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Key Takeaways Cleveland-Cliffs posted a narrower Q2 loss as revenues rose 5.9% on higher steel pricing.Average steel selling price climbed 10.7%, lifting segment cash margin to $349 million.Q3 adjusted EBITDA is seen near $575 million, with Q4 expected to come in even higher. Cleveland-Cliffs Inc. (CLF - Free Report) reported second-quarter 2026 adjusted loss of 20 cents per share, narrower than the Zacks Consensus Estimate of a loss of 21 cents and the year-ago loss of 51 cents.

Revenues rose 5.9% year over year to $5.2 billion and surpassed the consensus estimate of $5.1 billion by 1.9%. Higher steel pricing supported the top line and margin improvement, although steel shipment volumes declined from the prior-year quarter.

Consolidated cost of goods sold declined to $5.1 billion from $5.15 billion a year earlier. Selling, general and administrative expenses rose to $154 million from $137 million, while restructuring and other charges decreased to $3 million from $86 million.

CLF's Operational HighlightsSteelmaking revenues increased 5.9% year over year to $5.05 million from $4.8 billion. The segment generated a cash margin of $349 million, up sharply from $138 million in the year-ago quarter, reflecting stronger selling prices and improved cost performance.

The average net selling price per net ton of steel products was $1,124, up 10.7% from $1,015 a year earlier. The metric was above the consensus estimate of $1,109. 

External sales volumes for steel products totaled 4.025 million net tons, down 6.2% from 4.290 million net tons in the prior-year quarter. The figure missed the consensus estimate of 4.11 million net tons.

Financial Position of CLFCleveland-Cliffs ended the second quarter with cash and cash equivalents of $70 million, up from $57 million at the end of 2025. Long-term debt stood at $7.7 billion compared with $7.3 billion as of Dec. 31, 2025. The company had total liquidity of $3.1 billion as of June 30, 2026.

CLF's OutlookCleveland-Cliffs expects third-quarter 2026 adjusted EBITDA of approximately $575 million, more than double the second-quarter result. Management also expects fourth-quarter EBITDA to exceed its third-quarter guidance as average selling prices, shipment volumes and costs continue to move in a favorable direction.

CLF maintained its full-year 2026 steel shipment guidance of approximately 16.5-17 million net tons. The company continues to project capital expenditures of about $700 million, SG&A expenses of approximately $575 million and depreciation, depletion and amortization of roughly $1.1 billion.

Cash pension and other post-employment benefit payments and contributions remain projected at approximately $125 million. Management expects second-half earnings performance to be the company’s strongest since 2021 and believes it can reach its leverage target of less than 2.5 times debt to EBITDA by this time next year.

CLF’s Stock Price PerformanceCLF’s shares have lost 4.2% in the past year against the industry’s rise of 60.9%.

Image Source: Zacks Investment Research

CLF’s Zacks Rank & Other Key PicksCLF currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Kronos Worldwide, Inc. (KRO - Free Report) and Avient Corporation (AVNT - Free Report) .

Carpenter Technology is slated to report fourth-quarter fiscal 2026 results on July 30. The Zacks Consensus Estimate for earnings is pegged at $10.58 per share, indicating 41.44% year-over-year growth. CRS sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. 

Kronos is scheduled to report second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for KRO’s second-quarter loss per share is pegged at 33 cents, indicating 65.63% year-over-year growth. KRO flaunts a Zacks Rank #1 at present.

Avient is slated to report second-quarter 2026 results on Aug. 6. The consensus estimate for AVNT’s earnings per share is pegged at $3.08. AVNT presently carries a Zacks Rank #2.

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Pre-Market Stock Futures: The futures are trading higher after a dreadful day across Wall Street, when all the major indices were pounded and ended deeply in the red. Skyrocketing oil prices, rising interest rates, the highest since 2025, worries of an extended war with Iran spreading over the Middle East, and a host of other issues conspired to send stocks plummeting at the open, and they never recovered. Solid earnings, combined with massive capital expenditures, were not the answer, and by the close, all the major indices were trading off the day’s lows. Once again, the Nasdaq was the biggest loser, dropping 2.15% to finish at 25,137, while the S&P 500 finished the session at 7,408, down 1.48%. The Dow Jones Industrials closed at 51,711, down 0.97%, and the small-cap-heavy Russell 2000 fared the best, closing at 2,933, down 0.88%. With second-quarter earnings results pouring in, companies that miss expectations can count on being taken to the proverbial woodshed.

Treasury Bonds: The song remains the same for the Treasury complex, as yields soared again on Thursday amid surging oil prices, ongoing Middle East worries, and inflation, all setting the table for more selling. When the last trade was posted, the 30-year long bond ended the session at 5.17%, while the 10-year note closed at 4.70%. 

Oil and Gas: The major oil benchmarks continue their relentless move higher, and some feel that, given the current start of negotiations with Iran, the Houthis are pressuring Red Sea oil shipments, and that growing concern about overall supply could make an already bad situation really ugly fast. Brent Crude closed Thursday at $99.86, up 6.15%, while West Texas Intermediate was last seen at $91.57, up 5.46%. Natural gas closed lower at $2.92, down 0.34%. 

Gold: Surprisingly, given the overall negative sentiment and decline in stocks and bonds, Gold closed Thursday lower. Traders and sector analysts cited the stronger U.S. dollar, surging oil prices that are fanning inflation, and worries about an interest rate hike, which could come as soon as September. Gold closed Thursday at $4,048, down 1.95%, while Silver closed at $57.42, down 3.46%. 

Crypto: Cryptocurrencies declined on Thursday, July 23, 2026, as a broader risk-off move hit global and tech equities. Major digital assets faced mild selling pressure, with Bitcoin dipping below the $65,000–$66,000 range and Ethereum retreating toward $1,890. At 8 AM EDT, Bitcoin traded at $64,962, while Ethereum traded at $1,878.

