| % Gain to Breakeven | 1079.3% | 7.3% |
| Time to Breakeven | 1794 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -22.3% | -0.2% |
| % Gain to Breakeven | 28.8% | 0.2% |
| Time to Breakeven | 28 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -38.9% | -15.4% |
| % Gain to Breakeven | 63.7% | 18.2% |
| Time to Breakeven | 150 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.7% | -53.4% |
| % Gain to Breakeven | 328.8% | 114.4% |
| Time to Breakeven | 312 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.2% | -8.6% |
| % Gain to Breakeven | 41.2% | 9.5% |
| Time to Breakeven | 36 days | 47 days |
In The Past
Cleveland-Cliffs's stock fell -50.8% during the 2025 US Tariff Shock. Such a loss loss requires a 103.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cleveland-Cliffs (CLF)
Cleveland-Cliffs Inc. (CLF) is a leading North American flat-rolled steel producer, operating as a vertically integrated company. Originating in 1847 and headquartered in Cleveland, Ohio, CLF not only manufactures steel but also owns and operates five iron ore mines in Minnesota and Michigan, providing a significant portion of its raw material needs. This integration allows the company to control its supply chain from raw materials to finished steel products.
The company offers a comprehensive range of carbon and specialty steel products. Its primary offerings include various flat-rolled carbon steel products such as hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, and advanced high-strength steels. CLF also produces stainless steel, steel plates, and electrical steel products like grain-oriented and non-oriented electrical steel. Beyond flat-rolled products, its portfolio extends to tubular components, tinplate products, and hot-briquetted iron (HBI), along with raw materials and tooling services.
Cleveland-Cliffs serves a broad spectrum of industrial customers and markets. A significant portion of its products goes to the automotive industry for vehicle manufacturing. The company also supplies crucial materials to the infrastructure and manufacturing sectors, supporting construction and various industrial applications. Furthermore, CLF's customer base includes distributors and converters who process and resell steel, as well as other steel producers who utilize CLF's raw materials and HBI.
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- The Alcoa for steel
- The Intel of heavy industry materials
- The Archer Daniels Midland (ADM) of the metals industry
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- Flat-Rolled Steel Products: Cleveland-Cliffs produces a wide range of carbon steel products such as hot-rolled, cold-rolled, and various galvanized steels, along with stainless steel, plates, and electrical steel products.
- Tubular Components: The company offers carbon steel, stainless steel, and electric resistance welded tubing.
- Tinplate Products: They provide electrolytic tin coated and chrome coated sheet, and other tin mill products.
- Intermediate Steel Forms: This category includes ingots, rolled blooms, and cast blooms, which are semi-finished steel products.
- Hot-Briquetted Iron (HBI): Cleveland-Cliffs produces hot-briquetted iron, a premium metallic feedstock for steelmaking.
- Iron Ore: The company owns and operates iron ore mines, providing a key raw material for steel production.
- Tooling and Sampling: They also offer specialized tooling and sampling services as part of their operations.
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Lourenco Goncalves
Chairman, President and Chief Executive Officer
Lourenco Goncalves has served as Chairman, President, and Chief Executive Officer of Cleveland-Cliffs since August 2014. He spearheaded a significant strategic initiative that transformed Cleveland-Cliffs into a prominent player in the U.S. steel industry. Mr. Goncalves successfully led four major company acquisitions, including AK Steel in March 2020, ArcelorMittal USA in December 2020, Ferrous Processing and Trading Company in November 2021, and Stelco Holdings Inc. in November 2024. Prior to his tenure at Cleveland-Cliffs, he served for over 10 years as Chairman of the Board, President, and Chief Executive Officer of Metals USA Holdings Corp. Before that, he was President and Chief Executive Officer of California Steel Industries, Inc. for five years. Earlier in his career, Mr. Goncalves was employed by Companhia Siderúrgica Nacional (CSN), a major steel and mining company in Brazil, and was a board member of Ascometal SAS from October 2011 to April 2014.
