Cleveland-Cliffs Inc.
- Open
- 11.75
- Day high
- 11.81
- Day low
- 11.44
- Prev close
- 11.62
- Volume
- 11.9M
- Mkt cap
- $6.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.2
- P/S
- 0.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.9M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Cleveland-Cliffs Inc. (CLF) is a Basic Materials company listed on NYSE. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering CLF.
Cleveland-Cliffs Inc. (CLF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CLF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $-0.21 | $-0.20 | +4.0% | $5.2B | +1.6% |
| Apr 20, 2026 | $-0.44 | $-0.40 | +9.1% | $4.9B | +2.4% |
| Oct 20, 2025 | $-0.48 | $-0.45 | +6.2% | $4.7B | +1.6% |
| Jul 21, 2025 | $-0.68 | $-0.50 | +26.5% | $4.9B | +0.8% |
| May 7, 2025 | $-0.83 | $-0.92 | -11.5% | $4.6B | +0.1% |
| Jul 22, 2024 | $0.06 | $0.11 | +100.0% | $5.1B | -2.2% |
| Jan 29, 2024 | $-0.07 | $-0.05 | +28.6% | $5.1B | -0.7% |
| Jul 24, 2023 | $0.69 | $0.67 | -2.9% | $6.0B | +3.3% |
| Feb 13, 2023 | $-0.33 | $-0.30 | +9.1% | $5.0B | -3.0% |
| Jul 22, 2022 | $1.32 | $1.13 | -14.4% | $6.3B | -1.6% |
| Apr 22, 2022 | $1.41 | $1.50 | +6.4% | $6.0B | +1.3% |
| Feb 11, 2022 | $2.12 | $1.69 | -20.3% | $5.3B | -6.6% |
CLF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Bloom Ron A.director | Grant | 4,246 | $9.42 |
| Jul 2, 2026 | CRONIN JANE M.director | Grant | 4,246 | $9.42 |
| Jun 5, 2026 | Goncalves Celso L Jrofficer: EVP, CFO | Sell | 214,308 | $13.41 |
| Apr 23, 2026 | Oren Bendirector | Grant | 15,334 | — |
| Apr 23, 2026 | MICHAEL RALPH S IIIdirector | Grant | 15,334 | — |
| Apr 23, 2026 | CRONIN JANE M.director | Grant | 15,334 | — |
| Apr 23, 2026 | BALDWIN JOHN Tdirector | Grant | 15,334 | — |
| Apr 23, 2026 | Camara Edilsondirector | Grant | 15,334 | — |
| Apr 23, 2026 | Yocum Arlene Mdirector | Grant | 15,334 | — |
| Apr 23, 2026 | Bloom Ron A.director | Grant | 15,334 | — |
| Apr 2, 2026 | Stoliar Gabrieldirector | Tax | 725 | $8.27 |
| Apr 2, 2026 | Bloom Ron A.director | Grant | 4,837 | $8.27 |
| Apr 2, 2026 | Stoliar Gabrieldirector | Grant | 2,418 | $8.27 |
| Apr 2, 2026 | CRONIN JANE M.director | Grant | 4,534 | $8.27 |
| Feb 20, 2026 | Floriani Kimberly Aofficer: SVP, Controller & CAO | Grant | 29,573 | — |
Source: CLF SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full CLF insider & 13F page →CLF research & analysis
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CATDENUE
Cleveland-Cliffs Inc. company profile
Overview
Cleveland-Cliffs Inc. (NYSE:CLF) is a major North American flat-rolled steel producer and iron ore mining company founded in 1847 and headquartered in Cleveland, Ohio. Originally established as an iron ore mining company, Cleveland-Cliffs transformed itself into a vertically integrated steel manufacturer through strategic acquisitions, including the purchase of ArcelorMittal USA's assets in 2020 and the recent acquisition of Canada's Stelco in 2024. The company operates as one of the largest domestic steel producers in North America, with a focus on serving the automotive, infrastructure, and manufacturing sectors while maintaining a strong emphasis on American manufacturing and trade protection.
Business
Cleveland-Cliffs operates in the steel manufacturing industry, specifically focusing on flat-rolled steel products that are essential materials for various manufacturing applications. The steel industry involves converting iron ore and scrap metal into finished steel products through complex metallurgical processes using blast furnaces and other steelmaking equipment. The company's core offerings include several categories of steel products. Carbon steel products represent the majority of their business, including hot-rolled steel (steel heated and shaped while hot), cold-rolled steel (further processed for smoother finish), and various coated steels like galvanized (zinc-coated for corrosion resistance) and aluminized steel. They also produce advanced high-strength steels specifically designed for automotive lightweighting applications. A particularly profitable segment is Grain-Oriented Electrical Steel (GOES), which represents only 2% of shipment volume but contributes approximately 15% of total EBITDA. This specialized steel is used in electrical transformers and power grid infrastructure. The company is expanding this business by developing a transformer manufacturing plant in Weirton, West Virginia. Cleveland-Cliffs also produces stainless steel products, tubular components for various industrial applications, and tinplate products used in packaging. Additionally, the company maintains ownership of five iron ore mines in Minnesota and Michigan, providing vertical integration for their steelmaking operations. The automotive sector historically represented about 30% of their business, though this has fluctuated with market conditions. The remaining revenue comes from infrastructure projects, general manufacturing, steel distributors and converters, and other steel producers who purchase their raw materials or semi-finished products.