24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. I would like to remind you that no single analyst report should ever be the sole basis for buying or selling a stock.

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Friday July, 24, 2026. 

Upgrades: Cleveland-Cliffs (NYSE: CLF | CLF Price Prediction) was upgraded to Neutral from Underperform by BNP Paribas, with an $11.50 target price. Digital Realty Trust (NYSE: DLR) was upgraded to Buy from Hold at TD Cowen, which has a $222 target price objective. Dover (NYSE: DOV) was upgraded to Outperform from Market Perform at BMO Capital, which trimmed the target price for the stock to $240 from $255. PayPal Holdings (NASDAQ: PYPL) was upgraded to Hold from Sell at Truist Securities, which raised the target price for the shares to $57 from $44. Progressive (NYSE: PRG) was raised to Equal Weight from Underweight at Morgan Stanley, which raised the price target to $210 from $190. Downgrades: Albertsons Companies (NYSE: ACI) was cut to Market Perform from Outperform at Telsey Advisory, which slashed the target price for the grocery giant to $13 from $22. Cheesecake Factory (NASDAQ: CAKE) was downgraded to Neutral from Outperform at Mizuho, which lifted the target price for the shares to $85 from $75. Flywire (NASDAQ: FLYW) was downgraded to Hold from Buy at Truist Securities, which trimmed the target price for the stock to $17 from $18. Penske Automotive Group (NYSE: PAG) was downgraded to Equal Weight from Overweight at Morgan Stanley, which lifted the target price for the stock to $210 from $190. Tenable Holdings (NASDAQ: TENB) was downgraded to Neutral from Buy at UBS, with a $37 target price objective. Initiations: Blue Owl Capital (NYSE: OBDC) was started with a Buy rating at Lucid Capital, with a $13 target price. Chime Financial (NASDAQ: CHYM) was initiated with a Buy rating at Freedom Capital, with a $26 target price. 
Shattuck Labs (NASDAQ: STTK) was initiated with an Overweight rating at JPMorgan, with a $10 target price. Space Exploration Technologies (NASDAQ: SPCX) was started with a Hold rating at HSBC, with a $115 target price. SunocoCorp (NYSE: SUNC) was initiated with an Outperform rating at Mizuho, which has an $83 target price. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Progressive didn't make the cut. Grab the names FREE today.

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Today's Change

(

15.98

%) $

1.51

Current Price

$

10.96

Cleveland-Cliffs (CLF +15.98%), an integrated flat-rolled steel and iron ore producer, closed at $10.96, up 15.98%. Quarterly results and upbeat guidance drove the gain; investors are watching second-half earnings and third-quarter adjusted EBITDA.
Trading volume reached 64.1 million shares, coming in about 223% above its three-month average of 19.8 million shares.

How the markets moved todayThe S&P 500 (^GSPC -1.21%) fell 1.21% to 7,408, and the Nasdaq Composite (^IXIC -2.15%) fell 2.15% to 25,138. Among other domestic flat-rolled steel manufacturing names, Nucor (NUE +2.23%) closed at $241.15, up 2.23%, while Steel Dynamics (STLD +0.81%) closed at $240.57, up 0.81%, highlighting firmer trading in domestic steel peers.

What this means for investorsCleveland-Cliffs confirmed today that the domestic steel market is thriving. Revenue improved both sequentially and year over year as steel pricing and demand remain strong.

Cliffs saw free cash flow turn positive with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumping from $95 million in Q1 to $286 million in Q2. Management expects it to approximately double to $575 million in the third quarter.

The company isn’t alone in seeing strength in the sector. Last week, Steel Dynamics posted strong Q2 profit and record shipments, reinforcing domestic pricing strength. Sector leader Nucor will announce its second-quarter results next week. Investors can likely expect more of the same.

Howard Smith has positions in Nucor and has the following options: short August 2026 $230 calls on Nucor, short September 2026 $195 calls on Nucor, and short September 2026 $200 calls on Nucor. The Motley Fool recommends Steel Dynamics. The Motley Fool has a disclosure policy.

Tariffs Rose: 1 Steelmaker Thrived, 1 Still StrugglesCleveland-Cliffs NYSE: CLF said it returned to positive free cash flow in the second quarter of 2026 and expects a substantially stronger second half of the year, driven by higher steel prices, improved automotive demand, lower costs and higher shipment volumes.

Chairman and CEO Lourenco Goncalves told analysts that the company’s second-quarter results showed “tangible evidence” of the earnings recovery management has been forecasting. Cleveland-Cliffs reported adjusted EBITDA of $286 million in the quarter, which President and CFO Celso Goncalves said was the company’s best quarterly result in two years. The figure was roughly triple the company’s first-quarter adjusted EBITDA, according to management.

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Cleveland-Cliffs Sinks After Earnings—Is the Selloff Overdone?“During the second quarter, we returned to positive free cash flow and tripled our adjusted EBITDA from the first quarter,” Lourenco Goncalves said. “While the second quarter represents meaningful progress, it still understates where this company is headed over the coming quarters.”

Company Guides for Sharp EBITDA Improvement in Third Quarter Cleveland-Cliffs issued third-quarter adjusted EBITDA guidance of approximately $575 million, which Celso Goncalves said would represent the company’s strongest quarter in three years. Management said the expected improvement reflects a convergence of higher prices, lower costs and increased shipping volumes.

Cleveland-Cliffs Breaks to New Highs on Earnings, More Upside?Second-quarter steel shipments were just over 4 million tons, down sequentially because of maintenance outages and stronger automotive demand, which management said carries longer lead times. Cleveland-Cliffs expects third-quarter shipments to exceed 4.3 million tons, citing a strong order book and extended backlogs.