Celso L. Goncalves
Executive Vice President, Chief Financial Officer
Celso L. Goncalves is the Executive Vice President and Chief Financial Officer of Cleveland-Cliffs Inc., where he oversees Finance, Accounting, Tax, Treasury, Investor Relations, and Business Development. He joined Cleveland-Cliffs in September 2016 as Assistant Treasurer and progressed through various financial roles, including Senior Vice President of Finance & Treasurer, before assuming his current position in September 2021. Before joining Cleveland-Cliffs, Mr. Goncalves worked in the Industrials Investment Banking group at Deutsche Bank in New York, where he executed capital markets and strategic advisory transactions for corporate and private equity clients globally. He also served in the Leveraged Finance group at Jefferies in New York, structuring and executing High Yield and Leveraged Loan transactions, and was a founding member of Jefferies' Latin America Investment Banking group.
Clifford T. Smith
Executive Vice President, Chief Operating Officer
Clifford T. Smith holds the position of Executive Vice President, Chief Operating Officer at Cleveland-Cliffs. He is responsible for the executive leadership of the Steelmaking business' operations and commercial sales, and he also oversees the company's Research and Innovation Center and technology group. Mr. Smith played a crucial role in the company's acquisitions of AK Steel and ArcelorMittal USA in 2020.
James D. Graham
Executive Vice President, Chief Legal and Administrative Officer & Secretary
James D. Graham serves as Executive Vice President, Chief Legal and Administrative Officer & Secretary for Cleveland-Cliffs. His executive responsibilities encompass Legal, Risk Management, Compliance, Government Relations, Human Resources & Labor Relations, Benefits, Corporate Communications, and Strategic Partnerships.
Paul Finan
Executive Vice President, Strategic Development
Paul Finan is the Executive Vice President, Strategic Development of Cleveland-Cliffs. In this role, he is responsible for the company's strategic planning, budgeting, forecasting, corporate financial analysis, and investor relations functions. Mr. Finan began his career with Cleveland-Cliffs in 2010 within the Financial Development Program, and his previous roles include Senior Vice President of Finance from 2021 to 2025 and head of investor relations from 2014 to 2021.
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Cleveland-Cliffs Inc. (CLF) faces several key risks inherent to the steel industry and its operational model.
Key Risks to Cleveland-Cliffs (CLF)
- Economic Downturns and Cyclical Demand: The demand for steel is highly cyclical and closely tied to the overall health of the economy, particularly in key end-markets such as automotive, infrastructure, and manufacturing. A slowdown in these sectors, or a broader economic recession, directly translates to decreased demand for Cleveland-Cliffs' products, leading to lower sales, reduced capacity utilization, and negatively impacting profitability and cash flow. For instance, weak demand from the automotive sector negatively affected CLF's performance in 2025.
- Volatility in Steel and Raw Material Prices: Cleveland-Cliffs operates in an industry characterized by significant fluctuations in the prices of steel, as well as key raw materials like iron ore. These price volatilities, influenced by global economic activity, supply-demand dynamics, and geopolitical developments, can severely impact the company's revenue, profit margins, and financial stability. Historically, steel prices have experienced substantial swings, with surges and collapses affecting profitability.
- Impact of Trade Policies and Import Competition: The steel industry is significantly influenced by international trade policies, including tariffs, quotas, and trade agreements. Changes in these policies can lead to increased import competition, especially from countries with overcapacity like China, which can depress domestic steel prices and reduce market share for North American producers like Cleveland-Cliffs. Trade tensions and the influx of lower-priced imports can create an uneven playing field and hinder the profitability of domestic steelmakers.
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Cleveland-Cliffs Inc. operates in several significant North American markets for its main products and services. Here's an overview of the estimated addressable market sizes:
- Flat-Rolled Steel Products: The U.S. flat steel market, which holds a commanding 90.0% share in North America, was valued at approximately $50 billion in 2024. Based on this, the estimated addressable market for flat-rolled steel products in North America is approximately $55.55 billion in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.0% from 2025 to 2035.
- Tubular Components: The North America steel pipes & tubes market generated a revenue of USD 30,788.3 million in 2022 and is expected to reach US$ 36,333.9 million by 2030, growing at a CAGR of 2.1% from 2023 to 2030. More specifically, the North America Welded Steel Tubes Market was valued at US$ 40,096.5 million in 2024 and is expected to reach US$ 59,364.1 million by 2031, registering a CAGR of 6.2% from 2025 to 2031.
- Tinplate Products: The tinplate market in the U.S. is projected to grow significantly, reaching an estimated value of USD 5,771.4 million by 2032.
