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U.S. steelmakers are rallying while the fund built to track the global industry slips, and Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) stock is out front by a wide margin. Cleveland-Cliffs stock is at $14.02, up 7% in early trading, a…

U.S. steelmakers are rallying while the fund built to track the global industry slips, and Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) stock is out front by a wide margin. Cleveland-Cliffs stock is at $14.02, up 7% in early trading, a gain that puts the company’s turnaround story back at the center of the steel trade. Earnings momentum backs the move, with Cleveland-Cliffs beating EPS expectations for a fourth straight quarter in its latest report.

Meanwhile, Steel Dynamics (NASDAQ:STLD) stock is at $246.88, up 3%, a solid gain that still lags well behind the advance in Cleveland-Cliffs shares. Nucor (NYSE:NUE) stock is trading at $262.49, up 2%, trailing both Steel Dynamics shares and the jump in Cleveland-Cliffs stock.

The VanEck Steel ETF (NYSEARCA:SLX) is at $99.36, down 0.6%, slipping even as its U.S. steel holdings climb and extending a 7% slide over the past month. For comparison, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is trading at $762.82, down 0.2%, so the steel stock gains are arriving against a soft broad market.

Cleveland-Cliffs Rides Its Strongest Quarter in Three Years A strong Q3 2026 report sits behind the climb in Cleveland-Cliffs shares, with adjusted EPS of $0.28 beating the $0.24 consensus. Management reported adjusted EBITDA of $612 million, ahead of the company’s own guidance, and expects the 2027 figure to exceed $4 billion. Chairman and CEO Lourenco Goncalves framed the shift on the earnings call, stating, “The problem is no longer price. The problem is having access to steel.”

Cleveland-Cliffs also faces fresh crosscurrents north of the border, where its Stelco operations sit. The largest share was directed to mills. On October 21, Canada announced a support package for its steel and auto industries to offset U.S. tariffs, and Cleveland-Cliffs confirmed layoffs at its Hamilton, Ontario, plant the same day. Whether either development is feeding the rally in Cleveland-Cliffs shares is an open question.

Weighing the Bull and Bear Cases The bull case for Cleveland-Cliffs rests on domestic strength, with its average net selling price rising to $1,177 per ton from $1,124 in Q2 2026 and Q4 2026 adjusted EBITDA guided to $715 million. Management added on the call that nearly all customers want more steel under contract in 2027 than in 2026. The bear case centers on a heavy borrowing load. The company targets leverage under 2.5x net debt to EBITDA by mid-2027, along with the risk tied to its idled Canadian galvanizing lines.

Steel Dynamics and Nucor share the backdrop of restrained imports and extended lead times that Goncalves described, and moving more steadily, their shares look less tied to any single cross-border policy decision. Carrying Cleveland-Cliffs shares at a far smaller weight than Nucor or Steel Dynamics, the VanEck Steel ETF leans heavily on international miners and steelmakers, according to its June 30 holdings report.

U.S.-Canada Trade Talks Set the Next Test for Cleveland-Cliffs Cleveland-Cliffs now faces the question of whether the U.S. and Canada return to trade talks, since any shift could land directly on Stelco and its idled lines. Management at Cleveland-Cliffs expects a major debt reduction in Q4 from free cash flow and property sale proceeds. Cleveland-Cliffs’ 2027 contract resets will test the staying power of its pricing gains.

For the VanEck Steel ETF, the open variable is how its international holdings trade against the U.S. steelmakers. Investors weighing their exposure to CLF and peer stocks may choose to reduce their share positions until the path of U.S. and Canadian steel policy resolves.

Contact [email protected] for any questions or corrections.

A multitude of often-conflicting factors make the domestic steel industry a complex environment, with some steel companies navigating it more successfully than others. Following their Q3 earnings reports, two industry leaders—Steel Dynamics Inc. NASDAQ: STLD and Cleveland-Cliffs Inc. NYSE: CLF—are showing how higher domestic prices are competing against elevated financing costs, inflation, and uneven demand.

Reduced imports, shifts in infrastructure spending and manufacturing investment, changing tariff policies, and other variables are all impacting both pricing and demand. Although steel demand appears to be improving in some markets—including energy, infrastructure, and certain data center applications—and the reshoring of some manufacturing has had a positive impact, the housing market remains vulnerable. Ultimately, these factors contributed to a stronger overall quarter for Steel Dynamics, even as Cleveland-Cliffs may have more room for a turnaround.

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STLD: Strong Operating Quarter Firms Up Competitive AdvantagesSteel Dynamics had fairly robust Q3 2026 results thanks in large part to its diversified business model. With $6.5 billion in net sales, the company posted an impressive 35% year-over-year (YOY) improvement in its top line. Earnings per share (EPS) came close to doubling over the same period but fell somewhat short of analyst predictions.

Steel Dynamics MarketRank™ Stock Analysis4.71434278865 of 5 stars

94th Percentile

Moderate Buy

6.0% Upside

Healthy

Strong

0.51 N/A

27.91%

See Full Analysis

The company's steel operations led the way, with particular strength in steel shipments helping to drive a 43% sequential improvement to steel operating income. Steel Dynamics boosted not only its shipments but also its average realized selling price for steel, showing that demand could persist even as prices rose.

Looking more closely, the benefits Steel Dynamics may reap from higher prices and ongoing tariffs could be at least partially offset by margin pressure. The company is simply not able to pass along all of the increased cost for raw steel products.

One area for investors to watch is the firm's aluminum business, which appears to be progressing toward profitability in the coming quarters. This should serve as a helpful buffer in the event of price or demand shocks in the steel industry.

For investors, the question is whether Steel Dynamics remains a worthwhile investment, even after rallying over 40% year to date (YTD) and with shares trading at more than 22x earnings. While two-thirds of analysts call STLD a Buy, there may be limited upside potential in the near future. The benefit, therefore, becomes Steel Dynamics' growing stability.

CLF: Higher Stakes Recovery in Progress, With Obstacles RemainingCleveland-Cliffs' latest earnings were a test of whether a broader turnaround may be possible. While CLF did manage to boost revenue by nearly 19% YTD, it fell slightly short of sales expectations. On the other hand, EPS beat predictions by four cents.