Pricing also improved during the second quarter. Celso Goncalves said the company’s average selling price increased by $76 per ton from the prior quarter, helped by pricing lags beginning to flow through and a richer product mix tied to automotive demand. He said Cleveland-Cliffs expects its average selling price to rise by another $55 per ton in the third quarter.

On costs, management said maintenance outages and inventory lag lifted unit costs in the second quarter, but those headwinds are expected to ease. Celso Goncalves said unit costs are expected to decline by $10 per ton in the third quarter, while Lourenco Goncalves said further cost improvements are expected in the fourth quarter as production levels rise and mill schedules become more stable.

The company also said it expects fourth-quarter adjusted EBITDA to exceed third-quarter levels, assuming the current hot-rolled coil futures curve. Management said this expectation already factors in normal holiday-related seasonal slowdowns.

Automotive Demand Helps Lift Shipments and Product Mix Management highlighted improving automotive steel demand as a major contributor to the company’s outlook. Lourenco Goncalves said Cleveland-Cliffs’ shipments to automotive customers during the second quarter were the highest in two years. He also said finishing lines that had been running at suboptimal utilization levels over the last several years are now operating at healthier levels, with a favorable impact on costs.

Cleveland-Cliffs said it has received top supplier awards this year from both Toyota and General Motors. Lourenco Goncalves said the company remains “the supplier of choice for the automotive sector in the United States.”

During the question-and-answer session, Lourenco Goncalves said about half of the expected 300,000-ton shipment increase in the third quarter would come from the improved automotive market, with the other half coming from non-automotive flat-rolled steel.

Asked about the potential restart of the Dearborn blast furnace, Goncalves said the company has the capacity and technology to supply more automotive steel, but would need stronger conviction from automakers that production will remain in the United States. He said the Dearborn furnace represents “more than 2 million tons” of potential capacity.

Contract Resets Seen as 2027 EBITDA Opportunity Cleveland-Cliffs said upcoming fixed-price contract resets could provide a significant lift in 2027. Celso Goncalves said the company expects a $500 million year-over-year EBITDA improvement from resetting a large portion of its fixed-price contracts at higher levels.

Lourenco Goncalves said negotiations for non-automotive contracts begin in earnest in the second half of the year and typically conclude by late November or early December. He said last year’s contracts were negotiated against a much lower pricing backdrop, with prevailing prices around $800 per ton or less, compared with recent levels around $1,150 per ton or more.

“The expectation that these contracts will reset for much higher prices are just a foregone conclusion,” he said.

On automotive contracts, Goncalves said Cleveland-Cliffs plans to be more selective and seek higher prices, citing its position with U.S. automakers and tighter trade enforcement.

Debt Reduction Remains Capital Allocation Priority Celso Goncalves said Cleveland-Cliffs generated positive free cash flow in the second quarter after two years of negative free cash flow and expects the trend to continue. He said second-quarter working capital was a release of about $55 million, driven by reduced inventory and a slight build in accounts payable, partially offset by accounts receivable.

The company said it is now under contract on all major property sales, with earnest money in hand in each case. Cleveland-Cliffs expects the bulk of the $400 million in proceeds from those sales to arrive in the second half of 2026.

Management said debt paydown is the company’s top capital allocation priority. Celso Goncalves said free cash flow and asset-sale proceeds will be used to reduce debt, with the goal of reaching leverage below 2.5 times by this time next year if current market conditions hold.

“Until we get to our leverage target, we’re not going to prioritize any other type of capital allocation,” he said.

Trade Policy, Stelco and Strategic Discussions Lourenco Goncalves repeatedly emphasized the importance of U.S. trade policy, particularly Section 232, which he called “the single most effective industrial policy implemented in our country in a generation.” He credited trade enforcement with supporting domestic steel utilization, manufacturing investment and automotive reshoring.

The company also discussed Canada and Stelco, which Cleveland-Cliffs acquired. Lourenco Goncalves said Stelco’s results have improved and are contributing to the company’s second-half guidance. He said Canadian hot-rolled steel pricing has improved as the pricing gap with the U.S. has narrowed, but galvanized steel in Canada remains under pressure. He warned that the competitiveness of Stelco’s galvanizing lines in Hamilton could be at risk without further trade protections.

On strategic initiatives, Celso Goncalves said offers received for assets such as HBI and FPT have fallen short of Cleveland-Cliffs’ value threshold. He said discussions with POSCO remain friendly and ongoing, but Cleveland-Cliffs does not have a deadline and is not under pressure to complete a transaction.

The company also noted that it has begun negotiations with the United Steelworkers union to renew its collective bargaining agreement. Lourenco Goncalves said the process is off to “a constructive and productive start.”

Cleveland-Cliffs also announced that Celso Goncalves has been appointed to the company’s board of directors as president and CFO. Lourenco Goncalves said the move reflects the role Celso has already been playing and marks “the early stages of a transition in leadership,” while adding that he plans to continue leading the company for several more years.

About Cleveland-Cliffs (NYSE:CLF)Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Cleveland-Cliffs reported higher first-quarter revenue as steel demand continued to improve despite continuing global tensions.

Cleveland-Cliffs (CLF - Free Report) came out with a quarterly loss of $0.2 per share versus the Zacks Consensus Estimate of a loss of $0.21. This compares to a loss of $0.5 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this mining company would post a loss of $0.44 per share when it actually produced a loss of $0.4, delivering a surprise of +9.09%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Cleveland-Cliffs, which belongs to the Zacks Steel - Producers industry, posted revenues of $5.23 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.88%. This compares to year-ago revenues of $4.93 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Cleveland-Cliffs shares have lost about 28.8% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Cleveland-Cliffs?While Cleveland-Cliffs has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Cleveland-Cliffs was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.21 on $5.39 billion in revenues for the coming quarter and -$0.15 on $20.59 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Producers is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Nucor (NUE - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 27.

