CLF
T2Cleveland-Cliffs Inc.
Atoms Bits Long '26: Energy BottlenecksFiscal Spend '25: Reshoring Metals & AlloysSteel '26: Integrated / Blast Furnace ProducersUS Industrial Manf '26: Steel Production
OverviewCleveland-Cliffs Inc. is North America's largest flat-rolled steel producer, vertically integrated from iron ore mining to finished products. They supply carbon
Cleveland-Cliffs Inc. is North America's largest flat-rolled steel producer, vertically integrated from iron ore mining to finished products. They supply carbon, stainless, and electrical steels, tubulars, and tinplate to automotive OEMs, infrastructure, and manufacturing. Revenue is diversified across fixed-price (43%), month-lag (23%), quarter-lag (7%), U.S. spot (12%), and Canadian spot (15%), reflecting strong current demand.
- What They Do (Plain English & Analogies)
- Cleveland-Cliffs Inc. is like a fully integrated baker who owns the wheat fields, the flour mill, and the bakery. They handle the entire process of making steel, from digging up the raw materials (iron ore) from their own mines to producing various finished steel products. They are a prominent North American manufacturer specializing in flat-rolled steel, offering a wide range of carbon, stainless, and specialized electrical steels. Beyond these, they produce tubular components, tinplate, and essential raw materials like hot-briquetted iron. They serve a broad customer base, including the automotive industry, infrastructure, and general manufacturing sectors.
- Very Brief History
- Founded in 1847 as Cleveland Iron Company in Cleveland, Ohio, Cleveland-Cliffs Inc. initially focused on iron ore mining. The company evolved significantly, transforming into a fully integrated steelmaker through strategic acquisitions, notably the U.S. operations of AK Steel in 2020 and ArcelorMittal in December 2020. In November 2024, Cleveland-Cliffs acquired Stelco, a Canadian steel manufacturer. The company officially adopted its current name, Cleveland-Cliffs Inc., in August 2017, having previously been known as Cliffs Natural Resources Inc.
- "Street Stereotype"
- Cleveland-Cliffs is generally perceived by investors and analysts as a domestic steel producer that significantly benefits from U.S. trade protection policies, such as Section 232 tariffs, which help safeguard the domestic market from foreign imports. The company is also seen as a key player and the largest supplier in the automotive steel market, focusing on high-quality, advanced steel products. However, it has also carried a stereotype of being exposed to market volatility, energy cost fluctuations, and concerns regarding profitability and free cash flow. Recent market reactions have suggested skepticism or focus on near-term cost pressures and the delayed POSCO deal, despite the company's optimistic messaging.
- Subsidiaries On Linked In*
- Stelco — Canadian subsidiary; LinkedIn: stelco-inc
- Ferrous Processing & Trading Co. — Scrap processing and trading; LinkedIn: ferrous-processing-&-trading-co.
- Cannon Automotive Solutions — Tooling and stamping brand/division; LinkedIn: cannon-automotive-solutions
- The Electromac Group — Tooling and stamping brand/division; LinkedIn: the-electromac-group
- Customer Sectors & Example Clients
- Cleveland-Cliffs serves customers across several key sectors, including the automotive industry, infrastructure and general manufacturing sectors, distributors and converters, and other steel producers. Notable specific clients include Toyota and General Motors, both of which have awarded Cleveland-Cliffs top supplier awards.
- New Customers / Segments They'Re Targeting
- Cleveland-Cliffs is actively targeting new demand driven by the ongoing reshoring of automotive production into the United States, as well as the needs of electrical infrastructure and defense-related applications. They are uniquely positioned to meet the demand for high-end grain-oriented electrical steels required by the country.
- Supply Chain And Sourcing Geographies
- Cleveland-Cliffs operates a vertically integrated supply chain, sourcing its primary raw material, iron ore, from its five iron ore mines located in Minnesota and Michigan, United States. The company also produces hot-briquetted iron (HBI) at its Toledo HBI Plant in the U.S., which began production in 2020 and is used in blast furnaces to increase iron-making capabilities. Energy inputs, including natural gas and diesel, are primarily sourced within the Midwest U.S.
- Sales Geographies And Expansion Plans
- The company primarily sells its products in North America, with significant operations and sales in the United States and Canada, specifically through its Canadian subsidiary, Stelco. Management emphasizes strengthening 'Fortress North America' through trade enforcement, indicating a continued focus on the domestic market rather than explicit plans for sales expansion into new international geographies.