Cleveland-Cliffs MarketRank™ Stock Analysis2.419075529505 of 5 stars

48th Percentile

Hold

3.8% Downside

Bearish

Weak

0.63 N/A

981.82%

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The company makes a convincing case with its earnings report that a turnaround is not only possible, but already in progress. Substantial improvement in adjusted EBITDA, driven by strong shipments and rising selling prices, was also buoyed by lower-than-expected costs.

For Cleveland-Cliffs, renewing contracts for the coming year is essential, and the company reported that this process is well underway and that many customers are increasing their requested volume—this should cumulatively lead to more than $1 billion in added EBITDA compared to the prior-year period.

Perhaps most importantly, company management offered a rosy outlook despite seasonal weakness toward the end of the year. Management expects adjusted EBITDA to exceed $4 billion by 2027.

In that case, Cleveland-Cliffs will be in a much safer financial position: the company will be able to reduce debt with strong free cash flow and proceeds from property sales, all while maintaining strong overall liquidity.

Despite the promise inherent in Cleveland-Cliffs' latest earnings report, the stock likely remains a greater risk overall for investors than STLD. Debt remains high at $7.7 billion, saddling the firm with hefty interest expenses. Its Stelco business is under pressure from rising trade tensions between the United States and Canada.

These risks may be why analysts remain cautious about CLF, with the majority calling shares a Hold for now. At the same time, if the company can deliver on its lofty predictions, it could be poised for a bigger recovery than STLD or, indeed, other firms across the industry. To do so will require a critical overlapping of favorable prices, strong contracts, and continued operational improvements.

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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From a technical perspective, Cleveland-Cliffs (CLF - Free Report) is looking like an interesting pick, as it just reached a key level of support. CLF recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

The 20-day moving average can show signals that are similar to other SMAs as well. If a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

CLF has rallied 16.8% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests CLF could be on the verge of another move higher.

The bullish case only gets stronger once investors take into account CLF's positive earnings estimate revisions. There have been 2 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

Investors may want to watch CLF for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.

Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.

It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.

Cleveland-Cliffs (CLF - Free Report) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:

A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 16.8%, the stock of this mining company is certainly well-positioned in this regard.

While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. CLF meets this criterion too, as the stock gained 15.1% over the past 12 weeks.

Moreover, the momentum for CLF is fast paced, as the stock currently has a beta of 2.09. This indicates that the stock moves 109% higher than the market in either direction.

Given this price performance, it is no surprise that CLF has a Momentum Score of A, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.

In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped CLF earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Most importantly, despite possessing fast-paced momentum features, CLF is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. CLF is currently trading at 0.40 times its sales. In other words, investors need to pay only 40 cents for each dollar of sales.

So, CLF appears to have plenty of room to run, and that too at a fast pace.

In addition to CLF, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.

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$14.10+$1.98 (+16.34%)

NYSE · As of 4:00 PM ET 10/19/26

Cleveland-Cliffs (CLF +16.34%), a North American flat-rolled steel producer, closed at $14.10, up 16.34%.
The stock rose after stronger third-quarter results and a higher EBITDA outlook. Investors are watching whether steel pricing and signed contracts can support the updated 2027 target.
Trading volume reached 84.1 million shares, coming in about 324% above its three-month average of 19.9 million shares.

How the markets moved todayThe S&P 500 (^GSPC +0.41%) rose 0.42% to 7,691, while the Nasdaq Composite (^IXIC +1.11%) advanced 1.11% to 26,431. Among steel manufacturing and flat-rolled iron/steel production peers, Nucor closed at $260.75, up 1.74%, and Steel Dynamics closed at $245.17, up 1.92%, as investors read the group through stronger pricing and earnings momentum.

What this means for investorsCleveland-Cliffs said adjusted EBITDA reached $612 million, more than double the prior quarter, and the stock jumped on the stronger margin recovery. Management expects robust steel pricing and demand to continue, predicting that adjusted EBITDA will exceed $4 billion in 2027.

Earnings per share beat estimates, and the results boosted other domestic steel stocks. Even with strong sector tailwinds, investors will need to watch for company-specific issues.

After the bell, Steel Dynamics reported record steel shipments, but shares sank after earnings missed estimates. Charges and start-up issues from that company's new aluminum mill operations weighed on the bottom line.

North American steel giant Nucor will report next week, on Oct. 27. If no company-specific surprises arise, investors should expect a solid report mirroring Cleveland-Cliffs' beat today.

Howard Smith has positions in Nucor and has the following options: short December 2026 $200 calls on Nucor, short December 2026 $240 calls on Nucor, short December 2026 $300 calls on Nucor, and short January 2027 $210 calls on Nucor. The Motley Fool recommends Steel Dynamics. The Motley Fool has a disclosure policy.

Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) has appointed nine-time Motocross World Champion Antonio Cairoli as brand ambassador to help develop its graphene engine oil additive for the motorcycle and off-road sectors. 

Cairoli, who is also a Ducati test rider, will support the development and application of G LUBRICANT, the company said.  

The program will begin with Cairoli using and evaluating the additive in his own compatible vehicles in everyday use away from the racetrack. His feedback and discussions with the company’s technical team are expected to inform further product development. 

“I want to share my experience with the team and help GMG develop a product that can become a benchmark in our sport too,” Cairoli said. 

“Antonio’s experience at the highest level of motocross gives our technical team a unique perspective on what riders and engines need in demanding off-road conditions,” said CEO Craig Nicol. 

G LUBRICANT is added to mineral or synthetic engine oil at a 1:100 dosage. In various tests reported by the company, it has shown fuel consumption reductions of up to 10%, nitrogen oxide emissions reductions of up to 27%, particulate emissions reductions of up to 33% and coefficient of friction reductions of up to 30%. 

Results come from different tests and vary with engine type and operating conditions. The University of Queensland separately verified a fuel efficiency increase of up to 8.4% in a diesel engine, as announced in February 2025. Further testing and validation are needed for off-road and racing applications. 

Under a separate, independent program, Massimo Fogliaro’s A-Team will begin testing the additive in motocross, evaluating performance under competition conditions and providing feedback to support technical development. 