- Iron Ore: The North America Iron Ore Mining Market size was USD 76,619.30 million in 2024 and is expected to expand at a CAGR of 7.2% from 2024 to 2031.
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Expected Drivers of Future Revenue Growth for Cleveland-Cliffs (CLF) over the Next 2-3 Years
- Recovery and Growth in Automotive Demand: Cleveland-Cliffs, as a primary supplier of automotive-grade steel in the U.S., is expected to benefit significantly from a rebound in the North American automotive sector. The company has secured multi-year fixed-price contracts with major automotive original equipment manufacturers (OEMs), and management anticipates improved automotive shipments and higher utilization rates for its steel products in 2026 and beyond.
- Increased Steel Pricing (Average Selling Prices - ASPs): Management forecasts a reversal in realized steel prices, projecting an improvement of approximately $60 per ton in average selling prices in 2026 compared to 2025. This positive outlook for pricing is attributed to stabilizing market conditions, tightening import conditions, and generally higher spot steel prices.
- Termination of a Low-Margin Slab Supply Contract: The termination of an index-based slab contract with ArcelorMittal is considered a "game changer" for Cleveland-Cliffs' profitability. This move is expected to generate an estimated $500 million in incremental EBITDA annually, driven by approximately $700 million in revenue benefit at current hot-rolled coil (HRC) spreads, even after accounting for increased conversion costs.
- Growing Demand for Electrical Steels: Cleveland-Cliffs is the sole North American producer of Grain-Oriented Electrical Steel (GOES) and Non-Oriented Electrical Steel (NOES), crucial for transformers and electric vehicle motors. Demand for these specialized steels is at record levels, propelled by the expansion and modernization of the U.S. electrical grid, the proliferation of data centers, and government initiatives like the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA). The company's investment in a new electrical transformer production plant, slated for early 2026, is expected to further boost demand for its GOES.
- Manufacturing Onshoring and Trade Protection: The prevailing "Fortress America" trend, characterized by reshoring initiatives and existing Section 232 tariffs on imported steel, is expected to drive increased domestic steel demand. Cleveland-Cliffs is well-positioned to capitalize on this trend due to its status as an American-owned and operated steel company, potentially benefiting from government-linked infrastructure projects and strategic partnerships designed to attract foreign investment.
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Share Repurchases
- Cleveland-Cliffs' annual share buybacks totaled $733 million in 2024.
- In 2023, the company executed $152 million in annual share repurchases.
- A new $1.5 billion share repurchase program was authorized in April 2024.
Share Issuance
- In October 2025, Cleveland-Cliffs commenced an underwritten public offering of 75,000,000 common shares, with an option for the underwriter to purchase up to an additional 11,250,000 common shares.
- The offering of 75 million common shares was priced at approximately $12.85 per share, aiming to generate gross proceeds of $964 million to repay borrowings and for general corporate purposes.
- Cleveland-Cliffs' shares outstanding increased by 5.77% year-over-year for the quarter ending September 30, 2025, reaching 495 million.
Inbound Investments
- In March 2024, Cleveland-Cliffs announced that two of its projects were selected for award negotiations for up to $575 million in total funding from the U.S. Department of Energy, aimed at accelerating industrial decarbonization technologies.
- POSCO, Korea's largest steel manufacturer, was identified as Cleveland-Cliffs' strategic partner under a Memorandum of Understanding (MoU) executed on September 17, 2025, with formal agreements anticipated by late 2025 or early 2026 and transaction completion expected in 2026.
Outbound Investments
- Cleveland-Cliffs completed the acquisition of Stelco Holdings Inc. for C$3.27 billion (approximately $2.5 billion) in November 2024, enhancing its steel production capabilities and diversifying its markets in North America.
- In October 2025, the company announced its aggressive foray into rare earth mineral production, based on indicators at existing mining sites in Michigan and Minnesota.
- In 2021, Cleveland-Cliffs acquired a scrap metals business, which serves to diversify its feedstock, particularly for electric arc furnaces.
Capital Expenditures
- Cleveland-Cliffs reported capital expenditures of $943 million in 2022, $646 million in 2023, and $695 million in 2024.
- The company expects capital expenditures to be approximately $700 million for full-year 2025 and 2026.
