Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, galvalume, enameling, and advanced high-strength steel products; austenitic, martensitic, duplex, precipitation hardening, and ferritic stainless steel products; plates; and grain oriented and non-oriented electrical steel products, as well as slab, scrap, iron ore, coal, and coke. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing. In addition, the company offers tinplate products, such as electrolytic tin coated and chrome coated sheet, and tin mill products; tooling and sampling; ingots, rolled blooms, and cast blooms; and hot-briquetted iron products. Further, it owns five iron ore mines in Minnesota and Michigan. The company serves automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.

Cleveland-Cliffs’ valuation looks cheap on multiples, but earnings quality and durability do not yet support strong upside. P/S of 0.31 and P/B of 1.13 are notably below industry medians, which usually points to undervaluation; however, this is partly offset by weak profitability and the high cyclicality of the business. P/E and P/FCF are formally zero, but that is more a sign of an unstable calculation base than of genuine extreme cheapness. Revenue remains large and relatively stable, but profitability is extremely weak: gross margin, operating margin, net margin, ROE, ROA, and ROI are all zero, which suggests the company is not yet generating convincing returns on capital. At the same time, EBITDA and operating income are positive, and EPS and forecast EPS remain in the black, supporting the case for a recovery, but the scale of that recovery is still limited. Debt burden remains significant: debt/equity of 1.32 is above the industry norm, and long-term debt of about $7.7 billion, combined with low cash on hand, creates sensitivity to a deterioration in market conditions. Current liquidity looks acceptable based on the current ratio, but the quick ratio is noticeably weaker, indicating dependence on working capital and inventories. Shareholders’ equity remains substantial, and net worth is above the industry median, which partially mitigates debt risk. Year-over-year trends do not show a sustained improvement in margins: revenue fluctuates, profitability remains weak, and the cash cushion is small. There is a dividend yield, but it does not appear sufficient compensation for cyclicality and financial leverage. Overall, the fundamentals support a cautious view with limited re-rating potential rather than an aggressive increase in the target price. For an investor, this is a story of a steel company that is cheap on multiples but still risky, where the key driver will be not so much the current valuation as a sustained recovery in margins and free cash flow.

Cleveland-Cliffs Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, значительно упал. Медведи в растерянности.

Strong index, significantly down. The bears are confused.

Сильный индекс, незначительно упал. Нейтральный рынок.

Strong index, slightly down. Neutral market.

Средний индекс, значительно упал. Нейтральный рынок.

Medium index, significantly down. Neutral market.

Слабый индекс, незначительно упал. Приток средств в лонги остался положительным, но снизился.

Weak index, slightly down. The inflow of funds into longs remained positive, but decreased.

Слабый индекс, значительно вырос. Приток средств в шорты остается на невысоком уровне.

Weak index, significantly up. The inflow of funds into shorts remains at a low level.

CLF looks cheap on P/S and P/B, but weak margins, high debt, and low liquidity limit its revaluation potential.