- How Key Themes May Help/Hurt
- The 'US Industrial Manf '26: Steel Production' theme is highly beneficial, as robust domestic demand from infrastructure, AI data centers, and manufacturing onshoring drives Cleveland-Cliffs' order backlogs and utilization. Effective U.S. trade enforcement, including Section 232, significantly reduces foreign imports, strengthening the company's pricing power and market share. The 'Atoms Bits Long '26: Energy Bottlenecks' theme also helps, as AI-driven demand for power and specialized materials, particularly for electrical infrastructure, directly benefits Cleveland-Cliffs as the sole domestic producer of grain-oriented electrical steels. The 'Fiscal Spend '25: Reshoring Metals & Alloys' theme is beneficial due to robust domestic demand from infrastructure and manufacturing onshoring, coupled with effective trade protection policies and the shift from aluminum to steel in automotive. However, the company could be hurt by the cyclicality of the steel industry, volatile energy and raw material costs, and challenges in the Canadian market due to oversupply.
3 Main Long-Term Bull Details
- Robust U.S. Trade Enforcement & Reshoring: Strong U.S. trade policies, including Section 232 and USMCA discussions, effectively limit steel imports, creating a resilient domestic market with full order books and improving pricing power. The accelerating reshoring of manufacturing, especially in the automotive sector, into the U.S. directly increases demand for Cleveland-Cliffs' steel.
- Dominant Position in Automotive & High-Value Steels: Cleveland-Cliffs is the leading supplier to the U.S. automotive sector, consistently receiving top supplier awards from major OEMs like Toyota and General Motors. The company is also the sole domestic producer of grain-oriented electrical steels, critical for electrical infrastructure, with planned capacity expansion at Butler Works.
- Vertical Integration & Operational Efficiency: As a vertically integrated company from iron ore mining to finished steel products, Cleveland-Cliffs benefits from supply chain control and cost advantages. Ongoing footprint optimization, strategic investments (e.g., Middletown blast furnace optimization, Butler Works upgrade), and AI integration with Palantir are driving improved efficiency and lower costs.
3 Main Long-Term Bear Details
- Exposure to Volatile Energy & Raw Material Costs: The company faces significant exposure to fluctuations in energy costs (natural gas, electricity, diesel) and raw material prices (scrap), which can impact margins.
- Challenges in the Canadian Market (Stelco): The Canadian steel market, where its subsidiary Stelco operates, remains oversupplied with foreign steel, leading to pricing pressure and negatively affecting Stelco's profitability. Further measures are needed from the Canadian government to protect fair trade.
- Labor Agreement Renegotiation Risk: The ongoing negotiations with the United Steelworkers Union to renew their collective bargaining agreement could impact competitiveness, operational flexibility, and potentially lead to disruptions if a constructive agreement is not reached.
- Competitors And Differentiation
- Cleveland-Cliffs competes with other integrated steel producers and mini-mills. Its differentiation stems from being North America's largest flat-rolled steel producer and the largest supplier of automotive steel in the U.S., focusing on high-quality, technologically advanced steel products. The company is uniquely positioned as a vertically integrated miner, pellet producer, iron maker, steelmaker, and downstream manufacturer in the United States, directly benefiting from domestic content and manufacturing policies. They are also the only domestic producer of grain-oriented electrical steels.
- Recent Performance & What The Market'S Focused On
- Cleveland-Cliffs returned to positive free cash flow in the second quarter of 2026 and tripled its adjusted EBITDA from the first quarter, reporting $286 million, its best quarter in two years. The company expects to more than double its Q2 EBITDA in Q3, guiding for approximately $575 million, and anticipates further improvement in Q4 and 2027. Steel shipment volumes are expected to be above 4.3 million tons in Q3, with average selling prices increasing by $76 per ton in Q2 and an additional $55 per ton expected in Q3. Costs are projected to reduce by $10 per ton in Q3. The market is focused on the strong Q3 EBITDA guidance, the company's commitment to debt paydown (targeting sub 2.5x leverage by mid-2027), the significant potential for EBITDA improvement from fixed-price contract resets, and the ongoing, albeit less urgent, discussions regarding POSCO.
- Revenue Segments And Estimated Mix
- Fixed full year price (with resets) — Mix: 43%; Source: Q1 2026 earnings transcript; Trend: Fixed-price contracts are expected to reset substantially higher in the second half of 2026 for 2027, potentially adding $500 million to EBITDA year-over-year.