- Capital expenditures are projected to increase to approximately $900 million in 2027 for the Burns Harbor reline, before returning to around $700 million in 2028.
Peer Outperformance in Steel
CLF has trailed 100% of its 12 Steel peers over 5Y. Among the peers that beat it are NUE and CMC. Steel ranks 4th of 15 industries in Materials by median 5Y return.
Share of Steel constituents that CLF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
33%
of 15 industry peers · 8.0% return
3Y
8%
of 13 industry peers · -25.7% return
5Y
0%
of 12 industry peers · -52.5% return
Steel peers with revenue growth within 4pp of CLF's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CLF | Cleveland-Cliffs | -4.2% | -7.3x | 8.0% | -25.7% | -52.5% | — |
| NUE | Nucor | -0.4% | 19.3x | 66.9% | 52.3% | 119.0% | +171pp |
| CMC | Commercial Metals | -2.6% | 14.6x | 13.9% | 26.1% | 114.8% | +167pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Materials sector, ranked by 5Y. Steel is CLF's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 116.9% | 94.0% | 324.7% | COPR 1013% · TGB 454% · HBM 420% |
| Silver | 6 | 168.6% | 297.8% | 168.9% | HL 263% · SVM 211% · AYA 193% |
| Gold | 32 | 59.9% | 217.2% | 166.1% | IAG 796% · CNL 546% · KGC 502% |
| Steel ← | 13 | 25.8% | 50.1% | 119.0% | AMR 508% · HCC 498% · NWPX 317% |
| Aluminum | 3 | 97.7% | 133.2% | 52.2% | CENX 284% · KALU 52% · AA 33% |
| Diversified Metals & Mining | 24 | 12.3% | -0.4% | 50.3% | ATLX 237043% · USAR 64531% · FMST 1216% |
| Construction Materials | 7 | -13.9% | 34.2% | 46.4% | USLM 316% · CRH 95% · VMC 55% |
| Metal, Glass & Plastic Containers | 11 | 3.2% | 13.6% | 8.3% | KRT 169% · MYE 72% · GEF 69% |
| Precious Metals & Minerals | 9 | 46.4% | 157.6% | -0.7% | ASM 655% · PPTA 388% · ELE 120% |
| Paper & Plastic Packaging Products & Materials | 7 | 15.6% | 22.1% | -2.1% | PKG 99% · CCK 16% · SON 12% |
| Specialty Chemicals | 40 | 12.0% | 3.0% | -6.2% | LWLG 867% · ODC 480% · NEU 202% |
| Commodity Chemicals | 13 | 27.6% | 18.8% | -18.5% | HWKN 238% · MEOH 101% · LXU 69% |
| Diversified Chemicals | 4 | 5.7% | -26.4% | -23.7% | CBT 78% · ASH -5% · CC -42% |
| Fertilizers & Agricultural Chemicals | 10 | -4.4% | 3.4% | -32.4% | CF 221% · CTVA 106% · NTR 49% |
| Paper Products | 3 | -12.4% | -51.3% | -95.5% | CLW -30% · ITP -96% · MERC -96% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 228.68 |
| Mkt Cap | 19.8 |
| Rev LTM | 19,195 |
| Op Inc LTM | 1,227 |
| FCF LTM | 540 |
| FCF 3Y Avg | 566 |
| CFO LTM | 852 |
| CFO 3Y Avg | 1,189 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.4% |
| Rev Chg 3Y Avg | -0.4% |
| Rev Chg Q | 23.0% |
| QoQ Delta Rev Chg LTM | 5.7% |
| Op Inc Chg LTM | 50.1% |
| Op Inc Chg 3Y Avg | -12.0% |
| Op Mgn LTM | 8.4% |
| Op Mgn 3Y Avg | 8.7% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 7.7% |
| CFO/Rev 3Y Avg | 10.6% |
| FCF/Rev LTM | 4.4% |
| FCF/Rev 3Y Avg | 4.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.8 |
| P/S | 1.3 |
| P/Op Inc | 13.3 |
| P/EBIT | 13.1 |
| P/E | 19.3 |
| P/CFO | 12.6 |
| Total Yield | 5.8% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.6% |
| 3M Rtn | 0.4% |
| 6M Rtn | 18.9% |
| 12M Rtn | 33.7% |
| 3Y Rtn | 48.0% |
| 1M Excs Rtn | -5.2% |
| 3M Excs Rtn | 2.3% |
| 6M Excs Rtn | 7.8% |
| 12M Excs Rtn | 17.6% |
| 3Y Excs Rtn | -29.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steelmaking | 18,063 | 18,620 | 21,413 | 22,462 | 19,901 |
| Other Businesses | 657 | 656 | 665 | 606 | 543 |
| Eliminations | -110 | -91 | -82 | -79 | |
