Cleveland-Cliffs (CLF)
Turns ore, metallics and scrap into automotive-focused flat-rolled steel.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | GLJ Research | Reiterate | Rating: —Target: $15.60 | Target: $17.48 |
| Sep 7, 2026 | UBS | Target | Target: $15 | Target: $13 |
| Jul 28, 2026 | BNP Paribas | Upgrade | Rating: — | |
| Jul 24, 2026 | GLJ Research | Upgrade | Target: $15.01 | Target: $15.60 |
| Jul 24, 2026 | Exane BNP Paribas | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $70.0M · Total debt $7.70B · Total assets $20.12B · Shareholders' equity $5.60B
- Revenue
- $5.23B
- Operating income
- $14.0M
- Net income
- −$145.0M
No dividends on record.
| Institutions | 84.62% | 482.76M shares | |
|---|---|---|---|
| 645 holders · as of Jun 30, 2026 | |||
| Insiders | 0.68% | 3.91M shares | |
| 17 holders · as of Jul 2, 2026 | |||
| Other | 14.70% | 83.87M shares | |
| remainder | |||
570.54M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.76% | 55.67M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.83% | 33.25M | as of Jun 30, 2026 |
Slate Path Capital LPInstitution | 4.98% | 28.41M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.52% | 25.80M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.41% | 25.19M | as of Jun 30, 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 |
- Nucor
Flat-rolled sheet, metallics, and scrap overlap in North American steel
- Steel Dynamics
Steel, recycling, and automotive flat-rolled supply overlap
- ArcelorMittal (ADR)
Canadian flat-rolled steel and HBI overlap in automotive supply
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cleveland-Cliffs | $12.45 | +3.15% | $6.89B | — | 20.2 | 0.4 | +5.9% |
| Nucor | $243.16 | +0.31% | $55.20B | 19.3 | 11.4 | 1.5 | +23.0% |
| Steel Dynamics | $231.22 | +0.53% | $32.96B | 20.9 | 10.8 | 1.6 | +33.4% |
| ArcelorMittal (ADR) | $73.05 | +0.70% | $55.21B | 30.7 | — | 0.9 | +5.2% |
| Median | 20.9 | 11.1 | 1.5 | +23.0% |