- Linked to month-lag indices — Mix: 23%; Source: Q1 2026 earnings transcript
- Linked to quarter-lag indices — Mix: 7%; Source: Q1 2026 earnings transcript
- U.S. spot price — Mix: 12%; Source: Q1 2026 earnings transcript; Trend: HRC spot pricing has played a large role in recent improvements.
- Stelco (Canada) spot price — Mix: 15%; Source: Q1 2026 earnings transcript; Trend: The pricing gap for hot-rolled steel in Canada has closed, but galvanized steel still lags.
- Product Brands
- MOTOR-MAX®
- FORMTUBE®
- ULTRA FORM®
- THERMAK®
- CHROMESHIELD®
- NEXMET®
- ULTRALUME®
- NITRONIC®
- The Electromac Group®
- Electromac Tool®
- Fleetwood Metal Industries®
- Cannon Automotive Solutions®
- H. Beck Machinery®
- FMI®
- Fleetwood Metal®
- GALVALUME®
- 11 Cr-Cb™
- 15 Cr-Cb®
- 18 Cr-Cb™
- 13-4 SR®
- 18 SR®
- 17-4 PH®
- 15-5 PH®
- 17-7 PH®
- PH 15-7 Mo®
- NITRONIC® 19D
- 2205 Duplex
- 420 ULTRA HONE®
Bull / Bear DetailsCleveland-Cliffs is entering its strongest earnings environment in years, driven by robust U.S. trade enforcement and accelerating automotive reshoring, making
Thesis
Cleveland-Cliffs is positioned for sustained improvement in 2026, driven by robust U.S. trade enforcement, surging automotive demand, and a significant industry shift from aluminum to steel. Strategic investments and AI integration enhance efficiency. While Q1 faced energy cost headwinds and the Canadian market remains challenged, strong Q2/Q3 cash flow and a less urgent stance on the POSCO deal underscore a strengthening domestic outlook. (Updated: 2026-04-24)
Bull case
Robust U.S. trade enforcement, including Section 232 and derivative product tariffs, is effectively limiting steel imports to their lowest levels since 2009. This creates a resilient domestic market, allowing Cleveland-Cliffs to operate with a full order book, tight production schedules, and extended lead times, leading to increasing pricing strength flowing into Q2 and Q3 results.
A significant and accelerating trend of automotive OEMs and other sectors (building products, appliances, truck trailers) is substituting aluminum with steel. This shift is driven by a prioritization of supply certainty, total cost, and safety, directly increasing demand for Cleveland-Cliffs' high-quality steel products and improving product mix.
Strategic investments in modernization, such as the Butler Works electrical steel expansion and the Middletown Works blast furnace configuration, coupled with footprint optimization and the integration of AI into production planning, are enhancing efficiency, improving cost performance, and strengthening long-term competitiveness and earnings power.
Bear case
The company faces significant exposure to volatility in energy costs (natural gas, electricity, diesel) and raw material prices (scrap), as evidenced by the $80 million negative impact in Q1 2026 and an expected $15 per ton cost increase in Q2 due to carryover, outages, and war-related freight costs.
The Canadian steel market, where its subsidiary Stelco operates, remains oversupplied with foreign steel, leading to a substantial 40% discount in Canadian selling prices compared to the U.S. market, which negatively affects Stelco's profitability and overall company performance.
Uncertainty surrounds key strategic and operational initiatives, including the delayed conclusion of the POSCO transaction due to geopolitical factors, and the upcoming renegotiation of the labor agreement with United Steelworkers, which could impact competitiveness, flexibility, and potentially lead to disruptions.
Bull / Bear Case
- Bear Case
- Despite recent positive earnings and guidance, Cleveland-Cliffs faces significant risks. The company remains exposed to volatility in energy and raw material costs, which have impacted past results and could challenge future cost reduction efforts. The Canadian steel market, where its subsidiary Stelco operates, continues to struggle with oversupply and insufficient trade protection, leading to pricing pressure and risking Stelco's competitiveness. Major capacity restarts, such as the Dearborn blast furnace, are contingent on firm, long-term commitments from automotive OEMs to reshore production and prioritize steel, which has not fully materialized. Globally, the steel industry faces persistent challenges of excess capacity and distorted competition from subsidies, which could eventually pressure domestic pricing. The current high valuation, particularly the EV/EBITDA multiple, suggests that much of the anticipated recovery is already priced in, leaving limited upside for unforeseen headwinds.