This steel company is expected to post quarterly earnings of $4.57 per share in its upcoming report, which represents a year-over-year change of +75.8%. The consensus EPS estimate for the quarter has been revised 6.3% higher over the last 30 days to the current level.

Nucor's revenues are expected to be $10.06 billion, up 19% from the year-ago quarter.

Wall Street analysts forecast that Cleveland-Cliffs (CLF - Free Report) will report quarterly loss of -$0.18 per share in its upcoming release, pointing to a year-over-year increase of 64%. It is anticipated that revenues will amount to $5.15 billion, exhibiting an increase of 4.4% compared to the year-ago quarter.

Over the last 30 days, there has been an upward revision of 45.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

With that in mind, let's delve into the average projections of some Cleveland-Cliffs metrics that are commonly tracked and projected by analysts on Wall Street.

Based on the collective assessment of analysts, 'Revenues- Other Businesses' should arrive at $170.67 million. The estimate indicates a change of +4.7% from the prior-year quarter.

The average prediction of analysts places 'Revenues- Steelmaking' at $4.99 billion. The estimate suggests a change of +4.6% year over year.

Analysts forecast 'Revenues- Steelmaking- Stainless and electrical steel' to reach $424.94 million. The estimate suggests a change of -2.1% year over year.

The consensus among analysts is that 'Revenues- Steelmaking- Plate steel' will reach $282.19 million. The estimate indicates a change of +2.6% from the prior-year quarter.

It is projected by analysts that the 'Revenues- Steelmaking- Other' will reach $418.00 million. The estimate indicates a year-over-year change of +0.2%.

The collective assessment of analysts points to an estimated 'External Sales Volumes - Total steel Products' of 4105 thousands of tons. Compared to the present estimate, the company reported 4290 thousands of tons in the same quarter last year.

Analysts expect 'Average net selling price per net ton of steel products' to come in at $1109.49 . The estimate is in contrast to the year-ago figure of $1015.00 .

According to the collective judgment of analysts, 'Steel shipments by product - Coated steel' should come in at 1269 thousands of tons. The estimate is in contrast to the year-ago figure of 1142 thousands of tons.

The consensus estimate for 'Steel shipments by product - Plate' stands at 203 thousands of tons. The estimate compares to the year-ago value of 217 thousands of tons.

Analysts predict that the 'Steel shipments by product - Cold-rolled steel' will reach 660 thousands of tons. Compared to the current estimate, the company reported 627 thousands of tons in the same quarter of the previous year.

Analysts' assessment points toward 'Steel shipments by product - Hot-rolled steel' reaching 1787 thousands of tons. Compared to the present estimate, the company reported 1727 thousands of tons in the same quarter last year.

The combined assessment of analysts suggests that 'Steel shipments by product - Stainless and electrical steel' will likely reach 132 thousands of tons. The estimate compares to the year-ago value of 135 thousands of tons.

View all Key Company Metrics for Cleveland-Cliffs here>>>

Over the past month, shares of Cleveland-Cliffs have returned -24.4% versus the Zacks S&P 500 composite's +0.6% change. Currently, CLF carries a Zacks Rank #2 (Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $9.53, moving -3.25% from the previous trading session. This change lagged the S&P 500's 0.51% loss on the day. At the same time, the Dow lost 0.2%, and the tech-heavy Nasdaq lost 1.47%.

Coming into today, shares of the mining company had lost 22.32% in the past month. In that same time, the Basic Materials sector lost 8.52%, while the S&P 500 gained 0.53%.

The investment community will be closely monitoring the performance of Cleveland-Cliffs in its forthcoming earnings report. The company is scheduled to release its earnings on July 23, 2026. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.18 per share. This would mark year-over-year growth of 64%. Simultaneously, our latest consensus estimate expects the revenue to be $5.17 billion, showing a 4.83% escalation compared to the year-ago quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.27 per share and revenue of $20.59 billion. These totals would mark changes of +89.11% and +10.67%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 36.51% increase. Cleveland-Cliffs presently features a Zacks Rank of #2 (Buy).

The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 40, which puts it in the top 17% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Cleveland-Cliffs (CLF - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

Therefore, the Zacks rating upgrade for Cleveland-Cliffs basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

For Cleveland-Cliffs, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Cleveland-CliffsFor the fiscal year ending December 2026, this mining company is expected to earn -$0.27 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Cleveland-Cliffs. Over the past three months, the Zacks Consensus Estimate for the company has increased 37.4%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Cleveland-Cliffs to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

In the latest close session, Cleveland-Cliffs (CLF - Free Report) was down 1.16% at $9.40. This change lagged the S&P 500's daily gain of 0.81%. On the other hand, the Dow registered a gain of 0.27%, and the technology-centric Nasdaq increased by 1.3%.

The mining company's stock has dropped by 23.37% in the past month, falling short of the Basic Materials sector's loss of 4.72% and the S&P 500's gain of 1.13%.

Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings report is set to go public on July 23, 2026. It is anticipated that the company will report an EPS of -$0.18, marking a 64% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.17 billion, up 4.83% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.27 per share and a revenue of $20.59 billion, representing changes of +89.11% and +10.67%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 47.83% higher. Cleveland-Cliffs currently has a Zacks Rank of #2 (Buy).

The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 83, finds itself in the top 34% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Cleveland-Cliffs (CLF - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this mining company have returned -33.4% over the past month versus the Zacks S&P 500 composite's -1.4% change. The Zacks Steel - Producers industry, to which Cleveland-Cliffs belongs, has lost 15.4% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Cleveland-Cliffs is expected to post a loss of $0.18 per share, indicating a change of +64% from the year-ago quarter. The Zacks Consensus Estimate has changed +150% over the last 30 days.