Graphene Manufacturing Group  will also exhibit at EICMA 2026, the 83rd International Two-Wheeler Exhibition, in Milan. 

Cleveland-Cliffs Inc. (NYSE:CLF), the North American steel producer, expects adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to exceed $4 billion in 2027 after stronger steel prices and improved operating performance lifted third-quarter results.

The company reported adjusted EBITDA of $612 million for the three months to September 30, up $326 million from the previous quarter and above its guidance of $575 million.

Cleveland-Cliffs recorded net income of $165 million, compared with a net loss of $134 million in the second quarter, while revenue increased to $5.6 billion from $5.2 billion.

Chief executive Lourenco Goncalves said the third quarter was the company’s strongest in three years, with average selling prices, sales volumes and unit costs all improving from the previous quarter.

The steelmaker expects adjusted EBITDA to rise to approximately $715 million in the fourth quarter, supported by higher pricing despite seasonal weakness, increased maintenance outages, input costs and incentive compensation expenses.

Its 2027 earnings forecast reflects new customer contracts and prevailing steel price forecasts, which the company said had improved its outlook since its previous earnings call.

Goncalves also pointed to lower steel imports, extended customer lead times and stronger demand for reliable domestic supply chains as factors supporting the US steel industry.

Cleveland-Cliffs reported steel shipments of 4.2 million net tonnenes in the third quarter, compared with 4.0 million net tons a year earlier, while its average selling price rose to $1,177 per net ton from $1,032.

The company had total liquidity of $3.2 billion at the end of September and said it remained on track to reduce net debt to less than 2.5 times EBITDA by mid-2027.

Management expects stronger free cash flow in the fourth quarter, alongside proceeds from property sales, to support a substantial reduction in debt.

Cleveland-Cliffs also said its Canadian subsidiary Stelco delivered its strongest quarter since the acquisition two years ago, with improved hot-rolled steel market conditions making it a positive contributor to EBITDA.

However, the company has decided to indefinitely idle Stelco’s galvanising lines because of what it described as an oversupplied Canadian market for galvanised steel, while maintaining overall production tonnage by focusing on hot-rolled products.

The company said the decision would preserve approximately 2,000 Canadian jobs, with affected employees expected to return when market conditions improve.

Shares of the steelmaker gained over 13% at Monday's open.

Meridian Mining Plc (LSE:MNO, TSX:MNO, OTCQX:MRRDF) CFO David Halkyard talked with Proactive at the One2One Investor Forum about the company's Cabaçal copper-gold project in Mato Grosso, Brazil, outlining the results of its feasibility study, project financing plans, construction timetable and wider exploration opportunities.

Halkyard highlighted the project's feasibility study economics, including a net present value at a 5% discount rate of more than US$2 billion, an internal rate of return exceeding 100% and initial capital expenditure of approximately US$322 million after tax credits. The study outlined a 14-year operating life, including ten years of primary mining, with average annual production of 183,000 gold-equivalent ounces during the first five years.

Halkyard also discussed the project's anticipated strong early cash generation, with forecast annual free cash flow exceeding US$400 million during the first four years under the study's base-case commodity prices.

The company is targeting the installation licence in the first quarter of 2027, followed by the start of construction in the second quarter. Subject to permitting and construction progress, initial production is targeted for the fourth quarter of 2028, with commercial production anticipated in 2029.

Watch the full presentation and Q&A to hear more about Meridian Mining's development strategy, funding options and longer-term copper-gold ambitions in Brazil.

Visit Proactive's YouTube channel for more mining company presentations and investor updates. Give this video a like, subscribe to the channel and enable notifications so you don't miss future content.

#MeridianMining #Cabacal #CopperMining #GoldMining #BrazilMining #MatoGrosso #MiningStocks #MiningInvestment #FeasibilityStudy #ProjectFinance #SantaHelena #MineralExploration #ProactiveInvestors

Cleveland-Cliffs Inc. (CLF) Q3 2026 Earnings Call October 19, 2026 8:30 AM EDT

Company Participants

Lourenco Goncalves - CEO & Chairman
Celso Goncalves - President, CFO & Director

Conference Call Participants

Timna Tanners - Wells Fargo Securities, LLC, Research Division
Nick Giles - B. Riley Securities, Inc., Research Division
Carlos de Alba - Morgan Stanley, Research Division
Nicklaus Cash - Goldman Sachs Group, Inc., Research Division
Samuel McKinney - KeyBanc Capital Markets Inc., Research Division
Albert Realini - Jefferies LLC, Research Division
William Peterson - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good morning, ladies and gentlemen. My name is Donna, and I am your conference facilitator today. I would like to welcome everyone to Cleveland-Cliffs Third Quarter 2026 Earnings Conference Call. [Operator Instructions] The company reminds you that certain comments made on today's call will include predictive statements that are intended to be made as forward-looking within the safe harbor protections of the Private Securities Litigation Reform Act of 1995.

Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause results to differ materially are set forth in reports on Forms 10-K and 10-Q and news releases filed with the SEC, which are available on the company website.

Today's conference call is also being broadcast at clevelandcliffs.com. At the conclusion of the call, it will be archived on the website and available for replay. The company will also discuss results, excluding certain special items. Reconciliations for Regulation G purposes can be found in the earnings release, which was published this morning. At this time, I would like to introduce Lourenco Goncalves, Chairman and Chief Executive Officer. Please go ahead.

Lourenco Goncalves
CEO & Chairman

Thank you, Donna, and good morning, everyone. Three months

Cleveland-Cliffs Inc (NYSE:CLF) stock is 15% higher to trade at $14.09 this morning.

Tariffs Are Back in Focus: 3 Stocks With a Home-Field AdvantageCleveland-Cliffs NYSE: CLF reported a sharp sequential improvement in third-quarter profitability and said it expects momentum in steel pricing, contract renewals and production utilization to continue into 2027.

Chairman and Chief Executive Officer Lourenco Goncalves said third-quarter adjusted EBITDA reached $612 million, more than double the $286 million reported in the second quarter. President and Chief Financial Officer Celso Goncalves said the result exceeded the company’s prior $575 million outlook and represented Cleveland-Cliffs’ strongest quarterly performance in three years.