- Bull Case
- Cleveland-Cliffs is poised for significant financial improvement, entering its strongest earnings environment in years. Robust U.S. trade enforcement, including Section 232 and USMCA, is creating a 'Fortress North America,' limiting imports and ensuring full order books with strong pricing power. The company is the undisputed supplier of choice for the accelerating automotive reshoring trend, evidenced by top supplier awards and highest automotive shipments in two years, driving demand for high-quality steel. A return to positive free cash flow in Q2, a tripled Adjusted EBITDA, and aggressive Q3/Q4 guidance, along with strategic cost reductions from AI integration and modernization, are accelerating deleveraging towards a sub-2.5x target by mid-2027. Furthermore, fixed-price contracts are expected to reset substantially higher, potentially adding $500 million to EBITDA year-over-year.
- More Compelling & Why
- Bear. While the company's Q2 earnings and Q3/Q4 guidance are strong, the current EV/EBITDA multiple, reportedly as high as 76.9x or 94.36x, indicates that a substantial amount of future earnings recovery and growth is already priced into the stock. This leaves limited room for error or unexpected macroeconomic headwinds. The strongest argument for the bear case is that this elevated valuation, especially for a cyclical industry, discounts much of the projected turnaround. My view would flip to bullish if the company consistently delivers on its aggressive EBITDA guidance, leading to a sustained reduction in its EV/EBITDA multiple to more reasonable industry averages (e.g., 8-12x), demonstrating that the earnings power is not just potential but a realized, sustainable reality.
Key Factors
| Key Factor | Why It Matters | What To Watch | What It Signals | Where/How To Track | Free Alt Data | Paid Alt Data |
|---|---|---|---|---|---|---|
| Q3 2026 Adjusted EBITDA Performance | This directly reflects Cleveland-Cliffs' operational profitability and cash generation potential, crucial for investor confidence and debt reduction, validating management's optimistic outlook for significant sequential improvement. | Actual reported Adjusted EBITDA for Q3 2026, expected to be approximately $575 million. | Bullish if Q3 Adjusted EBITDA meets or exceeds $575 million. Bearish if reported Adjusted EBITDA is significantly below $575 million. | Company's Q3 2026 earnings release and conference call, typically expected in late October 2026. | Financial news outlets (e.g., Reuters, Bloomberg) for earnings report headlines and summaries. | FactSet: Consensus EBITDA estimates vs. actuals; Bloomberg Terminal: CLF earnings data and analyst estimates. |
| United Steelworkers (USW) Labor Agreement Renegotiation Outcome | The new collective bargaining agreement impacts labor costs, operational flexibility, and potential for disruptions, directly affecting profitability and market stability for Cleveland-Cliffs. | Official announcements from Cleveland-Cliffs or the USW regarding the completion, terms, and duration of the new labor agreement, with master contract discussions having begun in July and contracts expiring on September 1, 2026. | Bullish if a mutually satisfactory agreement is reached by September 1, 2026, ensuring competitiveness and flexibility without significant cost increases or disruptions. Bearish if negotiations become protracted, leading to public disputes, strike threats, or an agreement with unfavorable terms. | Company press releases, SEC filings (8-K if material), USW official statements, and financial news. | United Steelworkers (USW) website for updates; local news reports on labor negotiations. | Bloomberg Government: Labor relations tracking; Factiva: News sentiment analysis on CLF and USW. |
| Progress Towards Sub-2.5x Leverage Target & Property Sales | Debt reduction is the number one capital allocation priority, and achieving the sub-2.5x leverage target by Q2 2027 is crucial for financial health, investor confidence, and potential future capital returns. | Reported debt reduction in Q3 and Q4 2026, the timing and realization of the bulk of the $400 million proceeds from property sales in the second half of 2026, and management's reiteration of the sub-2.5x leverage target by Q2 2027. | Bullish if significant debt reduction is reported in H2 2026, property sales proceeds are realized as expected, and management reiterates confidence in achieving the sub-2.5x leverage target by Q2 2027. Bearish if debt reduction is slower than anticipated or property sales are delayed or fall short of targets. | Company earnings releases (Q3 2026 expected late October, Q4 2026 expected late January 2027), investor presentations, and SEC filings (10-Q, 10-K). | None directly applicable for debt reduction or property sales. | S&P Global Market Intelligence: Debt metrics and financial statements; Reorg: Distressed debt and credit analysis. |
| Dearborn Blast Furnace Restart Decision | Restarting the Dearborn blast furnace (over 2 million tons capacity) would signal a significant, sustained increase in automotive demand and a firm commitment from OEMs to reshore production and use steel, unlocking substantial production upside. | Management commentary on automotive OEM commitments to reshoring and increased steel usage, and any specific announcements regarding the potential restart of the Dearborn blast furnace. | Bullish if management announces a decision to restart the Dearborn blast furnace, citing firm, long-term commitments from automotive OEMs for increased steel volumes. Bearish if management indicates continued hesitation from OEMs or a lack of sufficient long-term demand visibility to justify the restart. | Company earnings calls (Q3 2026 expected late October, Q4 2026 expected late January 2027) and investor presentations. | Automotive industry news (e.g., Automotive News) for reshoring trends and production forecasts; Google Trends: 'automotive manufacturing US reshoring'. | S&P Global Mobility: Automotive production forecasts and material usage trends; IHS Markit: Automotive industry data. |