Key Points
Third-quarter adjusted EBITDA more than doubled sequentially to $612 million.
Steel contract renewals are projected to generate $1 billion in EBITDA.
Postponing the blast furnace reline preserves 500,000 net tons of output.
On its third-quarter 2026earnings call held on Oct. 19, 2026, Cleveland-Cliffs (NYSE:CLF) announced that third-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled sequentially to $612 million. Price realization and shipment volumes both expanded as domestic trade protections restricted foreign imports. Management is translating this pricing power into multiyear supply contracts that lock in cash flow. Three key takeaways from the call reveal how management's positioning the business for long-term value creation.
1. Contract Renewals Are Driving $1 Billion in Earnings Expansion
Management secured renewed multiyear steel supply agreements that increase contracted customer volumes while reducing index discounts. This pricing power across domestic customer accounts creates a direct path toward $1 billion in incremental EBITDA.
In aggregate, the improvements should generate more than $1 billion of year over year EBITDA improvement.
-- C. Lourenco Goncalves, Chairman and Chief Executive Officer
2. Furnace Reline Postponement Preserves 500,000 Tons of Production
Deploying targeted maintenance enabled management to delay the Burns Harbor C-blast furnace rebuild from 2027 to April 2028. Postponing the 90-day maintenance outage preserves 500,000 net tons of high-margin production capacity during a period of elevated domestic steel demand.
By safely pushing out the reline, we can capitalize on a highly favorable commercial environment preserve valuable production capacity during a period of strong demand and pricing, and enhanced cash generation while maintaining operational reliability.
-- Celso L. Goncalves Jr., President and Chief Financial Officer
3. Free Cash Flow Priority Remains Debt Paydown Below Target Leverage
Asset sale proceeds expected in the fourth quarter and expanding operating cash flow will go directly toward reducing total outstanding debt. Management doesn't plan to stop debt reduction once it reaches its target ratio of 2x to 2.5x leverage.
Paying down debt will remain our number one allocation of free cash flow even after we have reached that leverage target.
-- Celso L. Goncalves Jr., President and Chief Financial Officer
Looking Ahead
Steel prices are climbing across North America as trade enforcement reduces import competition, and management isn't wasting capacity on uncommitted volume. The company holds structural advantages in domestic iron ore self-sufficiency, specialized automotive steel capability, and flexible furnace capacity. Management's watching contract renewal execution, furnace maintenance timing, and balance sheet debt reduction.
The slide deck that we released this morning shows the realistic path to more than $4 billion of EBITDA in 2027, under market conditions similar to those that we experienced this past quarter.
-- Celso L. Goncalves Jr., President and Chief Financial Officer
Contractual momentum and disciplined capital allocation provide clear visibility into multiyear cash generation.
We are entering 2027 with momentum that continues to build, not fade.
-- Celso L. Goncalves Jr., President and Chief Financial Officer
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Cleveland-Cliffs: 3 Key Takeaways for Long-Term Investors