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Tariffs Rose: 1 Steelmaker Thrived, 1 Still StrugglesThe company attributed the sequential improvement to higher shipments, stronger selling prices and lower unit costs. Steel shipments rose to 4.2 million net tons from 4 million net tons in the second quarter, while average net selling price increased by $53 per ton to $1,177 per ton. Unit costs declined $17 per net ton during the quarter, exceeding management’s earlier expectation for a $10-per-ton reduction.

Fourth-Quarter and 2027 Outlook Cleveland-Cliffs expects fourth-quarter adjusted EBITDA of approximately $715 million. Celso Goncalves said selling prices are expected to rise another $45 to $55 per ton sequentially in the fourth quarter as the company works through its order backlog, while costs are expected to increase modestly because of scheduled repairs and maintenance, energy costs, alloys and diesel prices.

Cleveland-Cliffs Sinks After Earnings—Is the Selloff Overdone?Management said it sees a path to average adjusted EBITDA of more than $1 billion per quarter in 2027 under prevailing market conditions. The company’s investor presentation outlined a potential path to more than $4 billion in adjusted EBITDA for the full year, which would make 2027 its strongest year since 2021, according to Celso Goncalves.

The outlook incorporates stronger fixed-price contract resets, lower discounts on index-linked contracts, continued pricing momentum and a larger expected contribution from Stelco as its backlog converts into shipments. Management also said coal contract negotiations for 2027 concluded at rollover pricing, providing stability in the company’s largest raw-material cost categories of coal and coke.

Lourenco Goncalves said the company has renewed more than half of its 2027 contracts with service centers and end users, with the renewal process expected to be substantially complete by Thanksgiving. He said nearly all customers are seeking more contracted steel volume for 2027 than they had in 2026.

The company said the aggregate improvement from the contract renewals is expected to generate more than $1 billion in year-over-year EBITDA improvement before changes in underlying steel pricing indexes. Cleveland-Cliffs is also shifting contract terms toward take-or-pay minimum volumes, according to Lourenco Goncalves.

Production Capacity and Capital Projects Cleveland-Cliffs is postponing the Burns Harbor C blast furnace reline from mid-2027 to April 2028. The company said targeted maintenance and short-term capital spending have extended the furnace’s operating campaign, enabling it to retain production capacity during a period of stronger demand and pricing.

The change is expected to preserve roughly 500,000 tons of production that had not been included in the company’s prior 2027 plan. Cleveland-Cliffs will still spend capital in 2027 on preparation work for the reline, but the planned 90-day outage has moved to 2028.

Capital expenditures are expected to total about $700 million in 2026, compared with roughly $560 million in the prior year. For 2027, Cleveland-Cliffs expects capital expenditures to exceed $1 billion, reflecting investments in newly announced projects and Burns Harbor reline preparation.

The company also said it completed the re-scoping of its $1 billion modernization project at Middletown Works in Ohio. The project includes $500 million of Department of Energy support and is expected to include a blast furnace rebuild, material-handling improvements, artificial intelligence-enabled process controls and a cogeneration facility. Cleveland-Cliffs expects the work to be completed in the first quarter of 2030 while maintaining production through construction.

Other projects cited by management include a coke plant rebuild at Burns Harbor, a blast furnace stove rebuild at Stelco in Canada, and an expansion of grain-oriented electrical steel production at Butler Works in Pennsylvania. Lourenco Goncalves said the Butler expansion will add 25% of new production capacity for grain-oriented electrical steel.

Stelco and Canadian Trade Conditions Management said Stelco has returned to profitability as Canadian hot-rolled steel pricing improved following changes to Canada’s tariff-rate quota system. Lourenco Goncalves said the Canadian hot-rolled market gained approximately $400 over four months, compared with about 12 months for a similar increase in the U.S. market.

However, he said Stelco’s galvanneal steel operations in Hamilton remain under pressure from imports. Cleveland-Cliffs has temporarily laid off workers associated with the galvanizing lines and said it wants Canadian authorities to further restrict galvanneal imports. Lourenco Goncalves said the domestic Canadian market is not large enough to support production from Stelco, ArcelorMittal Dofasco and substantial imported galvanneal volume.

He said stronger limits on galvanneal imports would allow Stelco to restore the temporarily laid-off workers and restart production at its galvanizing department in Hamilton.

Cash Flow and Debt Reduction Cleveland-Cliffs said the third quarter was working-capital intensive, with working capital increasing by $160 million. Celso Goncalves said the company expects working capital to be roughly neutral in the fourth quarter as inventory and receivable growth moderates.

The company also expects most major property sales under contract to close in the fourth quarter, though some buyers received extensions related to local-community or power-supply matters. Management said proceeds from asset sales and operating cash flow will be directed toward debt reduction.

Celso Goncalves said Cleveland-Cliffs is increasingly confident it can reduce leverage below its 2.5-times target by the middle of 2027. He said debt reduction will remain the company’s primary use of free cash flow even after reaching that threshold, with the asset-based lending facility as an initial repayment focus.

When asked about a potential equity offering, Lourenco Goncalves said the company does not intend to issue stock, while Celso Goncalves said management prefers to use cash from operations to reduce debt.

Separately, the company said negotiations with the United Steelworkers have continued beyond the original deadline. Lourenco Goncalves described the talks as professional, respectful and productive, and said Cleveland-Cliffs remains focused on reaching an agreement that recognizes employees’ contributions while preserving the company’s competitiveness.

About Cleveland-Cliffs (NYSE:CLF)Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.

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 swung to a third-quarter profit as sales rose, as the company sold more steel products and at higher prices.

Cleveland-Cliffs (CLF - Free Report) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to a loss of $0.45 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +16.67%. A quarter ago, it was expected that this mining company would post a loss of $0.21 per share when it actually produced a loss of $0.2, delivering a surprise of +4.76%.

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 $5.61 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.56%. This compares to year-ago revenues of $4.73 billion. The company has topped consensus revenue estimates three 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 8.7% since the beginning of the year versus the S&P 500's gain of 11.9%.