| Non-Automotive Fixed-Price Contract Resets | These contracts represent a significant portion of revenue (43%) and their reset at 'much higher' prices (from ~$800 to ~$1,150+) is expected to drive a substantial $500 million EBITDA improvement year-over-year. | Management commentary during Q3 and Q4 2026 earnings calls regarding the progress and average pricing of renewed non-automotive fixed-price contracts, with negotiations starting in the second half of 2026. | Bullish if contracts reset at average prices significantly above $800/ton, approaching or exceeding $1,150/ton, and management confirms the $500 million EBITDA uplift. Bearish if average reset prices are lower than expected or the EBITDA uplift is revised downwards. | Company earnings calls (Q3 2026 expected late October, Q4 2026 expected late January 2027) and investor presentations. | Industry news on Hot-Rolled Coil (HRC) spot pricing trends (e.g., S&P Global Platts free articles, trade publications). | S&P Global Platts: HRC price assessments; Argus Media: Steel price indices. |
Key Reported Metrics, Reratings Triggers & ResultsThis is a primary driver of revenue and margins, reflecting market demand, trade enforcement effectiveness, and the company's pricing power, with further increa
| Key reported metrics | Rerating thresholds | Earnings results | ||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Last period | Why it matters | What's needed for rerating | Rerating context | Earnings date | Actual reported | Hit target? | Notes |
| Average Selling Price per Net Ton | 10.74% | This is a primary driver of revenue and margins, reflecting market demand, trade enforcement effectiveness, and the company's pricing power, with further increases expected in the next quarter. | Cleveland-Cliffs' Average Selling Price per Net Ton needs to exceed management's Q2 2026 guidance of approximately $1,108 (Q1's $1,048 + $60/ton increase). Given current market skepticism and negative sentiment, a significant beat, potentially in the range of $1,130-$1,163 (2-5% above guidance), coupled with strong Q3 pricing outlook, would be required for a higher rerating. | Exceeding the Average Selling Price per Net Ton guidance is crucial as it directly boosts revenue and profitability, validating management's optimistic outlook and demonstrating pricing power. This would alleviate investor concerns regarding cost pressures and high leverage, improving CLF's competitive position and potentially leading to a positive re-evaluation of its intrinsic value amidst current 'Hold' ratings. | $1,124 per net ton (10.74% y/y growth) | Yes | The actual reported average selling price for Q2 2026 was $1,124 per net ton, which exceeded management's guidance of approximately $1,108 per ton (Q1's $1,048 + $60/ton increase). This also falls within the suggested rerating range of $1,130-$1,163, indicating a strong pricing performance. The average selling price increased by $76 per ton sequentially from Q1 2026. Management expects this climb to continue into Q3, with an anticipated increase of another $55 per ton. | |
| Steel Shipment Volumes (Net Tons) | -6.98% | This metric indicates demand strength and operational utilization, with higher volumes leading to a disproportionate impact on margins due to the fixed cost nature of the business, especially with strong automotive demand. | ||||||
| Adjusted EBITDA | 194.85% | Adjusted EBITDA directly reflects operational profitability and cash generation, crucial for investor confidence and debt reduction, especially with management guiding for significant sequential improvement in Q3 and Q4. | Cleveland-Cliffs' Adjusted EBITDA needs to hit a range of $250 million to $300 million for Q2 2026. This would represent a significant sequential improvement from Q1's reported $95 million (or an underlying $175 million when adjusting for a one-time $80 million energy cost impact), validating management's guidance for the 'best quarter in nearly two years'. It would also likely exceed current analyst expectations, which still forecast a Q2 EPS loss, and demonstrate strong operating leverage from increased shipments (expected above 4.1 million tons) and higher average selling prices (expected up ~$60/ton from Q1). | Hitting this Adjusted EBITDA threshold would validate Cleveland-Cliffs' optimistic outlook for sustained improvement, demonstrating effective cost management and strong demand in a protected domestic steel market. It would signal a clear path to profitability and positive free cash flow, crucial for deleveraging and improving investor sentiment, which is currently 'Hold' with recent stock underperformance. | $286 million (194.85% y/y growth) | Yes | Cleveland-Cliffs reported Adjusted EBITDA of $286 million for Q2 2026, which is well within the rerating target range of $250 million to $300 million. This represents a substantial improvement, tripling the adjusted EBITDA from the first quarter and marking the best quarter in two years. The Q2 2026 Adjusted EBITDA also showed a significant year-over-year increase of 194.85% compared to $97 million in Q2 2025. The company further guided for Q3 2026 Adjusted EBITDA of approximately $575 million, indicating continued strong momentum. | |
Key QuestionsWill Cleveland-Cliffs meet or exceed its aggressive Q3 2026 Adjusted EBITDA guidance of $575 million and projected steel shipment volumes above 4.3 million tons
Will Cleveland-Cliffs meet or exceed its aggressive Q3 2026 Adjusted EBITDA guidance of $575 million and projected steel shipment volumes above 4.3 million tons, and will the Q4 outlook continue to show further sequential improvement as anticipated?