The consensus earnings estimate of -$0.27 for the current fiscal year indicates a year-over-year change of +89.1%. This estimate has changed +47.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.46 indicates a change of +267.3% from what Cleveland-Cliffs is expected to report a year ago. Over the past month, the estimate has changed +53.3%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Cleveland-Cliffs.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Cleveland-Cliffs, the consensus sales estimate for the current quarter of $5.17 billion indicates a year-over-year change of +4.8%. For the current and next fiscal years, $20.59 billion and $21.18 billion estimates indicate +10.7% and +2.8% changes, respectively.

Last Reported Results and Surprise HistoryCleveland-Cliffs reported revenues of $4.92 billion in the last reported quarter, representing a year-over-year change of +6.3%. EPS of -$0.4 for the same period compares with -$0.92 a year ago.

Compared to the Zacks Consensus Estimate of $4.83 billion, the reported revenues represent a surprise of +1.81%. The EPS surprise was +9.09%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cleveland-Cliffs is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cleveland-Cliffs. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.

In the latest close session, Cleveland-Cliffs (CLF - Free Report) was down 5.73% at $9.38. The stock trailed the S&P 500, which registered a daily gain of 1.18%. At the same time, the Dow added 0.59%, and the tech-heavy Nasdaq gained 2.07%.

Shares of the mining company witnessed a loss of 26.84% over the previous month, trailing the performance of the Basic Materials sector with its loss of 5.12%, and the S&P 500's loss of 2.9%.

Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.18, indicating a 64% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $5.17 billion, up 4.83% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.27 per share and a revenue of $20.59 billion, representing changes of +89.11% and +10.67%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 47.83% higher within the past month. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 12% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

In the latest close session, Cleveland-Cliffs (CLF - Free Report) was down 6.14% at $11.16. This move lagged the S&P 500's daily loss of 1.44%. On the other hand, the Dow registered a loss of 0.09%, and the technology-centric Nasdaq decreased by 2.22%.

Heading into today, shares of the mining company had gained 5.88% over the past month, outpacing the Basic Materials sector's loss of 0.5% and the S&P 500's gain of 0.08%.

Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.17, reflecting a 66% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $5.21 billion, showing a 5.57% escalation compared to the year-ago quarter.

CLF's full-year Zacks Consensus Estimates are calling for earnings of -$0.41 per share and revenue of $20.44 billion. These results would represent year-over-year changes of +83.47% and +9.85%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 15.23% rise in the Zacks Consensus EPS estimate. Right now, Cleveland-Cliffs possesses a Zacks Rank of #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 38, positioning it in the top 16% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Cleveland-Cliffs (CLF - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this mining company have returned +22.6% over the past month versus the Zacks S&P 500 composite's +0.3% change. The Zacks Steel - Producers industry, to which Cleveland-Cliffs belongs, has gained 10.6% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Cleveland-Cliffs is expected to post a loss of $0.13 per share for the current quarter, representing a year-over-year change of +74%. Over the last 30 days, the Zacks Consensus Estimate has changed +2.9%.

The consensus earnings estimate of -$0.39 for the current fiscal year indicates a year-over-year change of +84.3%. This estimate has changed +13.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.38 indicates a change of +197.3% from what Cleveland-Cliffs is expected to report a year ago. Over the past month, the estimate has changed +26.7%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Cleveland-Cliffs.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Cleveland-Cliffs, the consensus sales estimate for the current quarter of $5.21 billion indicates a year-over-year change of +5.6%. For the current and next fiscal years, $20.44 billion and $21.14 billion estimates indicate +9.8% and +3.4% changes, respectively.

Last Reported Results and Surprise HistoryCleveland-Cliffs reported revenues of $4.92 billion in the last reported quarter, representing a year-over-year change of +6.3%. EPS of -$0.4 for the same period compares with -$0.92 a year ago.

Compared to the Zacks Consensus Estimate of $4.83 billion, the reported revenues represent a surprise of +1.81%. The EPS surprise was +9.09%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cleveland-Cliffs is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cleveland-Cliffs. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

On April 20, two of America's largest steel companies reported earnings at a time that should have been bullish for steel companies. Imports are at a 17-year low in a tariff-sheltered market. However, having protected pricing is only bullish if a company can profit from it.

That’s where the outlook for Steel Dynamics NASDAQ: STLD and Cleveland-Cliffs NYSE: CLF diverges. For Q1 2026, Steel Dynamics made $403 million; Cleveland-Cliffs lost $229 million. Understanding the why behind those numbers is essential before investors decide how to approach each stock.

Get Steel Dynamics alerts:

Why Steel Tariffs Aren’t an Automatic Buy SignalThe 50% tariff on imported steel has helped choke off foreign competition and push buyers toward domestic suppliers. In Q1 2026, U.S. steel imports hit their lowest quarterly level since 2009. Domestic producers are capturing demand that used to go offshore.

But the tariff is a floor, not a rocket. And how high a steelmaker can go depends entirely on how cheaply they can make steel. This is where the business models of Cleveland-Cliffs and Steel Dynamics diverge sharply.

The Old Model and the New ModelAt its core, Cleveland-Cliffs is an integrated steelmaker. The process is expensive, requires a lot of energy, and the costs are largely fixed. That is, you can't easily throttle a blast furnace up or down when demand shifts. It also comes with a cost structure that includes infrastructure and workforce obligations.

Adding to those obligations, Cliffs has a heavily unionized labor force and, despite a remarkable 95% reduction in pension and OPEB liabilities since its ArcelorMittal acquisition, still operates with a debt load that means the company has to prioritize repayment before growth.

Steel Dynamics Today

$279.55 +11.21 (+4.18%)

As of 06/11/2026 04:00 PM Eastern

52-Week Range$119.89▼

$281.59Dividend Yield0.76%

P/E Ratio29.90

Price Target$224.64

By contrast, Steel Dynamics runs 100% on electric arc furnace (EAF) technology. EAF mills melt recycled scrap metal using electricity, skipping the iron ore and blast furnace entirely, and can be dialed up or down with demand. 

