Here are 1-2 brief analogies for Cleveland-Cliffs (CLF):

• Alcoa for steel.
• The modern U.S. Steel.

• Iron Ore Pellets: High-quality iron ore concentrate, processed into pellets for use in blast furnaces to produce pig iron.
• Hot-Briquetted Iron (HBI): A premium, compacted form of direct reduced iron used as a metallic feedstock in electric arc furnaces (EAFs) to produce high-quality steel.
• Flat-Rolled Steel Products: A wide range of carbon, alloy, and stainless flat-rolled steel products, including hot-rolled, cold-rolled, and coated steels, primarily for the automotive, infrastructure, and manufacturing sectors.
• Pig Iron: A high-carbon iron, produced by smelting iron ore in a blast furnace, used as a raw material in steelmaking and foundries.

• Automotive Industry

  Cleveland-Cliffs is a leading supplier of flat-rolled steel products to North American automotive manufacturers. The company's 2023 10-K report indicated that its two largest customers, both within the automotive market, accounted for approximately 11% and 10% of total revenues, respectively. While Cleveland-Cliffs does not publicly disclose the names of these specific customers, they are understood to be prominent North American original equipment manufacturers (OEMs). Examples include:
  • General Motors (GM)
  • Ford Motor Company (F)
  • Stellantis N.V. (STLA)

• Steel Service Centers and Distributors

  These companies purchase steel in large volumes from producers like Cleveland-Cliffs and then process, store, and distribute it to a diverse range of smaller manufacturers and end-users across various industries. Major examples include:
  • Reliance Steel & Aluminum Co. (RS)
  • Ryerson Holding Corporation (RYI)
  • Worthington Steel, Inc. (WS)

• Infrastructure and Manufacturing Sector

  This broad category encompasses a wide array of customers in industries such as construction, heavy equipment, energy, agriculture, and various industrial and consumer goods manufacturing. While no single customer typically represents a large enough share to be individually named in this segment, collectively they form a significant portion of Cleveland-Cliffs' customer base.

Lourenco Goncalves has been Chairman, President and Chief Executive Officer of Cleveland-Cliffs since August 2014, where he led a major strategic initiative transforming the company from an iron ore producer into a leading player in the U.S. steel industry. He successfully orchestrated several significant 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. Before joining Cleveland-Cliffs, Mr. Goncalves served for over 10 years as Chairman of the Board, President, and Chief Executive Officer of Metals USA Holdings Corp. He also served as President and Chief Executive Officer of California Steel Industries, Inc. for five years. He was previously employed by Companhia Siderúrgica Nacional (CSN), a major steel and mining company in Brazil, holding various positions in operations and sales. Mr. Goncalves sold Metals USA Holdings Corp. to Reliance Steel, and during his tenure, Metals USA Holdings Corp. was majority owned by private equity firm Apollo Global Management, indicating a pattern of managing companies backed by private equity.

Celso L. Goncalves is the Executive Vice President and Chief Financial Officer for Cleveland-Cliffs Inc., where he is responsible for Finance, Accounting, Tax, Treasury, Investor Relations, and Business Development. He joined Cleveland-Cliffs in 2016 and ascended through various financial leadership roles, including Senior Vice President of Finance & Treasurer, Vice President, Treasurer, and Assistant Treasurer, before being promoted to CFO in September 2021. Prior to his time at Cleveland-Cliffs, Mr. Goncalves worked in Investment Banking at Deutsche Bank in New York, executing capital markets and strategic advisory transactions for corporate and private equity clients globally. He also worked in the Leveraged Finance group at Jefferies in New York and São Paulo, Brazil, where he was one of the founding members of the Latin America Investment Banking group. He played a key role in the company's acquisitions of AK Steel and ArcelorMittal USA.

Keith A. Koci is the Executive Vice President & President, Cleveland-Cliffs Services, overseeing IT, procurement and logistics, downstream business segments of Tooling and Stamping, Tubular Components, Cliffs International, and scrap recycling. He leads the expansion of Cleveland-Cliffs’ raw material portfolio, particularly in the domestic scrap recycling market. Before his current role, Mr. Koci served as Executive Vice President, Chief Financial Officer of Cleveland-Cliffs. He joined Cleveland-Cliffs in 2019 from Metals USA, Inc., where he was Senior Vice President and Chief Financial Officer. His roles at Metals USA also included Senior Vice President of Business Development, where he was responsible for mergers and acquisitions, capital investments, forecasting, and budgeting.