- Question 2
To what extent will Cleveland-Cliffs' strong automotive demand and pricing power, driven by reshoring and trade enforcement, translate into higher-than-expected fixed-price contract resets for 2027 and potentially trigger a decision to restart the Dearborn blast furnace?
- Question 3
Can Cleveland-Cliffs achieve its projected unit cost reductions in Q3 and Q4, effectively address the lagging performance of its Canadian galvanizing lines, and successfully conclude the United Steelworkers labor agreement without significant disruptions or unfavorable terms?
Earnings Transcript Summary
· 2026Q2 Earnings Call
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 1. **Capitalizing on strong domestic demand and trade policies:** Management consistently highlighted the positive impact of Section 232 and USMCA, emphasizing that these policies are driving manufacturing reshoring, particularly in the automotive sector, leading to increased demand, full order books, and stronger pricing power for Cleveland-Cliffs. 2. **Improving financial performance and deleveraging:** The company returned to positive free cash flow in Q2, tripled its adjusted EBITDA from Q1, and provided guidance for further substantial EBITDA growth in Q3 and Q4. Management explicitly stated that debt reduction is their number one capital allocation priority, aiming for a sub-2.5x leverage target by this time next year. 3. **Operational efficiency and modernization:** Management discussed ongoing efforts in footprint optimization, cost reduction initiatives (including AI-based work with Palantir), and investments in energy-efficient upgrades through DOE grants for facilities like Butler Works and Middletown. These initiatives are aimed at enhancing throughput and reducing unit costs. | The overall takeaway from the call is that Cleveland-Cliffs is experiencing a significant financial turnaround and is highly optimistic about its future performance. The tone was confident, assertive, and bullish, with management emphasizing that the company is entering its strongest earnings environment in years. Key themes included the undeniable positive impact of U.S. trade policies (Section 232, USMCA) on domestic steel demand and pricing, the accelerating reshoring of automotive manufacturing, and the company's strong market position as the preferred supplier for automotive OEMs. Management highlighted a return to positive free cash flow, substantial EBITDA growth, and a clear focus on debt reduction as the top capital allocation priority. They also conveyed a strong sense of control over pricing and capacity decisions, particularly regarding the Dearborn blast furnace, awaiting firm commitments from customers. | For Q1 2026, specific year-over-year growth percentages for individual revenue segments (Fixed full year price, Linked to month-lag indices, Linked to quarter-lag indices, U.S. spot price, Stelco (Canada) spot price) were not provided in the earnings transcript. However, management reported that average selling prices increased by $68 per ton year-over-year, and adjusted EBITDA increased by $274 million year-over-year, primarily due to increased pricing. The Canadian selling price was at a 40% discount to U.S. pricing in Q1 2026. | 1. **Resetting fixed-price contracts (non-auto and auto) and pricing expectations:** Analysts inquired about the resetting of non-automotive fixed-price contracts and expectations for automotive contracts in the coming year. Management responded that non-auto contracts would reset at 'much higher' prices, given the current market environment (from ~$800 to ~$1,150+). For automotive, Cleveland-Cliffs plans to 'play for higher prices' and be 'more selective,' leveraging its dominant position and the effectiveness of trade policies in eliminating import alternatives. 2. **Cost trajectory for Q4 and 2027:** Analysts asked for early comments on Q4 cost expectations and potential quarter-on-quarter reductions into 2027. Management indicated expectations for 'further improvements' in costs, driven by higher production levels, more optimized schedules (aided by Palantir), and efficiency gains from upcoming maintenance practices and equipment upgrades. 3. **Dearborn blast furnace restart and capacity expansion:** Analysts questioned what conditions would lead to a restart of the Dearborn blast furnace and the potential volume uplift. Management stated that a restart, representing over 2 million tons of capacity, hinges on automotive manufacturers demonstrating a firm 'conviction' to reshore production to the United States and commit to steel over aluminum, ensuring sustained demand before Cleveland-Cliffs commits to such a significant capacity expansion. | The transcript does not provide specific year-over-year growth percentages for individual revenue segments (Fixed full year price, Linked to month-lag indices, Linked to quarter-lag indices, U.S. spot price, Stelco (Canada) spot price) for Q2 2026. However, management reported that the average selling price increased by $76 per ton sequentially from Q1 2026, and adjusted EBITDA tripled from the first quarter to $286 million in Q2 2026. |
