Cleveland-Cliffs(NYSE) CLF

Cleveland-Cliffs Inc. makes the steel used for cars and trucks. It mines iron ore to create metal for manufacturing. The company helps automakers get the high-quality parts they need.

What the Company Makes

• Automotive Steel: High-strength and coated steel for vehicle parts; direct automotive sales reached $1,461 million in the three months ended June 30, 2026.
• Infrastructure and Manufacturing: Carbon steel products for construction and general industry; earned $1,427 million in the second quarter of 2026.
• Distributors and Converters: Bulk steel sold to processors; generated $1,638 million in revenue during the second quarter of 2026.
• Electrical and Stainless Steel: Specialized metals used for the power grid and durable equipment; shipments rose 18% in the three months ended June 30, 2026.
• Steel Producers: Semi-finished steel and raw materials sold to other mills; accounted for $526 million in revenue in the second quarter of 2026.

Recent Growth and Expansion

• Formed a multiyear strategic partnership with Palantir Technologies in the second quarter of 2026 to use artificial intelligence for improving operational efficiency.
• Signed a Memorandum of Understanding with POSCO in the third quarter of 2025 to support industrial customers moving production to the U.S.
• Began exploring rare earth mineral extraction at two mining sites in 2025 to align with national strategies for material independence.
• Closed or idled several facilities in 2025 and 2026, including operations in Dearborn and Steelton, to streamline the manufacturing footprint.
• Shifted sales toward higher-margin products in 2026 after a five-year contract to supply semi-finished slabs concluded in December 2025.

Why This Steelmaker Is Different

Cleveland-Cliffs operates as a vertically integrated steel producer. It controls the entire supply chain from iron ore mining to final steel finishing. This structure provides predictable costs and reduces reliance on volatile global supply chains.

Measuring Recent Performance

• Steelmaking revenue reached $5,052 million in the three-month period ended June 30, 2026, up 6% year over year.
• The average selling price for steel products was $1,124 per net ton in the second quarter of 2026.
• Adjusted EBITDA (a non-GAAP measure) was $286 million in the second quarter of 2026, up $190 million from the prior-year period.
• Net loss was $134 million in the second quarter of 2026, compared to a $473 million loss in the second quarter of 2025.
• Total liquidity was $3.1 billion as of June 30, 2026, which included cash and availability under a credit facility.

Bottom Line

Cleveland-Cliffs has transformed from a raw material mining firm into a fully integrated steel manufacturer focused on the North American automotive market. By combining internal resource mining with advanced processing and artificial intelligence, the company has created a self-sufficient industrial supply chain.