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 mixed. 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 #3 (Hold) for the stock. So, the shares are expected to perform in line with 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 $0.37 on $5.47 billion in revenues for the coming quarter and $0.10 on $21.13 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 31% 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.

Another stock from the same industry, SSAB (SSAAY - Free Report) , has yet to report results for the quarter ended September 2026.

This company is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of +12.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

SSAB's revenues are expected to be $2.91 billion, up 20.6% from the year-ago quarter.

With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows:

Cleveland-Cliffs is falling several times harder than its steel rivals today, and the reason comes down to a structural quirk that puts the company on both sides of the same trade policy at once.

Fresh uncertainty over U.S. trade policy is weighing on the steel group, and it’s landing hardest on the one producer with a foot on each side of the Canadian border. Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) stock is down 4% to $12.13 in afternoon trading, a much sharper drop than its domestic rivals are posting.

Meanwhile, Nucor (NYSE:NUE) stock is down 1% to $253.55, a far smaller loss than the one hitting Cleveland-Cliffs. Steel Dynamics (NASDAQ:STLD) stock is down 1% to $240.34, closely matching the slide in Nucor stock.

The selling extends into the broader steel basket. Notably, the VanEck Steel ETF (NYSEARCA:SLX) is down 0.8% to $101.65. However, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.1% to $770.43, so the broader stock market isn’t falling.

Trade Doubt Hits Cleveland-Cliffs From Two Sides Uncertainty over trade policy reaches Cleveland-Cliffs harder than its domestic peers because of how the company is built. As an integrated producer, it also owns Stelco, a Canadian steel maker. That ownership means duties on Canadian steel cut in two directions for Cleveland-Cliffs at once.

Duties on Canadian steel raise the price Cleveland-Cliffs’ domestic mills can charge, but those same duties also tax the company’s own imports from Stelco, pulling against that pricing benefit. Because both effects arrive together, any shift in trade policy can cut either way for Cleveland-Cliffs’ results.

Cleveland-Cliffs stock is falling several times harder than Nucor stock, Steel Dynamics stock and the VanEck Steel ETF, a gap that reflects the Stelco exposure showing up in the price of Cleveland-Cliffs stock. Smaller declines in Nucor stock and Steel Dynamics stock leave the broader steel demand picture outside the repricing.

Butler Works Expansion Opens a Grid Market On October 5, Cleveland-Cliffs stated that it’s expanding electrical steel production at its Butler Works plant in Pennsylvania. This project is aimed at the transformers that power-grid operators buy. Its timing stands out, since the announcement came shortly before this round of trade doubt hit the steel group.

That push ties part of Cleveland-Cliffs’ business to grid spending, a demand source that sits apart from the Canadian trade question. Utilities and grid operators need transformers to expand and upgrade their networks, which links Butler Works output to that investment cycle.

Two Forces Pulling on Cleveland-Cliffs The next test for Cleveland-Cliffs is whether the Butler Works expansion adds enough grid-linked revenue to offset what trade policy takes from its Canadian operations. Clarity on trade policy could settle the other half of that equation, since Stelco sits on both sides of any duty on Canadian steel. Those two forces now pull on Cleveland-Cliffs stock at once.

Cleveland-Cliffs’ bull case rests on its domestic mills getting higher prices while Butler Works opens a firmer grid market. Its bear case centers on Stelco absorbing the cost side of any duty on Canadian steel, which could keep pressure on Cleveland-Cliffs shares relative to domestic rivals.

For now, Cleveland-Cliffs shares reflect a company caught between two outcomes of the same policy debate. Each new trade headline may move Cleveland-Cliffs stock before the grid business has time to mature, so a small share position makes sense until the trade picture clears.

Contact [email protected] for any questions or corrections.

Cleveland-Cliffs (CLF - Free Report) closed at $12.58 in the latest trading session, marking a -2.18% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 1.11%. Meanwhile, the Dow experienced a drop of 0.09%, and the technology-dominated Nasdaq saw a decrease of 1.88%.

Prior to today's trading, shares of the mining company had gained 9.08% outpaced the Basic Materials sector's loss of 5.96% and the S&P 500's gain of 2.06%.

The upcoming earnings release of Cleveland-Cliffs will be of great interest to investors. The company's earnings report is expected on October 19, 2026. The company is expected to report EPS of $0.24, up 153.33% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $5.58 billion, showing a 17.89% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $0.1 per share and revenue of $21.13 billion, which would represent changes of +104.03% and +13.52%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent 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.

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 past month, there's been a 341.67% rise in the Zacks Consensus EPS estimate. Cleveland-Cliffs currently has a Zacks Rank of #3 (Hold).

Looking at valuation, Cleveland-Cliffs is presently trading at a Forward P/E ratio of 133.03. This expresses a premium compared to the average Forward P/E of 13.24 of its industry.

Meanwhile, CLF's PEG ratio is currently 6.08. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Steel - Producers industry had an average PEG ratio of 0.44 as trading concluded yesterday.

The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 159, putting it in the bottom 36% 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.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

In its upcoming report, Cleveland-Cliffs (CLF - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.24 per share, reflecting an increase of 153.3% compared to the same period last year. Revenues are forecasted to be $5.58 billion, representing a year-over-year increase of 17.9%.

The consensus EPS estimate for the quarter has been revised 8.8% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.

Bearing this in mind, let's now explore the average estimates of specific Cleveland-Cliffs metrics that are commonly monitored and projected by Wall Street analysts.

The consensus among analysts is that 'Revenues- Other Businesses' will reach $180.00 million. The estimate suggests a change of +4.1% year over year.

Analysts forecast 'Revenues- Steelmaking' to reach $5.61 billion. The estimate indicates a year-over-year change of +23.1%.

According to the collective judgment of analysts, 'Revenues- Steelmaking- Coated steel' should come in at $1.62 billion. The estimate indicates a change of +12.7% from the prior-year quarter.

Analysts' assessment points toward 'Revenues- Steelmaking- Other steel products' reaching $17.44 million. The estimate points to a change of -91.5% from the year-ago quarter.

It is projected by analysts that the 'External Sales Volumes - Total steel Products' will reach 4283 thousands of tons. The estimate is in contrast to the year-ago figure of 4029 thousands of tons.

