Cleveland-Cliffs(NYSE) CLF

Cleveland-Cliffs NYSE:CLF makes steel for cars and trucks. They mine iron ore to create strong metal parts. Their products help build homes and essential infrastructure.

From Mine to Motor

• Automotive Steel: High-strength sheets used to build safe and light vehicles; direct automotive revenue was $1.5 billion in the third quarter of 2026.
• Hot-Rolled Steel: Versatile metal used in large manufacturing and building projects; sales to distributors and converters reached $1.8 billion in the third quarter of 2026.
• Electrical Steel: Specialized metals used to modernize the American electric grid; these products support growth in electricity consumption and artificial intelligence.
• Raw Materials: Internal production of iron ore and hot-briquetted iron, a processed form of iron used for making steel. This supply reduces reliance on more expensive outside materials.

Strategic Modernization Efforts

• Partnered with Palantir Technologies in the second quarter of 2026 to use artificial intelligence for better efficiency.
• Established a framework for a $1 billion investment at Middletown Works in the third quarter of 2026.
• Signed a memorandum of understanding with POSCO in the third quarter of 2025 to support industrial customers.
• Idled underperforming finishing operations at the Hamilton Works facility during the third quarter of 2026.

The Power of Integration

Cleveland-Cliffs controls its entire production process by mining its own iron ore and processing it into steel. This vertical integration allows the company to maintain stable costs even when global prices change. Its strong relationship with unionized workers and use of fixed-price contracts help manage industry volatility.

Tracking Recent Financial Performance

• Steelmaking revenue reached $5.4 billion in the third quarter of 2026. This was up 19% year over year.
• Segment earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) were $949 million for the nine months ended Sept. 30, 2026. This was up from $20 million in the same period of 2025.
• Average selling price for steel products rose to $1,177 per net ton in the third quarter of 2026.
• Total liquidity reached $3.2 billion as of Sept. 30, 2026. This includes cash on hand and available credit from bank facilities.

A Transformed Industrial Leader

Cleveland-Cliffs has transformed from a raw material miner into a fully integrated steel producer focusing on the automotive sector. This shift and its recent efficiency efforts have strengthened its position in the North American industrial market.