Clifford T. Smith serves as Executive Vice President, Chief Operating Officer of Cleveland-Cliffs, where he provides executive leadership for the Steelmaking business' operations and commercial sales, as well as overseeing the company's Research and Innovation Center and technology group. He was instrumental in the acquisitions of AK Steel and ArcelorMittal USA in 2020. Mr. Smith joined Cleveland-Cliffs in 2003 and has held numerous senior management positions, including Executive Vice President, Business Development; Executive Vice President, Seaborne Iron Ore; Vice President of Cliffs Michigan Operations; and Vice President of Latin American Operations. Prior to joining Cliffs, he held mine management positions with Asarco, Southern Peru Copper Corporation, and Amax Coal.

James D. Graham is the Executive Vice President, Chief Legal and Administrative Officer & Secretary for Cleveland-Cliffs Inc. In this role, he has executive responsibility for Legal, Risk Management, Compliance, Government Relations, Human Resources & Labor Relations, Benefits, Corporate Communications, and Strategic Partnerships.

1. Market Volatility and Cyclicality of the Steel Industry / Commodity Price Volatility: Cleveland-Cliffs' financial performance is highly susceptible to the inherent cyclicality and price volatility within the steel industry. Fluctuations in the prices of key commodities such as iron ore, steel, and scrap metal can significantly impact the company's margins and profitability. Furthermore, the company's substantial reliance on the automotive industry exposes it to specific sector risks, including shifts in consumer demand and technological advancements.
2. Intense Competition and Global Overcapacity: The steel and iron ore markets are characterized by intense competition from both domestic and international producers. Global steelmaking overcapacity and overproduction, coupled with increased steel imports, can lead to downward pressure or greater volatility in global steel and iron ore prices, directly impacting Cleveland-Cliffs' profitability and market share.
3. Economic Downturns and Weak Demand: Broad economic downturns can lead to a significant reduction in demand for steel products, which in turn negatively affects Cleveland-Cliffs' sales volumes and overall financial performance. The construction and automotive sectors, crucial for steel consumption, are particularly vulnerable to economic cycles.

Cleveland-Cliffs (CLF) operates in several significant addressable markets for its main products and services, primarily across North America, with specific market sizes identified for the United States.

• Flat-Rolled Steel Products: Cleveland-Cliffs is the largest flat-rolled steel producer in North America.

  • The North America flat steel market is estimated at approximately $153.8 billion USD in 2024 and is projected to reach about $292.0 billion USD by 2035.
  • Within this, the U.S. flat steel market was valued at $77.62 billion USD in 2022.
  • The U.S. hot-rolled coil (HRC) steel market, a key flat-rolled product, was valued at $27.68 billion USD in 2024 and is expected to reach $32.75 billion USD by 2030.
  • Cleveland-Cliffs is also the largest supplier of steel to the automotive industry in North America.

• Iron Ore Pellets: Cleveland-Cliffs is the largest manufacturer of iron ore pellets in North America.

  • The U.S. iron ore pellets market generated $5,227.3 million USD in revenue in 2023 and is expected to grow to $7,524.8 million USD by 2030.

• Direct Reduced Iron (DRI) and Hot-Briquetted Iron (HBI): Cleveland-Cliffs produces direct reduced iron (DRI) and is the first producer of hot-briquetted iron (HBI) in the U.S. Great Lakes region.

  • The global Direct Reduced Iron (DRI) market was estimated at $47.21 billion USD in 2024 and is projected to reach $95.78 billion USD by 2035.
  • North America is the largest market for DRI, with the U.S. holding approximately 65% of the market share.
  • Specifically, the North America DRI market was valued at $1,953.20 million USD in 2022 and is projected to reach $3,063.91 million USD by 2028.