The S&P 500 Index ($SPX) (SPY) is up by +0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.52%. December E-mini S&P futures (ESZ26) are up +0.58%, and December E-mini Nasdaq futures (NQZ26) are up +1.51%.
Stock indexes are mostly higher today, with chipmakers and AI-infrastructure stocks leading the broader market higher after last week’s selloff. Earnings optimism is lifting stocks ahead of this week's earnings results from Meta Platforms, Tesla, and Netflix. Also, weaker crude oil prices today have improved market sentiment and are supportive of stocks.
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On the downside, homebuilders are under pressure after today’s US economic news showed the Oct NAHB housing market index fell 3 points to a 14-year low of 29, below expectations of 31.
Mostly better-than-expected Chinese economic news is positive for global growth prospects and stocks. China Q3 GDP rose +1.2% q/q and +4.5% y/y, stronger than expectations of +1.0% q/q and +4.4% y/y. Also, China's Sep industrial production rose +5.5% y/y, right on expectations and the largest increase in 6 months. In addition, China's Sep retail sales rose +1.1% y/y, stronger than expectations of +0.5% y/y and the largest increase in 6 months. Finally, China's Sep surveyed jobless rate unexpectedly fell -0.1 to 5.2%, below the expected 5.3% and signaling a stronger labor market. On the downside, China's Sep new home prices fell -0.14% m/m, the fortieth consecutive month of declines.
Stocks have support from the prospect of solid quarterly earnings results. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 45 of the S&P 500 companies have reported results, with 80% beating estimates.
Nov WTI crude oil prices (CLX26) are moving lower today on some profit-taking after last week's rally to a 5-week high. US Energy Secretary Wright said Persian Gulf oil flows have recovered to about 80% of their pre-war level, though refined-product shipments remain constrained. Crude oil prices have underlying support from concerns about disruptions to Middle Eastern energy supplies after Houthi rebels in Yemen targeted Yanbu in Saudi Arabia, a significant Red Sea port for Saudi oil exports that avoids the Strait of Hormuz, with missiles and drones. Also, the UK Maritime Trade Operations reported that two tankers were attacked in the Persian Gulf near Saudi Arabia's port city of Jubail over the weekend.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 fell to a 1-week low today and is down -1.18%. China's Shanghai Composite closed up +0.39%. Japan's Nikkei-225 Stock Average fell to a 1-month low and closed down -0.62%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks. The 10-year T-note yield is up +3.2 bp to 5.127%. Today’s stock rally has reduced safe-haven demand for government debt, weighing on T-notes. Losses in T-notes are limited amid some safe-haven buying due to the social unrest in France. Weaker WTI crude oil prices today are also lowering inflation expectations and supporting T-notes.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.6 bp to 3.462%. The 10-year UK gilt yield is up +5.7 bp to 5.430%.
The German Bundesbank said in a report today that "inflation risks in the Eurozone are clearly tilted to the upside."
Markets are discounting an 8% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are moving higher today, recovering some of last week’s rout. The iShares Semiconductor ETF (SOXX) is up more than +2%. SanDisk (SNDK) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and Western Digital (WDC) is up more than +6%. Also, Marvell Technology (MRVL) is up more than +5%, and Intel (INTC), Seagate Technology Holdings Plc (STX), Lam Research (LRCX), and Micron Technology (MU) are up more than +4%. In addition, Advanced Micro Devices (AMD) and Applied Materials (AMAT) are up more than +3%, and Analog Devices (ADI), KLA Corp (KLAC), Broadcom (AVGO), and Qualcomm (QCOM) are up more than +2%.
The Magnificent Seven stocks, excluding Meta, are up today, supporting broader market gains. Amazon.com (AMZN) is up more than +4% to lead gainers in the Dow Jones Industrials, and Tesla (TSLA) is up more than +3%. Also, Nvidia (NVDA), Alphabet (GOOGL), and Microsoft (MSFT) are up more than +1%. In addition, Apple (AAPL) is up +0.14%. Conversely, Meta Platforms (META) is down -0.87%.
Cloud infrastructure stocks are climbing today. Applied Digital (APLD) is up more than +8%, and Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are up more than +3%. Also, CoreWeave (CRWV) and Arista Networks (ANET) aew up more than +2%, and Oracle (ORCL) is up more than +1%.
Home builders and building supplies are slipping today after the US Oct NAHB housing market index fell more than expected to a 14-year low. DR Horton (DHI) and Pulte Group (PHM) are down more than -2%, and Lennar (LEN), KB Home (KBH), Toll Brothers (TOL), and Builders Firstsource (BLDR) are down more than -1%.
Disc Medicine (IRON) is up more than +39% after announcing that its investigational drug bitopertin met all primary and secondary endpoints in a Phase 3 Apollo trial in adults and adolescents with erythropoietic protoporphyria.
Cleveland Cliffs (CLF) is up more than +13% after reporting Q3 adjusted Ebitda of $612 million, above the consensus of $591.5 million.
Datadog (DDOG) is up more than +5% after Bernstein upgraded the stock to outperform from market perform with a price target of $350.
NRG Energy (NRG) is down more than -5% to lead losers in the S&P 500 after Jeffries cut its price target on the stock to $131 from $160.
Ameriprise Financial (AMP) is down more than -3% after Bank of America Global Research double-downgraded the stock to underperform from buy with a price target of $445.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Strength in Chipmakers and AI-Infrastructure Stocks Lead the Broader Market Higher

(RTTNews) - Cleveland-Cliffs Inc. (CLF) will host a conference call at 8:30 AM ET on October 19, 2026, to discuss Q3 26 earnings results.
To access the live webcast, log on to https://www.clevelandcliffs.com/investors/news-events/ir-calendar

Cleveland-Cliffs Q3 26 Earnings Conference Call At 8:30 AM ET

(RTTNews) - Cleveland-Cliffs (CLF) reported third quarter GAAP net income of $165 million, or $0.26 per diluted share, compared to a loss of $234 million or $0.51 per share, prior year. Adjusted EBITDA was $612 million, compared to $143 million, last year. The company recorded an adjusted net income of $0.28 per share compared to a loss of $0.45, last year. Revenues increased to $5.61 billion from $4.73 billion, prior year. As of September 30, 2026, the company had $3.2 billion in total liquidity.
The company expects fourth-quarter adjusted EBITDA to be approximately $715 million, an increase from the third quarter. The company projects 2027 adjusted EBITDA to exceed $4 billion.
"We continued to reduce debt in third quarter and, with amplified free cash flow in fourth quarter and property sale proceeds, we expect a major debt reduction in the fourth quarter. With all that, we remain on track to reach our leverage target of under 2.5x net debt to EBITDA by the middle of next year," said Cliffs' Chairman and CEO, Lourenco Goncalves.
In pre-market trading on NYSE, Cleveland-Cliffs shares are up 13.28 percent to $13.76.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Cleveland-Cliffs Reports Net Income In Q3