| Total | 18,610 | 19,185 | 21,996 | 22,989 | 20,444 |
| $ Mil | 2015 | 2014 | 2013 | 2000 | 1998 |
|---|---|---|---|---|---|
| U.S. Iron Ore | 227 | 710 | 902 | ||
| Asia Pacific Iron Ore | 9 | 122 | 367 | ||
| Other operating expense | -85 | -9,897 | -478 | ||
| Eastern Canadian Iron Ore | -245 | -103 | |||
| North American Coal | -136 | -14 | |||
| Other | -2 | ||||
| Ferrous metallics | -16 | ||||
| Iron Ore | 46 | 77 | |||
| Ferrous Metallics | -6 | ||||
| Total | 151 | -9,445 | 671 | 30 | 71 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steelmaking | 19,416 | 20,327 | 16,880 | 17,918 | 18,326 |
| Other Businesses | 596 | 620 | 657 | 837 | 306 |
| Eliminations | 0 | 0 | 0 | 0 | |
| Intersegment eliminations | 343 | ||||
| Total | 20,012 | 20,947 | 17,537 | 18,755 | 18,975 |
Price Behavior
Price Behavior
| Market Price | $11.27 | |
| Market Cap ($ Bil) | 6.4 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -30.3% | |
| 50 Days | 200 Days | |
| DMA Price | $11.08 | $11.35 |
| DMA Trend | down | down |
| Distance from DMA | 1.7% | -0.7% |
| 3M | 1YR | |
| Volatility | 72.5% | 69.5% |
| Downside Capture | 176.47 | 276.60 |
| Upside Capture | 157.10 | 229.79 |
| Correlation (SPY) | 29.0% | 42.0% |
CLF Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.39 | 1.23 | 1.83 | 2.05 | 2.19 | 1.80 |
| Up Beta | -1.34 | -0.58 | -0.53 | 0.66 | 1.05 | 1.38 |
| Down Beta | -1.55 | 1.40 | 1.96 | 2.39 | 2.40 | 1.83 |
| Up Capture | 198% | 125% | 313% | 264% | 465% | 807% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 18 | 32 | 63 | 140 | 373 |
| Down Capture | -134% | 198% | 217% | 209% | 170% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 24 | 30 | 60 | 108 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLF | |
|---|---|---|---|---|
| CLF | 10.3% | 69.4% | 0.43 | - |
| Sector ETF (XLB) | 20.6% | 17.9% | 0.90 | 43.7% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 42.1% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 29.0% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 0.3% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 18.7% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 23.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLF | |
|---|---|---|---|---|
| CLF | -14.8% | 59.7% | -0.03 | - |
| Sector ETF (XLB) | 6.4% | 19.1% | 0.22 | 55.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 47.0% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 18.9% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 17.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 31.2% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 22.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLF | |
|---|---|---|---|---|
| CLF | 6.4% | 62.1% | 0.36 | - |
| Sector ETF (XLB) | 10.3% | 20.7% | 0.44 | 54.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.5% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 11.6% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 25.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 34.9% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 15.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/23/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 16.0% | 20.4% | 13.7% |
| 4/20/2026 | -2.1% | -1.8% | 7.2% |
| 2/9/2026 | -16.4% | -29.5% | -35.2% |
| 10/20/2025 | 21.5% | -1.4% | -17.6% |
| 7/21/2025 | 12.4% | 20.7% | 11.6% |
| 5/7/2025 | -15.8% | -11.2% | -10.5% |
| 2/24/2025 | -3.2% | -9.5% | -15.7% |
| 11/4/2024 | -11.4% | -4.5% | -5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 12 |
| # Negative | 13 | 14 | 12 |