· 2026Q1 Earnings Call
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 1. Leveraging strong market conditions and trade enforcement: Management repeatedly highlighted the full order book, tight production schedules, extended lead times, and the effectiveness of Section 232 and the 'melted and poured' mandate in limiting imports and strengthening the domestic steel market. They also emphasized the 'Fortress North America' concept and efforts to address Canadian oversupply. 2. Driving operational efficiency and cost performance: This includes optimizing production schedules, idling inefficient lines (smaller plate mill at Burns Harbor, Gary plate finishing line), and investing in modernization projects like the Butler Works electrical steel expansion and the Middletown Works blast furnace configuration. They also mentioned integrating AI into production planning and order entry processes to improve decision-making. 3. Capitalizing on the shift from aluminum to steel: Management noted significant momentum in substituting aluminum with steel, particularly in the automotive sector, but also in building products, appliances, and truck trailers. They highlighted that automotive OEMs are prioritizing supply certainty, total cost, and safety, which favors Cliffs' steel. | The overall takeaway from the call is that Cleveland-Cliffs is highly optimistic about a sustained improvement throughout 2026, despite a challenging Q1 impacted by one-time energy costs. The tone was confident and positive, with management emphasizing strong market fundamentals driven by effective trade enforcement, robust automotive demand, and a growing trend of aluminum-to-steel substitution. They highlighted operational efficiencies, strategic investments, and expected strong cash flow generation in Q2 and Q3. Management also conveyed a less urgent stance on the POSCO deal due to improved market conditions. | For Q4 2025, Cleveland-Cliffs' consolidated revenues were $4.3 billion, consistent with the prior-year fourth quarter, representing 0% year-over-year growth. Steelmaking revenues for Q4 2025 were approximately $4.15 billion, down around 0.3% year-over-year. Specific segment-level year-over-year growth for the revenue mix categories (e.g., fixed price, spot price) was not detailed in the Q4 2025 earnings reports. | 1. Q2 price expectations and the impact of the ended slab contract: Carlos De Alba asked about Q2 price changes and the impact of the finished Metal slab contract. Management (Celso Goncalves) responded that Q2 selling prices are expected to be up about $60 a ton from Q1 to Q2, with automotive shipments increasing. Lourenco Goncalves clarified that 175,000 tons of slabs were shipped in Q1 as a tail end, and the contract is now over, with ArcelorMittal sourcing from elsewhere. 2. POSCO negotiations and asset sales (e.g., HBI): Nick Giles and Albert Realini inquired about the status of POSCO negotiations and the potential for asset sales like the HBI plant if the deal doesn't materialize. Lourenco Goncalves explained that the external environment (South Korea's situation, stronger U.S. steel market, increased auto OEM orders) has changed, making Cliffs 'a lot less in a hurry' for the POSCO deal. He also stated that the HBI sale is not being considered anymore, as HBI is needed to increase production and generate cash flow from operations, especially with higher shipment targets. 3. Unit cost guidance for Q2 and Q3: Nicklaus Cash and Lawson Winder pressed on the expected $15 per ton increase in Q2 costs and the confidence in a meaningful drop-off in Q3. Celso Goncalves attributed the Q2 increase to carryover from Q1 high energy costs, Q2 outages, a richer product mix (more automotive), and war-related costs (diesel, freight). He explained that Q3 costs are expected to decrease significantly due to improved utilization, fewer outages, lower energy costs, continued asset optimization, and reduced repair and maintenance. | Specific year-over-year growth percentages for individual revenue segments (Fixed full year price, Linked to month-lag indices, Linked to quarter-lag indices, U.S. spot price, Stelco (Canada) spot price) were not provided in the transcript. However, management reported that average selling prices increased by $68 per ton from a year ago, and adjusted EBITDA increased by $274 million year-over-year, primarily due to increased pricing. Canadian selling price is at a 40% discount to U.S. pricing. |
Transcript Tidbits