Expected Drivers of Future Revenue Growth for Cleveland-Cliffs (CLF)

Over the next 2-3 years, Cleveland-Cliffs (CLF) is expected to drive revenue growth through several key factors:

1. Increased Demand for Automotive-Grade Steel: Cleveland-Cliffs anticipates a continued recovery and strong demand for automotive-grade steel produced in the USA. The company's CEO, Lourenco Goncalves, highlighted that new trade environments have led to "new and growing supply arrangements with all major automotive OEMs, locking in multi-year agreements". The automotive sector already accounted for 30% of direct sales in Q3 2025. Analysts further suggest potential market share growth in this higher-margin sector, supported by tariffs and onshoring trends.
2. Improved Pricing and Sales Mix: The company has observed a "richer sales mix and improved pricing," with the average selling price reaching $1,032 per net ton in Q3 2025, an increase of $17 per net ton from the previous quarter. This positive trend is expected to accelerate into 2026, particularly following the conclusion of a slab supply contract with ArcelorMittal in early December 2025. Stronger pricing dynamics in Canadian hot-rolled coil (HRC) markets are also anticipated to contribute to revenue growth.
3. Growth in Steel Shipments and Volumes: Cleveland-Cliffs reported steel shipments of 4.0 million net tons in Q3 2025, and record shipments of 4.3 million net tons in Q2 2025. Although Q3 saw a slight reduction due to seasonal slowdowns, the company has achieved higher shipment volume targets, which has improved operational efficiency and lowered production costs. Analysts also project a "higher steel volume baseline anticipated to emerge in the second quarter of 2025".
4. Strategic Market Position and Favorable Trade Environment: Cleveland-Cliffs benefits from a strategic market position within the United States, which is described as the "most attractive steel market". The "new trade environment" has directly contributed to the demand recovery for automotive-grade steel. The company's unique position as a significant supplier to the automotive sector and a producer of electrical steels, coupled with tariffs and onshoring trends, provides opportunities for market share expansion. Furthermore, an MOU with a major global steelmaker to facilitate their downstream clients moving to the U.S. aligns with U.S. industrial policy and presents a growth opportunity.

Share Repurchases

• In the first quarter of 2024, Cleveland-Cliffs fully utilized the remaining $608 million from a previous $1 billion share repurchase program by repurchasing 30.4 million common shares.
• A new share repurchase program was authorized by the Board of Directors on April 22, 2024, allowing the company to buy back up to $1.5 billion of its outstanding common shares.
• Over the last couple of years, Cleveland-Cliffs has reduced its diluted share count by over 100 million shares, or 17%, through open market repurchases at an average price of $18.79 per share.

Share Issuance

• In October 2025, Cleveland-Cliffs priced an underwritten public offering of 75 million common shares at approximately $12.85 per share, expecting to generate gross proceeds of $964 million. The company intends to use the net proceeds to repay borrowings under its asset-based credit facility and for general corporate purposes.
• In 2020, Cleveland-Cliffs launched a public offering of 20 million common shares (part of a larger 60 million share offering including shares from ArcelorMittal North America) with gross proceeds from the company's portion totaling approximately $326 million, used to redeem senior secured notes and reduce credit facility borrowings.
• Cleveland-Cliffs' shares outstanding increased by 5.77% year-over-year for the quarter ending September 30, 2025, to 495 million.

Outbound Investments

• In November 2024, Cleveland-Cliffs acquired Stelco, a Canadian steel manufacturer, for $2.5 billion in cash and stock.
• On March 13, 2020, the company acquired AK Steel for $1.1 billion in a stock swap.
• In December 2020, Cleveland-Cliffs acquired the United States operations of ArcelorMittal for approximately $1.4 billion, becoming the largest flat-rolled steel producer in North America. This acquisition included buying Nippon Steel Corporation's remaining interests in the I/N Tek and I/N Kote joint ventures for approximately $183 million.

Capital Expenditures

• Capital expenditures for fiscal year 2025 are expected to be approximately $525 million, revised down from earlier guidance of $700 million and $600 million, primarily due to reduced sustaining capital expenditures at idled assets and the cancellation of capital deployment at the Weirton tinplate facility.
• Actual capital expenditures were $695 million in 2024, $646 million in 2023, $943 million in 2022, $705 million in 2021, and $525 million in 2020.
• The company's capital expenditure focus includes asset optimization, cost reduction, strategic investments, and completing its major reinvestment cycle, with a new hydrogen-ready facility in Middletown planned for 2029.