| Median Positive | 6.6% | 9.4% | 8.7% |
| Median Negative | -8.9% | -7.8% | -13.9% |
| Max Positive | 21.5% | 20.7% | 19.9% |
| Max Negative | -16.4% | -29.5% | -35.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 16.0% | 20.4% | 13.7% |
| 4/20/2026 | -2.1% | -1.8% | 7.2% |
| 2/9/2026 | -16.4% | -29.5% | -35.2% |
| 10/20/2025 | 21.5% | -1.4% | -17.6% |
| 7/21/2025 | 12.4% | 20.7% | 11.6% |
| 5/7/2025 | -15.8% | -11.2% | -10.5% |
| 2/24/2025 | -3.2% | -9.5% | -15.7% |
| 11/4/2024 | -11.4% | -4.5% | -5.1% |
| 7/22/2024 | 4.4% | 0.3% | -18.5% |
| 4/22/2024 | -11.0% | -13.4% | -16.0% |
| 1/29/2024 | 6.6% | 5.3% | 7.5% |
| 10/23/2023 | 8.9% | 12.6% | 17.5% |
| 7/24/2023 | 6.5% | 6.9% | -9.0% |
| 4/24/2023 | -5.8% | -6.2% | -8.9% |
| 2/13/2023 | 1.5% | -1.3% | -12.2% |
| 10/25/2022 | -7.9% | -16.4% | 0.4% |
| 7/22/2022 | -8.9% | -1.1% | 3.8% |
| 4/22/2022 | -2.1% | -7.2% | -26.3% |
| 2/11/2022 | -9.7% | -8.4% | 19.9% |
| 10/22/2021 | 12.7% | 15.5% | 3.7% |
| 7/22/2021 | -0.5% | 11.2% | 9.4% |
| 4/22/2021 | 0.2% | 7.6% | 8.0% |
| 2/25/2021 | -14.7% | -15.2% | -10.2% |
| 10/23/2020 | 4.8% | 0.4% | 11.6% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 12 |
| # Negative | 13 | 14 | 12 |
| Median Positive | 6.6% | 9.4% | 8.7% |
| Median Negative | -8.9% | -7.8% | -13.9% |
| Max Positive | 21.5% | 20.7% | 19.9% |
| Max Negative | -16.4% | -29.5% | -35.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/21/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/21/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/23/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/23/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted EBITDA | 575.00 Mil | ||||||
| 2026 Steel shipment volumes | 16.50 Mil | 16.75 Mil | 17.00 Mil | 0 | Affirmed | Guidance: 16.75 Mil for 2026 | |
| 2026 Capital expenditures | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2026 | |||
| 2026 Selling, general and administrative expenses | 575.00 Mil | 0 | Affirmed | Guidance: 575.00 Mil for 2026 | |||
| 2026 Depreciation, depletion and amortization | 1.10 Bil | 0 | Affirmed | Guidance: 1.10 Bil for 2026 | |||
| 2026 Cash Pension and OPEB payments and contributions | 125.00 Mil | 0 | Affirmed | Guidance: 125.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 4/20/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Steel shipment volumes | 16.50 Mil | 16.75 Mil | 17.00 Mil | 0 | Affirmed | Guidance: 16.75 Mil for 2026 | |
| 2026 Capital expenditures | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2026 | |||
| 2026 Selling, general and administrative expenses | 575.00 Mil | 0 | Affirmed | Guidance: 575.00 Mil for 2026 | |||
| 2026 Depreciation, depletion and amortization | 1.10 Bil | 0 | Affirmed | Guidance: 1.10 Bil for 2026 | |||
| 2026 Cash Pension and OPEB payments and contributions | 125.00 Mil | 0 | Affirmed | Guidance: 125.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/9/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Steel shipment volumes | 16.50 Mil | 16.75 Mil | 17.00 Mil | ||||
| 2026 Steel unit cost reductions | 10 | -80.0% | Lower New | Actual: 50 for 2025 | |||
| 2026 Capital Expenditures | 700.00 Mil | 33.3% | Higher New | Actual: 525.00 Mil for 2025 | |||
| 2026 Selling, general and administrative expenses | 575.00 Mil | 4.5% | Higher New | Actual: 550.00 Mil for 2025 | |||
| 2026 Depreciation, depletion and amortization | 1.10 Bil | -8.3% | Lower New | Actual: 1.20 Bil for 2025 | |||