The S&P 500 Index ($SPX) (SPY) closed down by -0.17% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.21%. December E-mini S&P futures (ESZ26) fell -0.15%, and December E-mini Nasdaq futures (NQZ26) rose +0.21%.
Stock indexes settled mixed on Tuesday. The broader market was under pressure Tuesday as soaring bond yields pushed the 10-year T-note yield to a new 19-year high of 5.29%. Weaker-than-expected US economic news also weighed on stocks after Aug JOLTS job openings fell to a 5-month low, and Sep consumer confidence tumbled to a 12-year low.
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However, stock losses were limited after a -3% plunge in WTI crude oil prices eased inflation risks and knocked bond yields from their highs. Strength in chipmakers on Tuesday also helped the overall market. In addition, dovish comments from New York Fed President Williams on Tuesday reduced the chance of a Fed rate hike next month to 52% from 70% when he said the Fed needs only one more rate hike to contain inflation.
The July S&P composite-20 home price index rose +0.3% m/m and +2.47% y/y, stronger than expectations of +0.2% m/m and +2.20% y/y, with the +2.47% y/y gain the largest year-on-year increase in 14 months.
US Aug JOLTS job openings fell -256,000 to a 5-month low of 7.079 million, weaker than expectations of 7.228 million.
The Conference Board US Sep consumer confidence index fell -6.7 to a 12-year low of 81.9, weaker than expectations of 89.0.
New York Fed President John Williams said, "If the economy evolves in a manner broadly consistent with my forecast, one further upward adjustment of the federal funds target range may be appropriate late this year to support a timelier return of inflation to target."
Nov WTI crude oil prices (CLX26) dropped more than -3% on Tuesday as signs of larger oil exports from Saudi Arabia are bearish for prices. Tracking data compiled by Bloomberg show Saudi Arabia's crude exports stood at 5.28 million bpd in September, the highest in seven months. Saudi Arabia also said it restored about 3.5 million bpd of the East-West Pipeline's 7 million bpd capacity on Monday after repairs restored the link damaged by drone strikes earlier this month.
Markets are discounting a 52% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 rose to a 2.5-week high and closed up +0.30%. China's Shanghai Composite closed up +0.18%. Japan's Nikkei-225 Stock Average closed down -0.60%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -2 ticks on Tuesday. The 10-year T-note yield rose +1.9 bp to 5.255%. Dec T-notes sank to a 19-year nearest-futures low on Tuesday, and the 10-year T-note yield climbed to a 19-year high of 5.291%. Supply pressures weighed on T-notes Tuesday after Paramount Skydance announced it was offering $32 billion of corporate debt in eight tranches, prompting bond dealers to short T-notes to hedge against the incoming supply.
Losses in T-notes were limited on Tuesday amid weaker-than-expected US economic news on Aug JOLTS job openings and Sep consumer confidence. T-notes recovered most of their losses on Tuesday after WTI crude oil prices fell more than 3%, easing inflation expectations. Also, dovish comments from New York Fed President John Williams supported T-notes when he said he sees only one more Fed rate hike needed to contain inflation.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell -1.7 bp to 3.626%. The 10-year UK gilt yield fell -1.2 bp to 5.410%.
The Eurozone Sep economic confidence indicator unexpectedly fell -0.5 to 97.9, weaker than expectations of an increase to 99.0.
Spain Sep CPI (EU harmonized) rose +5.0% y/y, stronger than expectations of +4.9% y/y and the largest increase in 3.5 years. Sep core CPI rose +3.1% y/y, stronger than expectations of +3.0% y/y.
Markets are discounting a 32% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks moved higher on Tuesday, a supportive factor for the broader market. The iShares Semiconductor ETF (SOXX)climbed to a 2.5-month high and closed up more than +1%. Applied Materials (AMAT) closed up more than +5%, and Marvell Technology (MRVL) closed up more than +4%. Also, ARM Holdings Plc (ARM), KLA Corp (KLAC), and ASML Holding NV (ASML) closed up more than +3%. In addition, Lam Research (LRCX) closed up more than +2%, and Microchip Technology (MCHP), Micron Technology (MU), Broadcom (AVGO), and Texas Instruments (TXN) closed up more than +1%.
Cruise stocks rallied sharply on Tuesday, led by a +13% jump in Carnival (CCL) to lead gainers in the S&P 500 after boosting its full-year adjusted EPS estimate to $2.24 from a previous estimate of $2.22. Also, Royal Caribbean Cruises (RCL) closed up more than +7%, and Norwegian Cruise Line Holdings (NCLH) closed up more than +3%.
Fair Isaac (FICO) closed down more than -26% to lead credit reporting agencies lower and losers in the S&P 500 after FHA director Pulte announced a move that makes it easier for lenders to adopt VantageScore, a move that will increase competition that could pressure credit companies’ market share and pricing power. Also, Equifax (EFX) closed down more than -3%, and TransUnion (TRU) closed down more than -2%.
US steel makers fell on Tuesday after President Trump announced plans for a $15 billion Mesabi Metallics steel plant in Iowa that could produce 10 million tons of steel by 2030. Steel Dynamics (STLD), Nucor Corp (NUE), and Commercial Metals (CMC) closed down more than -3%, and Cleveland Cliffs (CLF) closed down more than -1%.
Summit Therapeutics (SMMT) closed up more than +6% after AstraZeneca said it would make a $2 billion strategic equity investment in the company to jointly develop drugs.
CarMax (KMX) closed up more than +4% after reporting Q2 net sales and operating revenue of $7.88 billion, well above the consensus of $7.05 billion.
FuelCell Energy (FCEL) closed up more than +4% after Oppenheimer & Co initiated coverage on the stock with a recommendation of outperform and a price target of $24.
Oracle (ORCL) closed up more than +3% after Axios reported that OpenAI’s annual recurring revenue is nearing $70 billion. OpenAI signed a deal with Oracle last year to support the development of five US data centers.
UniQure NV (QURE) closed down more than -37% after saying the benefits of its Huntington’s disease gene therapy drug AMT-130 were not as good after four years as they were after three years in a small trial, a result that could complicate its bid to get the treatment approved by regulators.
Apple (AAPL) closed down more than -2% to lead losers in the Dow Jones Industrials and Nasdaq 100 after Bank of America said Apple faces risks as the company’s Siri AI lacks the features that Meta Platform’s Muse AI agent has.
Earnings Reports (9/30/2026)
Cal-Maine Foods Inc (CALM), Conagra Brands Inc (CAG), FactSet Research Systems Inc (FDS), Jabil Inc (JBL), Micron Technology Inc (MU), Progress Software Corp (PRGS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Mixed as Bond Yields Rise