Plus, EAF steelmaking uses roughly one-quarter of the energy of traditional blast furnace production and generates a fraction of the emissions.

It's faster, cheaper to operate and structurally more flexible.

STLD also owns its own scrap recycling network through OmniSource, one of the largest nonferrous recyclers in North America, which gives it a cost advantage on raw materials that integrated producers simply can't replicate.

How the Business Models Showed Up in EarningsHigher steel prices have benefited both companies with higher revenue per ton. But after that, the fundamentals come down to the spread between revenue and cost.

Steel Dynamics was able to convert $5.2 billion in revenue into $700 million of adjusted EBITDA, a 13% margin. That allowed the company to repurchase $115 million in stock and increase its dividend payout by 6%. STLD shot up over 10% in the days following the earnings release.

Cleveland-Cliffs converted $4.9 billion in revenue into $95 million of adjusted EBITDA, a margin of roughly 2%. Plus, it still posted a net loss of $229 million after interest and other charges. It’s not lost on investors that CLF doesn’t pay a dividend and fell over 8% in the days after the earnings release.

Where and Why Investors Need to Look Before They LeapHaving said that, earnings reports are backward-looking, and Cleveland-Cliffs is saying that the coming quarter will be better. They could be right.

On Sept. 17, 2025, the company signed a Memorandum of Understanding (MOU) with POSCO, Korea’s largest steelmaker and one of the top 10 global steelmakers. This could be a win-win. POSCO is looking to support and grow its established customer base in the United States, which has now become a favorable market.

Cleveland-Cliffs Stock Forecast Today12-Month Stock Price Forecast:
$12.85
-6.17% Downside

Reduce
Based on 11 Analyst Ratings

Current Price$13.70High Forecast$15.01Average Forecast$12.85Low Forecast$9.00Cleveland-Cliffs Stock Forecast Details

However, the two companies have not reached a final agreement, and management says that will only happen if the deal is for “full and fair value.” Putting that not inconsequential detail to the side, analysts have a Hold rating on CLF, and Morgan Stanley lowered its price target to $12 from $18. But that’s in line with a consensus price target of $12.19; a 33% upside that suggests a belief in more than just hope.

On the other hand, Steel Dynamics is expanding into aluminum. Currently, that’s driving a loss of $65 million every quarter. In the long run, analysts believe this is a growth investment and not a liability.

But analysts are mixed. STLD gets a Hold rating with a consensus price target of $185.11, which is a downside of over 15%. 

Nevertheless, analysts are raising their price targets, although the highest price rating still implies downside from recent prices.

Should You Invest $1,000 in Steel Dynamics Right Now?Before you consider Steel Dynamics, you'll want to hear this.

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CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today announced it has entered a strategic partnership with Palantir Technologies to deploy advanced AI‑driven solutions across its footprint. The recently executed three‑year agreement puts Palantir's best-in-class AI technology at the center of Cliffs' key internal processes in operations and commercial. The partnership represents a significant step forward in Cleveland‑Cliffs' ongoing effort to modernize its systems across its man.

Shares of Cleveland-Cliffs Inc (NYSE:CLF) are trading 4.5% lower at $10.64, continuing a choppy pattern up the charts after bouncing off their mid-March lows and enjoying an upbeat first-quarter report. Despite yesterday tapping its highest mark in eight weeks, the steel name sports a nearly 20% year-to-date deficit. A bullish signal is now flashing, however, suggesting a surge could be on the way for CLF.

The trendline in question is the stock's 80-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White, this “crossover” event has happened 17 times in the last 10 years, after which CLF was higher one month later 71% of the time, averaging a gain of 5.3%. From its current perch, a similar move higher would put the shares back near their February highs.

The stock is also ripe for a squeeze. Shorts have been piling on, with short interest up 16.5% in the past two reporting periods, now accounting for 14.9% of the stock's available float. At CLF's average pace of trading, it would take shorts nearly five days to buy back these bets.

The stock's Schaeffer's Volatility Scorecard (SVS) comes in at 83 out of 100. In other words, the shares have consistently realized higher volatility than its options have priced in over the past 12 months.

On May 18, 2026, Cleveland-Cliffs Inc CLF shares rose 3.4% today, currently trading at $10.66. The stock has experienced significant volatility over the past year, with a 52-week high of $16.70 and a low of $5.63.

GF Value™ verdict: The current price of $10.66 is 10.0% below the GF Value™ of $11.85, indicating a potential upside.GF Score™: CLF scores 76/100, which is classified as Above Average, suggesting strong potential for long-term returns.Most notable signal: There have been no insider transactions in the last 3 months, indicating stable insider confidence. Is CLF Overvalued or Undervalued? According to the GF Value™, Cleveland-Cliffs Inc CLF is currently trading at $10.66, which is 10.0% below the fair value estimate of $11.85. This suggests that the stock may be undervalued, providing a margin of safety for potential investors. The GF Valuation label indicates that CLF is modestly undervalued, which presents an opportunity for those considering entering the stock. However, it is important to note that while the stock appears undervalued based on its GF Value™, this does not guarantee future performance, and investors should be cautious of market volatility and other risks.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does CLF's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 541.8x 15.2x Cleveland-Cliffs Inc CLF is currently trading at a TTM P/E ratio of 541.8x, which is significantly above its 5-year median P/E of 15.2x. This suggests that the stock is trading well above its historical valuation levels, which contradicts the GF Value™ verdict indicating the stock is undervalued. Therefore, while the GF Value™ suggests a potential opportunity, the high P/E ratio raises concerns regarding overvaluation based on historical standards.