| 2026 Cash Pension and OPEB payments and contributions | 125.00 Mil | -16.7% | Lower New | Actual: 150.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 10/20/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Capital Expenditures | 525.00 Mil | -12.5% | Lowered | Guidance: 600.00 Mil for 2025 | |||
| 2025 Selling, general and administrative expenses | 550.00 Mil | -4.3% | Lowered | Guidance: 575.00 Mil for 2025 | |||
| 2025 Steel unit cost reductions | 50 | 0 | Affirmed | Guidance: 50 for 2025 | |||
| 2025 Depreciation, depletion and amortization | 1.20 Bil | 0 | Affirmed | Guidance: 1.20 Bil for 2025 | |||
| 2025 Cash Pension and OPEB payments and contributions | 150.00 Mil | 0 | Affirmed | Guidance: 150.00 Mil for 2025 | |||
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goncalves, Celso L JR | EVP, CFO | Direct | Sell | 6052026 | 13.41 | 214,308 | 2,874,642 | 2,475,367 | Form |
| 2 | Smith, Clifford T | EVP & Chief Operating Officer | Direct | Sell | 2182026 | 10.46 | 200,000 | 2,092,080 | 5,863,358 | Form |
| 3 | Camara, Edilson | Direct | Buy | 2132026 | 10.13 | 19,700 | 199,626 | 425,426 | Form | |
| 4 | Goncalves, Lourenco | Chairman, President & CEO | 2025 grantor retained annuity trust | Sell | 2112026 | 12.42 | 3,000,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goncalves, Celso L JR | EVP, CFO | Direct | Sell | 6052026 | 13.41 | 214,308 | 2,874,642 | 2,475,367 | Form |
| 2 | Smith, Clifford T | EVP & Chief Operating Officer | Direct | Sell | 2182026 | 10.46 | 200,000 | 2,092,080 | 5,863,358 | Form |
| 3 | Camara, Edilson | Direct | Buy | 2132026 | 10.13 | 19,700 | 199,626 | 425,426 | Form | |
| 4 | Goncalves, Lourenco | Chairman, President & CEO | 2025 grantor retained annuity trust | Sell | 2112026 | 12.42 | 3,000,000 | Form |
Investor Activity (13F)
Updated Aug 23, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Turiya Advisors Asia Ltd | $64.7 Mil | 13.0% | 5 | ADD +5.6% | 13F |
| Fairfax Financial Holdings LTD/ Can | $125.7 Mil | 6.5% | 29 | Hold | 13F |
| Maple Rock Capital Partners Inc. | $175.3 Mil | 5.7% | 44 | ADD +67.9% | 13F |
| Kinetic Partners Management, LP | $44.3 Mil | 2.5% | 49 | New | 13F |
| Slate Path Capital LP | $162.6 Mil | 2.4% | 44 | TRIM -14.2% | 13F |
| Masters Capital Management LLC | $10.1 Mil | 1.5% | 44 | ADD +20.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Maple Rock Capital Partners Inc. | $175.3 Mil | 5.7% | 44 | ADD +67.9% | 13F |
| Slate Path Capital LP | $162.6 Mil | 2.4% | 44 | TRIM -14.2% | 13F |
| Fairfax Financial Holdings LTD/ Can | $125.7 Mil | 6.5% | 29 | Hold | 13F |
| Turiya Advisors Asia Ltd | $64.7 Mil | 13.0% | 5 | ADD +5.6% | 13F |
| Kinetic Partners Management, LP | $44.3 Mil | 2.5% | 49 | New | 13F |
| Masters Capital Management LLC | $10.1 Mil | 1.5% | 44 | ADD +20.0% | 13F |
Cleveland-Cliffs — Investor Video Playlist
Products & Services
Cleveland-Cliffs Tubular Components: C-STAR Protection Assembly Production
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Cleveland-Cliffs Tubular Components: Walbridge Plant Overview
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Cleveland-Cliffs Coshocton Works Press Conference - July 2, 2025
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Cleveland-Cliffs Cleveland Works Press Conference - March 7, 2025
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Cleveland-Cliffs Press Conference in Weirton, WV
Leadership
Cleveland-Cliffs Press Conference w/ U.S. Sen. Sherrod Brown & USW International Pres. David McCall
Industry Resources
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Core Cache Last Updated: 8/22/2026