In trading on Monday, shares of Cleveland-Cliffs Inc (Symbol: CLF) crossed below their 200 day moving average of $11.42, changing hands as low as $11.00 per share. Cleveland-Cliffs Inc shares are currently trading down about 8.9% on the day. The chart below shows the one year performance of CLF shares, versus its 200 day moving average:
Looking at the chart above, CLF's low point in its 52 week range is $7.73 per share, with $16.70 as the 52 week high point — that compares with a last trade of $11.24.
Click here to find out which 9 other metals stocks recently crossed below their 200 day moving average »
Further CLF Research:

Notable Two Hundred Day Moving Average Cross - CLF

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Terex Corp. (Symbol: TEX), where a total volume of 10,037 contracts has been traded thus far today, a contract volume which is representative of approximately 1.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 99.1% of TEX's average daily trading volume over the past month, of 1.0 million shares. Particularly high volume was seen for the $50 strike call option expiring November 20, 2026, with 5,001 contracts trading so far today, representing approximately 500,100 underlying shares of TEX. Below is a chart showing TEX's trailing twelve month trading history, with the $50 strike highlighted in orange:
GEO Group Inc (Symbol: GEO) options are showing a volume of 23,190 contracts thus far today. That number of contracts represents approximately 2.3 million underlying shares, working out to a sizeable 98.5% of GEO's average daily trading volume over the past month, of 2.4 million shares. Particularly high volume was seen for the $35 strike call option expiring November 20, 2026, with 9,506 contracts trading so far today, representing approximately 950,600 underlying shares of GEO. Below is a chart showing GEO's trailing twelve month trading history, with the $35 strike highlighted in orange:
And Cleveland-Cliffs Inc (Symbol: CLF) options are showing a volume of 123,929 contracts thus far today. That number of contracts represents approximately 12.4 million underlying shares, working out to a sizeable 96.4% of CLF's average daily trading volume over the past month, of 12.9 million shares. Especially high volume was seen for the $11.50 strike put option expiring October 16, 2026, with 14,834 contracts trading so far today, representing approximately 1.5 million underlying shares of CLF. Below is a chart showing CLF's trailing twelve month trading history, with the $11.50 strike highlighted in orange:
For the various different available expirations for TEX options, GEO options, or CLF options, visit StockOptionsChannel.com.
Further TEX Research:

Noteworthy Monday Option Activity: TEX, GEO, CLF

The most recent trading session ended with Cleveland-Cliffs (CLF) standing at $9.37, reflecting a -0.11% shift from the previouse trading day's closing. The stock fell short of the S&P 500, which registered a gain of 0.73% for the day. Meanwhile, the Dow experienced a rise of 0.16%, and the technology-dominated Nasdaq saw an increase of 0.98%.
Heading into today, shares of the mining company had lost 24.72% over the past month, lagging the Basic Materials sector's loss of 8.2% and the S&P 500's gain of 0.34% in that time.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. The company is predicted to post an EPS of -$0.46, indicating an 820% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $4.45 billion, down 12.99% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.48 per share and a revenue of $19.55 billion, signifying shifts of -144.86% and -11.1%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 22.36% downward. Currently, Cleveland-Cliffs is carrying a Zacks Rank of #5 (Strong Sell).
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 161, finds itself in the bottom 36% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: What You Should Know

A study of analyst recommendations at the major brokerages shows that Cleveland-Cliffs Inc (Symbol: CLF) is the #50 broker analyst pick, on average, out of the 50 stocks making up the Metals Channel Global Mining Titans Index, according to Metals Channel. The Metals Channel Global Mining Titans Index is comprised of the top fifty global leaders from the metals and mining sector. The companies listed in the Metals Channel Global Mining Titans Index are not fixed, but instead variable — updating on a continuous basis to reflect the changing market environment with respect to commodity prices, government policy and market volatility.
In forming this rank, the analyst opinions from the major brokerage houses were tallied, and averaged; then, the underlying components of the Metals Channel Global Mining Titans Index were ranked according to those averages. Investors often interpret analyst opinions from different angles — when companies have a low rank among analysts, it isn't necessarily the case that investors should conclude that the stock will perform poorly. It can, of course, but a bullish investor could also take the contrarian angle and read into the data that there is lots of room for upside because the stock is so out of favor.
CLF operates in the Non-Precious Metals & Non-Metallic Mining sector, among companies like Southern Copper Corp (SCCO) which is up about 0.6% today, and Ternium S A (TX) trading lower by about 0.1%. Below is a three month price history chart comparing the stock performance of CLF, versus SCCO and TX.
CLF is currently trading up about 0.7% midday Friday.
Further CLF Research:

See How Cleveland-Cliffs Ranks Among Analysts' Top Metals Picks

Commercial Metals Company’s CMC core EBITDA surged 77.3% year over year to $968 million in the first nine months of fiscal 2026, driven by metal margin expansion and contributions from the recently acquired precast businesses. The core EBITDA margin reached 14.4% in the same time frame compared with the prior year’s 9.6%.
Backed by healthy domestic demand, strong backlogs and ongoing benefits from strategic initiatives, CMC expects core EBITDA to further increase sequentially in the fourth quarter of fiscal 2026.
CMC closed two major acquisitions in December 2025 — Concrete Pipe and Precast, LLC ("CP&P") and Foley Products Company. The acquired businesses add manufactured concrete pipe and structures used in job-site infrastructure, boosting Commercial Metals’ early-stage construction offering beyond steel and geotechnical solutions. In the third quarter of fiscal 2026, the precast business contributed $52.9 million to adjusted EBITDA. The company expects the precast platform to generate $165-$175 million of EBITDA in fiscal 2026, with incremental annualized EBITDA of $240-$250 million and $30-$40 million of annualized synergies by the end of year three.
Commercial Metals is also benefiting from its Transform, Advance, Grow (“TAG”) Program, which focuses on driving higher through-the-cycle margins, earnings, cash flows and ROIC. CMC expects an annualized EBITDA benefit of more than $250 million in fiscal 2026 and more than $350 million by fiscal 2027 from the program.
On Aug. 5, Commercial Metals introduced its fiscal 2029 financial targets. Backed by its focus on transformation, the company expects to generate structurally higher margins and enhanced free cash flow. CMC expects its fiscal 2029 core EBITDA to be $1.65-$1.80 billion, suggesting a surge of 106% at mid-point from the $837 million delivered in 2025. The core EBITDA margin is expected to be 15-16%.
EBITDA Performance by Commercial Metals’ Peers
Steel Dynamics, Inc. STLD reported adjusted EBITDA of $1.62 billion in the first six months of 2026, marking a year-over-year increase of 65.1%. Steel Dynamics remains optimistic that domestic steel and aluminum consumption will stay strong through the remainder of 2026 and into 2027. The upside will be supported by improving customer sentiment, stronger order activity, better pricing, domestic trade actions, manufacturing reshoring and infrastructure investments. Steel Dynamics’s strategic investments are projected to boost the company's consolidated annual EBITDA by $650-$700 million.
Cleveland-Cliffs Inc. CLF posted adjusted EBITDA of $381 million in the first six months of 2026 against a loss of 85 million in the prior year. Cleveland-Cliffs expects third-quarter 2026 adjusted EBITDA of $575 million, more than double the second-quarter results. Cleveland-Cliffs 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.
CMC’s Price Performance, Valuations & Estimates
Commercial Metals shares have gained 18.3% in the past year compared with the industry’s 73.4% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 34.6% and 23%, respectively.
Commercial Metals is currently trading at a forward price/sales ratio of 0.76 compared with the industry's 1.85.
The Zacks Consensus Estimate for Commercial Metals’ fiscal 2026 sales is $9.18 billion, indicating a 17.7% year-over-year jump. The consensus mark for the year’s earnings is pegged at $6.64 per share, indicating a year-over-year upsurge of 112.1%.
The Zacks Consensus Estimate for fiscal 2027 sales implies 7.6% year-over-year growth. The same for earnings suggests a dip of 9.6%.
EPS estimates for fiscal 2026 and 2027 have moved north over the past 60 days.
Image Source: Zacks Investment Research
CMC currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Indicator	Mar 26	Jun 26	Jul 26	Aug 26	Oct 26	TTM	Median
P/E	0.00	0.00	—	0.00	—	0.00	19.85
Price/Sales	0.23	—	0.31	—	—	0.31	1.51
P/B	0.80	0.92	—	1.13	—	1.13	1.97
P/FCF	0.00	0.00	0.00	0.00	—	0.00	19.33

Indicator	Mar 26	Jun 26	Jul 26	Aug 26	Oct 26	TTM	Median
ROE	0.00	0.00	—	—	—	0.00	14.00
ROA	0.00	—	—	—	—	0.00	7.13
ROI	0.00	0.00	—	—	—	0.00	9.67
Net Worth	4.82	5.36	—	—	6.92	6.92	1.54
Quick Ratio	0.64	0.64	—	—	—	0.64	1.23
Current Ratio	2.02	—	—	—	—	2.02	2.06

Indicator	Jun 26	Jul 26	Aug 26	Oct 26	Median
Net Profit Margin	0.00	—	—	—	9.02
Operating Margin	—	—	—	—	14.38
Gross Margin	0.00	—	—	—	29.78
Return on tangible equity	0.00	—	—	—	19.96

Indicator	Mar 26	Jun 26	Jul 26	Aug 26	Oct 26	TTM	Median
EPS	-0.40	—	-0.20	—	0.28	0.28	0.51
EPS Forecast	-0.44	—	-0.21	—	0.24	0.24	0.40
Revenue	4.92B	5.23B	—	—	—	5.23B	207.00M
Gross Profit	—	132.00M	—	—	—	132.00M	—
EBITDA	46.00M	213.00M	—	—	—	213.00M	—

Cleveland-Cliffs Inc.

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