What Does CLF's GF Score™ Tell Us? Metric Rating GF Score™ 76/100 Financial Strength 3/10 Profitability 7/10 Growth 5/10 Valuation 10/10 Momentum 8/10 The GF Score™ of 76/100 reflects a solid position for Cleveland-Cliffs Inc CLF in terms of potential long-term returns. The strongest area is Valuation, which scores a perfect 10/10, indicating that the stock is considered a good value based on current metrics. However, the Financial Strength rating of 3/10 suggests weaknesses in this area, indicating that CLF may struggle to maintain its operations or respond to adverse market conditions. Overall, while the stock shows promise in terms of valuation and momentum, investors should be cautious of its financial strength.

What Are Insiders Doing with CLF Stock? In the last three months, there have been no insider transactions reported for Cleveland-Cliffs Inc CLF . This lack of insider activity suggests that company executives and directors may not see immediate opportunities to buy or sell shares, which can indicate a level of confidence in the company's current valuation and strategy. However, the absence of insider buying might also imply that insiders are not optimistic about short-term performance.

What This Means for Investors Based on the GF Value™ assessment, Cleveland-Cliffs Inc CLF is currently undervalued with a price of $10.66 compared to the GF Value™ of $11.85. However, caution is warranted due to the extremely high P/E ratio compared to its historical median, which raises concerns about potential overvaluation in the market context. Investors may find opportunities, but should carefully consider the risks involved.

For the complete analysis, visit the Cleveland-Cliffs Inc CLF stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CLF's GF Score™?

CLF's GF Score™ is 76/100, indicating an Above Average potential for generating long-term returns based on various financial metrics.

Is CLF overvalued or undervalued?

CLF is currently undervalued according to the GF Value™, trading at $10.66 compared to the GF Value™ of $11.85, suggesting a 10.0% upside potential.

What is CLF's P/E ratio?

CLF's TTM P/E ratio is 541.8x, significantly higher than its 5-year median P/E of 15.2x, suggesting that the stock is trading at an elevated valuation compared to its historical levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

A month has gone by since the last earnings report for Cleveland-Cliffs (CLF - Free Report) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Cleveland-Cliffs due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Cleveland-Cliffs Inc. before we dive into how investors and analysts have reacted as of late.

Cleveland-Cliffs’ Q1 Earnings and Revenues Outpace EstimatesCleveland-Cliffs’ first-quarter 2026 adjusted loss was 40 cents per share, narrower than the Zacks Consensus Estimate of a loss of 44 cents. It reported an adjusted loss of 93 cents per share in the prior-year quarter.

Revenues increased 6.3% year over year to $4,922 million. The top line beat the Zacks Consensus Estimate of $4,834.5 million.

Operational HighlightsThe company reported Steelmaking revenues of roughly $4.8 billion, up around 6.5% year over year.

The average net selling price per net ton of steel products was $1,048 in the quarter, up around 6.9% year over year. The metric was below the consensus estimate of $1,056.

External sales volumes for steel products were roughly 4.1 million net tons, down around 0.7% year over year. The figure surpassed the consensus estimate of 4.06 million net tons.

Financial PositionCleveland-Cliffs ended the first quarter with cash and cash equivalents of $45 million, down around 21% from the prior quarter. Long-term debt increased 7% sequentially to $7,763 million.

As of March 31, 2026, the company had $3.1 billion in total liquidity.

OutlookThe company reaffirmed its full-year 2026 outlook, maintaining expectations for steel shipment volumes of roughly 16.5-17 million net tons. It continues to project capital expenditures of about $700 million and selling, general, and administrative (SG&A) expenses of approximately $575 million. Depreciation, depletion, and amortization are expected to total around $1.1 billion, while cash pension and OPEB payments and contributions are anticipated to remain near $125 million. 

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -1280% due to these changes.

VGM ScoresAt this time, Cleveland-Cliffs has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock has a grade of F on the value side, putting it in the lowest quintile for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Cleveland-Cliffs has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Cleveland-Cliffs Inc. (NYSE: CLF) was named 2025 GM Supplier of the Year by General Motors at its 34th annual Supplier of the Year event. Cleveland-Cliffs was the only North American steel producer recognized this year. This is the ninth time the company has received the award.

Shilpan Amin, Senior Vice President, Global Chief Procurement and Supply Chain Officer, General Motors stated, “Supplier of the Year is one of those key moments our whole team looks forward to every year because it highlights the partnerships behind every vehicle we build. The results our suppliers deliver throughout the entire product development cycle are central to our ability to deliver world-class vehicles to our customers. When our suppliers, such as Cleveland-Cliffs, lean in with us on new technology and flawless execution, we can move faster, compete harder and unlock more value across the entire supply chain.”

Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer said, “It is a tremendous honor for Cleveland-Cliffs -- once again and for the ninth time -- to be recognized by General Motors as a Supplier of the Year. This award distinguishes Cleveland-Cliffs as the leading supplier of automotive steel and the only steel producer in North America recognized by GM this year. We remain fully committed to supporting its North American manufacturing footprint with a secure, dependable domestic supply chain and best-in-class steel products and solutions.”

In 2025, GM’s 34th annual Supplier of the Year and Overdrive awards recognize 103 suppliers of several materials and other inputs spanning 14 countries. These suppliers deliver outstanding performance, partnership and innovation in support of GM’s global operations. Awardees are selected by a global GM team based on performance across key categories such as safety, innovation, execution, resilience and customer support, along with their alignment to GM’s core values and strategic priorities.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its operations in the United States and Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260522122129/en/

In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $13.60, marking a +2.33% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.22%. Meanwhile, the Dow experienced a rise of 0.72%, and the technology-dominated Nasdaq saw an increase of 0.21%.