Revenue model
Cleveland-Cliffs generates revenue primarily through direct product sales of steel products to end customers across multiple sectors. Their business model operates on a tonnage-based pricing structure, where revenue is determined by the volume of steel shipped multiplied by the average selling price per ton, which fluctuates based on market conditions, product mix, and contract terms. The company serves several customer categories with different pricing mechanisms. Automotive customers typically engage in annual contract negotiations with more stable, fixed pricing arrangements, providing revenue predictability but potentially limiting upside during strong market periods. Spot market customers in infrastructure, manufacturing, and distribution pay current market prices, offering more pricing flexibility but greater revenue volatility. Several factors significantly impact Cleveland-Cliffs' profitability margins. Raw material costs represent a major expense component, including iron ore (partially mitigated by their owned mines), metallurgical coal, natural gas for heating furnaces, and scrap steel. The company has achieved substantial cost reductions, targeting $30-40 per ton improvements through operational efficiencies and better procurement contracts. Capacity utilization critically affects margins since steel production involves high fixed costs for maintaining blast furnaces and other equipment. The company has strategically idled underperforming assets, including the Dearborn blast furnace and several mining operations, to optimize their cost structure. Product mix also influences profitability, with specialty products like GOES commanding significantly higher margins than commodity steel grades. Trade policy and import competition substantially impact pricing power. The company strongly supports steel tariffs and trade protection measures, as low-cost imports from countries with subsidized steel industries can depress domestic pricing. End-market demand from automotive production, infrastructure spending, and general manufacturing activity drives volume and pricing, with automotive demand being particularly cyclical based on vehicle production schedules and consumer purchasing patterns.
Risks & safety
Cleveland-Cliffs presents significant financial stress with limited margin of safety, reflecting the cyclical downturn in steel markets and operational challenges. **Cash Flow and Solvency:** - Negative free cash flow of -$503 million in Q1 2025, following -$677 million in Q4 2024 - Minimal cash position of $57 million with $3 billion total liquidity including credit facilities - High debt-to-equity ratio of 1.22x with net debt around $3.4 billion - No meaningful debt maturities until 2027, providing some breathing room **Profitability Metrics:** - Negative EBITDA of -$208 million in Q1 2025, though management expects significant improvement in H2 2025 - Negative return on equity of -7.9% - Trading at 0.65x book value, suggesting market skepticism about asset values **Operational Factors:** - Company has idled multiple facilities to reduce costs by $300 million annually - Recent Stelco acquisition expected to provide $120 million in synergies - Management targeting meaningful debt reduction and improved cash generation **Overall Assessment:** The margin of safety is currently poor due to negative cash flows and high leverage, though the company maintains adequate liquidity and no near-term debt maturities. Recovery depends heavily on steel market improvement and successful execution of cost reduction initiatives.
Recent development
Cleveland-Cliffs has undergone significant strategic transformation over the past few years, evolving from primarily an iron ore mining company into a major integrated steel producer. The most significant development was the 2020 acquisition of ArcelorMittal USA's assets, which transformed the company into one of North America's largest flat-rolled steel producers. In 2024, the company completed the acquisition of Stelco, a Canadian steel producer, expecting $120 million in first-year synergies and enhanced operational flexibility. This acquisition provides additional production capacity and access to Canadian markets while reducing dependence on any single facility. The company has pursued aggressive cost optimization initiatives, achieving $80 per ton cost reductions in 2023 and targeting additional $30-40 per ton improvements. In 2025, Cleveland-Cliffs idled six non-core assets including the Minorca and Hibbing Taconite mines, the Dearborn blast furnace, and several other facilities, expecting $300 million in annual savings. A key strategic initiative is the development of a transformer manufacturing plant in Weirton, West Virginia, leveraging their position as the sole North American producer of grain-oriented electrical steel. This downstream integration is expected to generate $75-100 million in annual EBITDA with high margins of 30-40%. The company has also invested in decarbonization technologies, conducting hydrogen injection trials in blast furnaces and exploring carbon capture technologies. They've received Department of Energy funding for efficiency projects at their Middletown and Butler facilities, positioning for potential future environmental regulations. Capital allocation strategy has shifted toward debt reduction and operational optimization rather than growth investments, with management targeting a net debt-to-EBITDA ratio of 2.5x. The company suspended share repurchases to focus entirely on debt reduction during the current challenging market environment.
CLF company profile · for informational purposes only — not investment advice.
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