The consensus estimate for 'Average net selling price per net ton of steel products' stands at $1188.09 . The estimate is in contrast to the year-ago figure of $1032.00 .

Analysts predict that the 'Steel shipments by product - Coated steel' will reach 1342 thousands of tons. The estimate is in contrast to the year-ago figure of 1178 thousands of tons.

The average prediction of analysts places 'Steel shipments by product - Slab and other steel products' at 17 thousands of tons. Compared to the current estimate, the company reported 375 thousands of tons in the same quarter of the previous year.

Analysts expect 'Steel shipments by product - Plate' to come in at 184 thousands of tons. Compared to the current estimate, the company reported 232 thousands of tons in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Steel shipments by product - Cold-rolled steel' will likely reach 658 thousands of tons. Compared to the current estimate, the company reported 611 thousands of tons in the same quarter of the previous year.

Based on the collective assessment of analysts, 'Steel shipments by product - Hot-rolled steel' should arrive at 1945 thousands of tons. The estimate is in contrast to the year-ago figure of 1484 thousands of tons.

The collective assessment of analysts points to an estimated 'Steel shipments by product - Stainless and electrical steel' of 160 thousands of tons. Compared to the current estimate, the company reported 149 thousands of tons in the same quarter of the previous year.

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

Shares of Cleveland-Cliffs have experienced a change of +9.1% in the past month compared to the +2.1% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), CLF is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Key Takeaways Cracker Barrel, Best Buy, Beazer Homes, Cleveland-Cliffs and Bath & Body Works are broker-favored picks.
The stock screen prioritizes broker upgrades, positive earnings revisions and a low price-to-sales ratio.
All five stocks have an impressive earnings surprise history in the last four quarters.

Uncertainty and fears continue to dominate the stock market as oil prices remain high due to Middle East tensions. The still-elevated inflation reading and uncertainty regarding the Federal Reserve's ‌next policy decision continue to dent U.S. markets. Amid this uncertainty, the focus now shifts to third-quarter earnings reports due this week.  

The uncertain environment has made it increasingly difficult for individual investors to construct a stock portfolio that consistently delivers strong performance. Choosing the wrong stocks can hurt returns and compromise the objective of growing hard-earned savings in an inherently unpredictable market.

So, how should investors navigate these conditions? One strategy is to follow broker recommendations and monitor broker-favored stocks such as Cracker Barrel (CBRL - Free Report) , Best Buy (BBY - Free Report) , Beazer Homes USA (BZH - Free Report) , Cleveland-Cliffs (CLF - Free Report) and Bath & Body Works (BBWI - Free Report) .

Since brokers meticulously follow the stocks in their coverage, they revise their earnings estimates after carefully examining the pros and cons of an event for the concerned company. Naturally, their estimate revisions serve as an important pointer regarding the price of a stock. Given this extensive know-how, brokers are deemed to be experts, equipped with thorough knowledge and a clear insight into the nitty-gritty of the investment world. Paying heed to such well-researched information is, therefore, advisable for investors.

Screening Parameters    # (Up- Down Rating)/ Total (4 weeks) =Top #75 (This gives the list of top 75 companies that have witnessed net upgrades over the last 4 weeks).

% change in Q (1) est. (4 weeks) = Top #10 (This gives the top 10 stocks that have witnessed earnings estimate revisions over the past 4 weeks for the upcoming quarter).

Price-to-Sales = Bot%10 (The lower the ratio, the better. Companies meeting this criterion are in the bottom 10% of our universe of over 7,700 stocks concerning this ratio).

Current Price greater than 5 (as a stock trading below $5 will not likely create significant interest for most investors).

Average Daily Volume greater than 100,000 shares over the last 20 trading days (Volume has to be significant to ensure that these are easily traded).

Market value ($ mil) = Top #3000 (This gives us stocks that are the top 3000 in terms of market capitalization).

Com/ADR/Canadian= Com (This eliminates the ADR and Canadian stocks).

Here are five of the 10 stocks that made it through the screen:

Cracker Barrel benefits from menu upgrades, loyalty engagement, operational discipline and retail stabilization. Cracker Barrel materially reduced total debt during fiscal 2026, strengthening its financial flexibility despite modest declines in cash and operating cash flow. Total debt fell to $337.2 million as of July 31, 2026, from $484.6 million at fiscal 2025-end after the company repaid $150 million of maturing convertible notes and deployed approximately $77 million of sale-leaseback proceeds toward debt reduction.

 The company, currently sporting a Zacks Rank #1 (Strong Buy), has outshone the Zacks Consensus Estimate for earnings in each of the last four quarters. The average beat is 228.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Best Buy is benefiting from innovation-led demand across computing, mobile, home theater and emerging technology categories, while Marketplace and Best Buy Ads are expanding higher-margin profit streams. Investments in smaller stores, digital commerce, AI shopping tools and membership should broaden customer reach and deepen engagement.

 Best Buy is expanding digital discovery and loyalty tools to deepen customer relationships across its ecosystem. The company, currently carrying a Zacks Rank #2 (Buy), has outshone the Zacks Consensus Estimate for earnings in each of the last four quarters. The average beat is 6.1%.

Beazer Homes, currently carrying a Zacks Rank #3 (Hold), is headquartered in Atlanta, GA. It is a leading national homebuilder in energy-efficient construction.

Beazer Homes surpassed the Zacks Consensus Estimate for earnings in three of the last four quarters and missed the mark once, with the average beat being 29.9%. The Zacks Consensus Estimate for current-quarter revenues of this construction company has increased 5.2% year over year.

Cleveland-Cliffs is benefiting from firmer domestic steel pricing, recovering automotive demand and better utilization across its finishing assets. The company’s vertically integrated footprint and broad product mix support its position in value-added steel, while the Stelco acquisition adds exposure to an improving Canadian hot-rolled market.

Cleveland-Cliffs surpassed the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average beat being 12.7%. The company currently carries a Zacks Rank #3.

Bath & Body Works is advancing its multi-year transformation through its Consumer First Formula, with encouraging progress across product innovation, digital recovery, marketplace expansion and international growth.

