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CLF · NYSE · Steel

Cleveland-Cliffs

Turns ore, metallics and scrap into automotive-focused flat-rolled steel.

$11.61

After-hours close−0.01 (−0.04%)

At close$11.62(−1.82%)

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Profile

Cleveland-Cliffs Inc.CLFMaterials

Produces flat-rolled steel through a chain from mined raw materials, direct reduced iron and scrap to steelmaking, finishing, stamping, tooling and tubing. Automotive supply is a core focus, while Canadian operations broaden customer exposure.

Converts mined raw materials, direct reduced iron and prime ferrous scrap into flat-rolled steel, then carries material through finishing, stamping, tooling and tubing. Automotive is a core end market, with steel supplied to North American vehicle makers. It is the largest flat-rolled steel producer in North America.

Operations are concentrated in North America, including the United States and Canada, following acquisitions of AK Steel, ArcelorMittal USA operations, Ferrous Processing and Trading, and Stelco. Vertical integration links mining, metallics, scrap, steelmaking and downstream manufacturing; the business depends on that domestic supply chain and automotive-facing demand.

Company facts

CEOLourenco Goncalves

ListedNov 5, 1987

ExchangeNYSE

HeadquartersCleveland, OH

CountryUnited States

Employees25,000

CIK0000764065

ISINUS1858991011

Key statistics

Market cap$6.63B

EPS (ttm)−$1.67

P/E (ttm)−6.96

ROE-15.2%

P/B1.18

P/S0.3454

Dividend yield—

Beta2.27vs XLB 1.14

Year to date −14.6% · Average volume (30d) 22.5M

Analysts

Price target, next 12 months$10.75−7.5%Median of 44 analysts · vs the Aug 28 close

ConsensusHold10 of 44 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $11.62

High$15.60+34.3%

Median$10.75−7.5%

Low$9.00−22.5%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Jul 28, 2026	BNP Paribas	Upgrade		Neutral
Jul 24, 2026	GLJ Research	Upgrade	Hold	Buy	$15.01	$15.60
Jul 24, 2026	Exane BNP Paribas	Upgrade	Outperform	Neutral
Jul 24, 2026	BNP Paribas	Target			$19.20	$11.50
Jul 24, 2026	Barclays	Reiterate		Underweight	$9	$10

Earnings

EPS

Estimate$0.25

ReportedDue Oct 19, 2026

Revenue

Estimate$5.70B

ReportedDue Oct 19, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 23, 2026Q2 FY26	−$0.21	−$0.20	+4.0%	$5.15B	$5.23B	+1.6%	+8.85%
Apr 20, 2026Q1 FY26	−$0.44	−$0.40	+9.1%	$4.81B	$4.92B	+2.4%	−6.17%
Feb 9, 2026Q4 FY25	−$0.62	−$0.43	+30.6%	$4.57B	$4.31B	−5.5%	−0.32%
Oct 20, 2025Q3 FY25	−$0.48	−$0.45	+6.2%	$4.66B	$4.73B	+1.6%	−17.24%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$4.63B	$4.93B	$4.73B	$4.31B	$4.92B	$5.23B
Gross profit	−$391.0M	−$209.0M	−$46.0M	−$191.0M	−$82.0M	$195.0M
Operating income	−$538.0M	−$498.0M	−$176.0M	−$322.0M	−$207.0M	$14.0M
Net income	−$495.0M	−$483.0M	−$251.0M	−$243.0M	−$237.0M	−$145.0M
Diluted EPS	−$1.00	−$0.97	−$0.51	−$0.49	−$0.42	−$0.25
Gross margin	-8.4%	-4.2%	-1.0%	-4.4%	-1.7%	3.7%
Operating margin	-11.6%	-10.1%	-3.7%	-7.5%	-4.2%	0.3%

Fiscal years (4-quarter sums)FY21 $20.44B · FY22 $22.99B · FY23 $22.00B · FY24 $19.19B · FY25 $18.61B

Revenue by product · Q2 FY26

Steelmaking$5.05B · 94%

Other Businesses$339.0M · 6%

Revenue by geography · FY25

United States$15.89B · 85%

Canada$2.07B · 11%

Other Countries$652.0M · 4%

Balance sheet, Jun 30, 2026Cash & short-term investments $70.0M · Total debt $7.70B · Total assets $20.12B · Shareholders' equity $5.60B

Dividends

No dividends on record.

Ownership

Institutions 85.59%488.30M sharesInsiders 1.18%6.71M sharesOther 13.23%75.53M shares

Shares outstanding 570.54M · Float 564.61M · 99.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	55.67M	9.76%	13F	Aug 7, 2026
State Street Corp	33.25M	5.83%	13F	Aug 7, 2026
Slate Path Capital LP	28.41M	4.98%	13F	Aug 14, 2026
Vanguard Capital Management LLC	25.80M	4.52%	13F	Aug 13, 2026
Vanguard Portfolio Management LLC	25.19M	4.41%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jun 5, 2026	Celso L. Jr Goncalves	officer: EVP, CFO	−214,308	$13.41
Feb 17, 2026	Clifford T. Smith	officer: EVP & Chief Operating Officer	−200,000	$10.46
Feb 13, 2026	Edilson Camara	director	+19,700	$10.13
Feb 11, 2026	Lourenco Goncalves	director, officer: Chairman, President & CEO	−3,000,000	$12.42