The stock of mining company has risen by 30.29% in the past month, leading the Basic Materials sector's gain of 2.87% and the S&P 500's gain of 6.04%.

The investment community will be closely monitoring the performance of Cleveland-Cliffs in its forthcoming earnings report. The company is forecasted to report an EPS of -$0.14, showcasing a 72% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $5.21 billion, reflecting a 5.49% rise from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.46 per share and a revenue of $20.38 billion, representing changes of +81.45% and +9.53%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 10.38% lower. Cleveland-Cliffs presently features a Zacks Rank of #4 (Sell).

The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 80, which puts it in the top 33% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Cleveland-Cliffs (CLF - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Over the past month, shares of this mining company have returned +26.9%, compared to the Zacks S&P 500 composite's +4.6% change. During this period, the Zacks Steel - Producers industry, which Cleveland-Cliffs falls in, has gained 18.5%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Cleveland-Cliffs is expected to post a loss of $0.14 per share, indicating a change of +72% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The consensus earnings estimate of -$0.46 for the current fiscal year indicates a year-over-year change of +81.5%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.3 indicates a change of +165% from what Cleveland-Cliffs is expected to report a year ago. Over the past month, the estimate has remained unchanged.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Cleveland-Cliffs.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Cleveland-Cliffs, the consensus sales estimate for the current quarter of $5.21 billion indicates a year-over-year change of +5.5%. For the current and next fiscal years, $20.38 billion and $21.08 billion estimates indicate +9.5% and +3.4% changes, respectively.

Last Reported Results and Surprise HistoryCleveland-Cliffs reported revenues of $4.92 billion in the last reported quarter, representing a year-over-year change of +6.3%. EPS of -$0.4 for the same period compares with -$0.92 a year ago.

Compared to the Zacks Consensus Estimate of $4.83 billion, the reported revenues represent a surprise of +1.81%. The EPS surprise was +9.09%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cleveland-Cliffs is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cleveland-Cliffs. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.

© Library of Congress/Alfred T. Palmer

President Trump’s second-term trade agenda has hardened into a structural policy regime, with U.S. steel imports sitting at their lowest levels since the global financial crisis. That backdrop has turned the under-$40 corner of the industrial market into one of the most asymmetric setups in the market, where a single multi-quarter pricing cycle can re-rate a stock several times over. For retail investors scanning the wreckage of 2025’s commodity selloff, the names worth a second look share three traits: domestic production, automotive exposure, and direct leverage to tariff enforcement.

With that in mind, here is one industrial stock trading well under $40 that fits the Trump tariff supercycle thesis cleanly.

Cleveland-Cliffs (NYSE: CLF) Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) is the largest flat-rolled steel producer in North America, with leadership positions in automotive, electrical, stainless, and plate steel.

Shares recently closed near $12. The stock sits 84.88% above its level a year ago, though it remains down 9.79% year to date. For a retail investor, that combination of a near-$12 handle and a $6.4 billion market capitalization means meaningful upside is achievable without the share price needing to do anything heroic.

The fundamentals are inflecting. Q1 2026 revenue came in at $4.92 billion, up 6.33% year over year and beating the $4.79 billion consensus. Adjusted EPS of -$0.40 beat the -$0.416 estimate, and adjusted EBITDA swung to +$95 million from -$179 million a year earlier, despite an $80 million one-time energy cost from extreme cold weather. The average selling price climbed to $1,048 per net ton, and shipments hit 4.1 million net tons.

Wall Street remains split. The consensus 12-month target sits at $10.50, with one strong buy, one buy, nine holds, and one strong sell. Morgan Stanley keeps an Overweight rating with a $12 target, while bears at JPMorgan moved to $10. Forward earnings are projected to swing from a loss to $0.30 per share next year.

The bull case is straightforward. CEO Lourenco Goncalves put it plainly: “Trade enforcement in the United States is working exactly as intended, with steel imports at their lowest levels since the global financial crisis.” Cliffs has signed multi-year contracts with all major automotive OEMs, was just named 2025 GM Supplier of the Year as the sole North American steel producer honored, and inked a three-year Palantir AI partnership the CEO called a “game changer.” The three headwinds that crushed 2025 (weak automotive production, a value-destructive slab supply contract, and an adverse Canadian market) have all eased, and management guides to healthy positive free cash flow in Q2 2026 with a $500 million EBITDA tailwind from the expired slab contract.

The risk that cuts against the thesis is leverage. Total debt stands at roughly $7.76 billion against just $45 million in cash, and FY2025 closed with a $1.478 billion net loss. Q1 free cash flow was -$477 million, and the POSCO partnership negotiations stalled on valuation disagreements. The thesis depends on tariff enforcement remaining intact and automotive demand holding.

With pricing power, policy tailwinds, and a sequential earnings ramp visible quarter by quarter, Cleveland-Cliffs looks like the cleanest pure-play on the tariff supercycle available under $40.

The Bottom Line Cleveland-Cliffs carries real balance sheet risk alongside its tariff-driven upside, and the consensus rating across major brokerages currently sits closer to neutral than bullish. Investors should weigh leverage, customer concentration, and trade policy durability against the operating inflection, then size positions according to their own risk tolerance and time horizon.

In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $12.41, marking a -2.44% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 1.62% for the day. Meanwhile, the Dow lost 1.87%, and the Nasdaq, a tech-heavy index, lost 1.98%.

Shares of the mining company have appreciated by 17.89% over the course of the past month, outperforming the Basic Materials sector's loss of 5.57%, and the S&P 500's loss of 0.03%.

Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company is expected to report EPS of -$0.14, up 72% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $5.21 billion, indicating a 5.49% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.46 per share and revenue of $20.38 billion, which would represent changes of +81.45% and +9.53%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Currently, Cleveland-Cliffs is carrying a Zacks Rank of #4 (Sell).

The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 95, finds itself in the top 39% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.