New and refreshed franchises are strengthening the innovation pipeline, while improved digital engagement, personalization and discovery are supporting return to growth. Marketplace momentum and the asset-light international model are expanding the brand’s reach, while stronger cash generation and debt reduction provide flexibility to fund transformation initiatives. Bath & Body Works surpassed the Zacks Consensus Estimate for earnings in three of the last four quarters, missing the mark once, with the average beat being 43%. The company currently carries a Zacks Rank #3.

A Look at Cleveland-Cliffs Inc (CLF) After 6.5% Gain -- GF Value $11.43 vs Price $12.98

On October 09, 2026, Cleveland-Cliffs Inc CLF shares rose 6.5% to a current price of $12.98. This price falls within a 52-week range of $7.73 to $16.70, indicating significant volatility over the past year.

GF Value™ verdict: CLF is currently priced at $12.98, compared to a GF Value™ of $11.43, indicating it is 13.6% overvalued. GF Score™: CLF has a score of 77/100, which classifies it as above average. Most notable signal: Over the past 12 months, insiders sold $42.2M worth of stock, suggesting a bearish sentiment among company executives. Is CLF Overvalued or Undervalued? Given CLF's current price of $12.98, it is above the GF Value™ estimate of $11.43, indicating that the stock is 13.6% overvalued. The GF Value™ is a proprietary intrinsic value estimate created by GuruFocus, which considers historical trading multiples, business growth patterns, and future performance projections. In this case, the valuation suggests a lack of margin of safety for potential investors.

CLF's status as an unprofitable and cash-flow-negative company raises concerns about using traditional earnings-based valuation methods, such as Price-to-Earnings (P/E) ratios, which may not apply effectively. Instead, a Price-to-Sales (P/S) analysis against its historical median of approximately 0.6x provides a more relevant assessment. With the current price reflecting a price-to-sales multiple that may be higher than its historical norms, the risk of investing in CLF becomes more pronounced, especially in light of the company's financial challenges.

How Does CLF's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 13.8x (Forward P/E) 16.4x (5-Year Median) Currently, CLF's forward P/E of 13.8x is below its 5-year median P/E of 16.4x, suggesting that the stock is trading at a lower valuation relative to its historical averages. This P/E analysis aligns with the GF Value™ verdict, which indicates overvaluation given the broader context of financial performance and prevailing market conditions.

What Does CLF's GF Score™ Tell Us? The GF Score™ measures a company's financial strength, profitability, growth potential, valuation, and momentum. CLF's score of 77/100 reflects its above-average performance in these areas, though there are notable strengths and weaknesses in its sub-ranks.

Metric Rating GF Score™ 77 Financial Strength 3/10 Profitability 7/10 Growth 6/10 Valuation 7/10 Momentum 8/10 CLF's strongest area is its profitability rank of 7/10, indicating decent profit margins relative to peers. However, the financial strength rank of 3/10 reveals vulnerabilities in its balance sheet, which is a significant concern for investors looking for stability. The growth and valuation ranks of 6/10 and 7/10 respectively further highlight the company's mixed financial outlook, suggesting that while there are opportunities for growth, there are also considerable risks involved.

What Are Gurus and Insiders Doing with CLF? Currently, 9 gurus hold shares of CLF, with 4 adding to their positions and 3 trimming their holdings in recent quarters. This activity signals a mixed sentiment among seasoned investors, which can be a valuable indicator of future performance.

Moreover, insider trading reveals a concerning trend, with insiders selling $42.2M worth of shares against only $0.2M in purchases over the past year. This net selling indicates a lack of confidence from those within the company, adding another layer of caution for potential investors considering CLF at its current valuation.

What This Means for Investors Taking into account the analysis above, Cleveland-Cliffs Inc CLF is currently overvalued based on the GF Value™ assessment, which indicates a 13.6% premium over its estimated fair value. The company's weak financial strength, coupled with significant insider selling, suggests that potential investors should approach with caution. For more detailed insights, you can visit the Cleveland-Cliffs Inc (CLF) stock page and explore further resources like the GF Value™ page.

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

CLF's GF Score™ is 77/100, indicating that the company is performing above average relative to its peers in critical financial metrics.

Is CLF overvalued or undervalued?

CLF is currently overvalued, with a GF Value™ estimate of $11.43 compared to its current price of $12.98, reflecting a 13.6% premium.

What is CLF's P/E ratio?

CLF's forward P/E ratio is 13.8x, which is lower than its 5-year median P/E of 16.4x, indicating a lower valuation compared to its historical performance.

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].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

In the latest close session, Cleveland-Cliffs (CLF - Free Report) was down 1.55% at $12.06. The stock fell short of the S&P 500, which registered a loss of 0.22% for the day. Meanwhile, the Dow lost 0.66%, and the Nasdaq, a tech-heavy index, lost 0.22%.

Heading into today, shares of the mining company had lost 0.33% over the past month, outpacing the Basic Materials sector's loss of 6.74% and lagging the S&P 500's gain of 1.4%.

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 October 19, 2026. The company is forecasted to report an EPS of $0.24, showcasing a 153.33% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $5.58 billion, indicating a 17.92% growth compared to the corresponding quarter of the prior year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.04 per share and revenue of $21.1 billion, indicating changes of +98.39% and +13.4%, respectively, compared to the previous year.

Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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. Within the past 30 days, our consensus EPS projection has moved 7.69% higher. Cleveland-Cliffs is currently a Zacks Rank #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 65, putting it in the top 27% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.

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Cleveland-Cliffs (CLF - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this mining company have returned -6.6% over the past month versus the Zacks S&P 500 composite's +0.6% change. The Zacks Steel - Producers industry, to which Cleveland-Cliffs belongs, has lost 6.5% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

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.

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 earnings of $0.24 per share, indicating a change of +153.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +7% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of -$0.04 points to a change of +98.4% from the prior year. Over the last 30 days, this estimate has changed +7.7%.

For the next fiscal year, the consensus earnings estimate of $0.87 indicates a change of +0% from what Cleveland-Cliffs is expected to report a year ago. Over the past month, the estimate has changed +8.8%.

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

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.

