📈 Price History

Ratio Health

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📊 Sector Averages

About

Cleveland-Cliffs Inc. operates as a steel producer in the United States and Canada.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding CLF

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Manager	Shares	Value	% of Fund	Period
Stan Druckenmiller Duquesne Family Office	2.31M	$19.5M	0.58%	Mar 2026
Steve Cohen Point72 Asset Management	2.26M	$19.1M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses direct, assertive language such as 'laser focused on cost cutting', 'we showed the strong improvements', and 'I have very little patience to keep repeating'. Specific numbers and timelines are provided.

Q3 2025

Confident Specific

Management uses emphatic language like 'clear indication', 'significant rebound', 'huge win' to describe auto recovery and trade policy success; provides specific figures such as $143 million adjusted EBITDA and $425 million in asset sale proceeds; Lourenco Goncalves repeatedly asserts Cliffs' readiness and capacity superiority.

Q4 2025

Confident Specific

Management uses specific numbers and timelines, e.g., 'ASP expected up $60 a ton in Q1', 'unit cost down $10 per ton for full year 2026', and calls out a $500 million EBITDA gain from ending the slab contract. They also reference concrete actions like 'reducing around 3,300 employees' and 'locked in coal contracts that generate over $100 million of savings'.

Q1 2026 latest

Confident Specific

Lourenco uses precise language like 'order book is full', 'lead times have moved out', 'pricing changes lag now two months', and quantifies the energy spike impact at exactly $80 million. Celso provides specific sequential guidance: selling prices up ~$60/ton Q2 vs Q1, costs up $15/ton then dropping meaningfully in Q3, and asset sale cadence of $50M in Q2, $100M in Q3, remainder in Q4.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The key change is the confirmation that trade enforcement is materially restricting imports, leading to a full order book and extended lead times. The company explicitly expects Q2 to be the best quarter in nearly two years and Q3 even stronger, with pricing gains flowing through gradually. The substitution of aluminum with steel adds a structural volume driver. However, investors should watch cost trajectory closely, particularly the Q2 cost step-up and the lag in Canadian pricing realization. The POSCO deal remains a wild card; management's reduced urgency suggests they may walk away if terms aren't favorable. The upcoming labor renegotiation with the USW is a critical event that could impact cost flexibility. Overall, the market environment is clearly improving, and Cleveland-Cliffs is positioned to benefit, but execution on cost control and working capital management will determine how much of that improvement reaches the bottom line.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Cleveland-Cliffs Q1 2026: Adjusted EBITDA $95M, shipments 4.1M tons.

Revenue & Profitability

Adjusted EBITDA for Q1 2026 was $95 million, a $274 million increase year-over-year, driven primarily by higher pricing. Average selling prices rose $68 per ton from a year ago and $55 per ton sequentially. Free cash flow was negative in Q1 due to working capital timing, but management expects a return to meaningful positive free cash flow in Q2. Net income and operating income were not explicitly provided in the call.

Outlook

Management sees a healthy steel market driven by full order books, extended lead times (now about two months), and the lowest U.S. steel imports since 2009. Pricing strength is expected to flow through results in Q2 and Q3, with Q2 projected to be the best quarter in nearly two years. Energy costs have normalized, but diesel and scrap are pressuring costs. The company expects Q2 costs to rise $15 per ton before falling meaningfully in the second half.

Growth Drivers

Key growth levers include substitution of steel for aluminum in automotive, building products, appliances, and trailers, with fenders already being supplied as steel replacements. Automotive OEMs are increasing orders, and the company has brought back the electro galvanizing line at New Carlisle. The plate market is also strengthening. Shipments are expected to rise further in Q2 and Q3, supported by better demand and improved operating cadence.

Balance Sheet & CapEx

The Butler Works electrical steel expansion is on schedule for 2028 completion. The Middletown Works project is finalizing an updated scope for a modern blast furnace configuration. CapEx and SG&A guidance remain in line with prior guidance. The company is partnering with a leading AI provider to embed machine learning into production planning and order entry, with a full announcement expected soon.

Margins

Margins are improving as volumes recover, with significant operating leverage from fixed cost absorption. Q1 saw an $80 million EBITDA impact from an energy spike, but natural gas and electricity costs have since normalized. SG&A is at an all-time low on a quarterly basis even after the Stelco acquisition. Q2 costs are expected to rise $15 per ton due to scheduled outages and carryover energy costs, then decline materially in Q3 on higher utilization and lower outage-related expenses.

Key Risks

Risks flagged include energy price volatility (especially for electricity and industrial gases in unregulated states), rising diesel costs impacting mining operations (annual impact of about $50 million or $6 per ton), and the Canadian market trading at a 40% discount to U.S. pricing. Geopolitical disruptions (Middle East, South Korea) could delay the POSCO transaction. The renegotiation of the USW labor agreement is a near-term milestone. Scheduled outages in Q2 will temporarily raise costs.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-23

Q2 2026 saw a return to positive free cash flow and a tripling of adjusted EBITDA sequentially, with strong automotive demand and higher prices driving results. Guidance points to even stronger Q3 and Q4 performance, supported by contract resets, cost reductions, and asset sales.

Q1 2026 Q1 2026 2026-04-20

Q1 2026 saw a strong recovery in pricing and shipments, with adjusted EBITDA up $274 million year-over-year. Outlook for Q2 and Q3 is positive, with higher shipments, improved pricing, and major cash inflows expected. Asset sales and operational efficiencies are set to further strengthen results.

Q4 2025 Q4 2025 2026-02-09

2025 restructuring actions and market shifts have positioned the company for a strong 2026, with higher shipments, improved pricing, and significant EBITDA gains expected from the end of the slab contract and Stelco's turnaround. Strategic partnership talks with POSCO and asset sales could further enhance results.

Q3 2025 Q3 2025 2025-10-20

Q3 2025 saw a strong rebound in domestic steel demand, led by automotive, with multi-year OEM contracts boosting volumes and margins. Operational efficiencies drove a 52% sequential EBITDA increase, while asset sales and cost reductions improved financial flexibility.

Q2 2025 Q2 2025 2025-07-21

Q2 saw strong EBITDA growth, cost reductions, and higher shipment volumes, with further cost and efficiency gains expected in the second half. Asset sales and internal synergies are set to accelerate debt reduction and support robust free cash flow.

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