In the case of Cleveland-Cliffs, the consensus sales estimate of $5.58 billion for the current quarter points to a year-over-year change of +17.9%. The $21.1 billion and $21.78 billion estimates for the current and next fiscal years indicate changes of +13.4% and +3.2%, respectively.

Last Reported Results and Surprise HistoryCleveland-Cliffs reported revenues of $5.23 billion in the last reported quarter, representing a year-over-year change of +5.9%. EPS of -$0.2 for the same period compares with -$0.5 a year ago.

Compared to the Zacks Consensus Estimate of $5.13 billion, the reported revenues represent a surprise of +1.88%. The EPS surprise was +4.76%.

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

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

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.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it 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.

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.

Steel stocks found their footing Wednesday after a brutal stretch tied to tariff pressure on Cleveland-Cliffs Canadian operations, but the calm may be fragile as investors weigh whether the rebound reflects genuine stabilization or just a brief pause before more…

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Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) stock rose 3% to $11.32 on Wednesday as the recent steel-stock selloff subsided. Nucor (NYSE:NUE) shares ticked higher by 0.4% to $236.62, while Steel Dynamics (NASDAQ:STLD) stock advanced 0.81% to $223.16. The group found modest support after a sharper decline earlier in the week tied to tariff-related developments at Cleveland-Cliffs’ Canadian operations.

The VanEck Steel ETF (NYSE ARCA:SLX) edged up 0.28% to $102.79. Broader markets also gained, with the SPDR S&P 500 ETF Trust (NYSE ARCA:SPY) rising 0.49% to $767.94. Cleveland-Cliffs has remained in focus amid tariff headlines, the idling of certain Stelco plant operations, and ongoing debate over its capital-intensive modernization plans. Near-term expectations point to roughly $0.24 in earnings per share and about $5.6 billion in revenue.

Cleveland-Cliffs Recovers From Prior Session Pressure Cleveland-Cliffs shares rebounded after a steeper drop earlier in the week that outpaced peers. The prior decline followed reports that its Canadian subsidiary Stelco planned to indefinitely idle cold-rolled and coated operations at Hamilton Works, affecting hundreds of jobs. The company cited the impact of elevated U.S. tariffs on Canadian steel as a key factor that has constrained demand for those products.

Stelco intends to concentrate production at its Lake Erie Works facility in Nanticoke, Ontario, with overall steel tonnage expected to remain unchanged even as the product mix shifts toward more hot-rolled coil. Cleveland-Cliffs has emphasized that job opportunities at the Lake Erie site will be offered to affected Hamilton employees. The recovery in the stock suggests some investors viewed the earlier move as overdone relative to the operational adjustments.

Nucor and Steel Dynamics Post Modest Gains Nucor stock moved modestly higher. The company operates primarily electric-arc furnace facilities and remains one of the largest U.S. steel producers. Nucor shares have generally tracked sector sentiment more closely than Cleveland-Cliffs in recent sessions.

Steel Dynamics stock also advanced. Steel Dynamics focuses on mini-mill production and has expanded its product offerings in recent years. Both Nucor and Steel Dynamics lack the same degree of Canadian operational exposure that has weighed on Cleveland-Cliffs, leaving their trading patterns more aligned with broader steel demand and pricing trends.

Sector Watches Tariff and Capacity Developments The VanEck Steel ETF’s slight advance reflected a calmer tone across the group. Separate headlines have included plans for a large new steel mill in Iowa by Mesabi Metallics, a project tied to administration support and expected to use electric-arc furnace technology similar to Nucor’s model. First steel from that facility is projected for around 2030, making it a longer-term capacity consideration rather than an immediate earnings factor.

Similarities among Cleveland-Cliffs, Nucor, and Steel Dynamics include exposure to U.S. steel demand, construction, and automotive end markets. Differences center on production methods, with Cleveland-Cliffs more heavily integrated and exposed to cross-border tariff dynamics through Stelco. Capital spending on modernization remains a point of investor debate for Cleveland-Cliffs.

What to Look for Now The rebound in Cleveland-Cliffs shares offers some relief after the prior selloff in steel stocks, but tariff uncertainty and the Stelco adjustments continue to shape near-term sentiment. Earnings expectations and the pace of any modernization investments will remain important markers. Nucor and Steel Dynamics face their own capacity and pricing dynamics within a still-volatile steel market.

Investors should consider keeping position sizes modest given the sensitivity of steel stocks to trade policy, demand cycles, and commodity prices. Stabilization in tariff headlines or clearer progress on operational adjustments could support the group, while further policy shifts or weaker end-market demand may renew pressure.

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Cleveland-Cliffs (CLF - Free Report) ended the recent trading session at $11.22, demonstrating a -7.88% change from the preceding day's closing price. This change lagged the S&P 500's 0.77% loss on the day. Elsewhere, the Dow lost 0.67%, while the tech-heavy Nasdaq lost 0.92%.

Shares of the mining company witnessed a gain of 4.82% over the previous month, beating the performance of the Basic Materials sector with its loss of 9.1%, and the S&P 500's gain of 0.96%.

Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.24 per share. This would mark year-over-year growth of 153.33%. In the meantime, our current consensus estimate forecasts the revenue to be $5.6 billion, indicating a 18.25% growth compared to the corresponding quarter of the prior year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.04 per share and revenue of $21.1 billion, indicating changes of +98.39% and +13.4%, respectively, compared to the previous year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 a 7.69% increase. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 68, this industry ranks in the top 28% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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) closed the most recent trading day at $12.07, moving -3.44% from the previous trading session. This change lagged the S&P 500's 1.49% gain on the day. At the same time, the Dow added 0.71%, and the tech-heavy Nasdaq gained 2.26%.

Heading into today, shares of the mining company had gained 10.91% over the past month, outpacing the Basic Materials sector's gain of 0.21% and the S&P 500's gain of 0.1%.

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 per share (EPS) are projected to be $0.24, reflecting a 153.33% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $5.6 billion, indicating a 18.25% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.11 per share and revenue of $21.1 billion, which would represent changes of +95.56% and +13.4%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 last 30 days, the Zacks Consensus EPS estimate has moved 2.17% higher. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.

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.

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