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| Cleveland-Cliffs continues to be the supplier of choice for the automotive sector in the United States, receiving top supplier awards from both Toyota and General Motors this year. Shipments of steel to automotive clients were the highest in the last two years, with automotive coating volumes returning to strong 2023 levels. This is attributed to the ongoing reshoring of automotive production into the U.S. and trade policies like Section 232, which are accelerating manufacturing investment and domestic steel utilization. The company is uniquely positioned to meet this demand due to its broad product portfolio and domestic footprint. The Butler Works induction reheat furnace upgrade, set for completion in 2028, will increase the ability to supply high-end grain-oriented electrical steels. Cleveland-Cliffs is gaining market share from competitors in the automotive sector and has the capacity and technology to supply more automotive steel, especially as OEMs replace aluminum with steel. The company also produces plate for shipbuilding, electrical steels for the grid (being the only producer of grain-oriented electrical steels), and stainless steel, indicating diverse market opportunities. | A major supply chain disruption has been suffered by competitors. Section 232 has been the most effective industrial policy in a generation, combating illegal trade of dumped steel and derivatives into the U.S. The world has too much steel-making capacity, with certain countries exporting excess capacity at uneconomic prices. Canada has struggled with similar challenges, and without further measures to protect fair trade, the competitiveness of Stelco's galvanizing lines is at risk. The company asserts that there is no longer an 'escape valve' in Mexico for transshipped steel or Canada playing at convenience due to strong trade policy enforcement. Cleveland-Cliffs states that mini mills are no longer a conversation for automotive steel, and other integrated players are not at their level, with Cliffs gaining market share and having the potential to take all their business. The U.S. is considered the best market globally, and it's not cheap to operate there. | Section 232 has been a highly effective industrial policy, accelerating manufacturing investment, improving domestic steel utilization, and redirecting capital to U.S.-based production. The reshoring movement in American manufacturing is significantly driven by Section 232. Maintaining a strong manufacturing base in America requires a strong steel industry, an argument now validated by real-world investment decisions in automotive, electrical infrastructure, and defense. The U.S. government is also supporting energy efficiency in the industry through Department of Energy grants. Discussions around USMCA are expected to yield positive outcomes for domestic steel producers, favoring North American-produced steel with stronger melt and pour requirements, tighter rules of origin, and increased content requirements for automotive production. The global steel market suffers from overcapacity, with some countries exporting at prices disconnected from economic reality. The extension of Canada's tariff rate quota system through June 2027 is a step towards a healthier North American steel market, but more is needed to protect the Canadian domestic steel industry. Higher steel prices are believed to benefit everyone in the supply chain, from mills to OEMs. The CEO expressed confidence that trade policies, particularly Section 232, will not be undone by any future U.S. administration. | Cleveland-Cliffs expects substantial improvement, with Q3 adjusted EBITDA projected to more than double Q2's, reaching approximately $575 million, making it the strongest quarter in three years. The second half of 2026 will be substantially better than the first half, with Q4 expected to outperform Q3, and further improvements anticipated in 2027. The company forecasts steel shipment volumes above 4.3 million tons in Q3, with average selling prices increasing by another $55 per ton and unit costs reducing by $10 per ton. After two years, the company returned to positive free cash flow in Q2, a trend expected to continue. The bulk of $400 million from property sales is expected in the second half of 2026. The company aims to hit its leverage target of sub 2.5x by this time next year, utilizing cash flows from profits and asset sales for deleveraging. Fixed-price contracts are expected to reset substantially higher in the coming months, potentially adding $500 million to EBITDA year-over-year. Cost reduction opportunities from AI-based initiatives with Palantir are being implemented. The Middletown blast furnace is due for a reline by 2030, with a DOE grant to optimize it for energy efficiency. The Butler Works induction reheat furnace upgrade will be completed in 2028, increasing grain-oriented electrical steel production by 25%. The company is entering its strongest earnings environment in years, supported by trade enforcement and manufacturing investment. | Steel | AI-Driven Industrial Transformation is emerging, with Cleveland-Cliffs implementing AI-based initiatives with Palantir to optimize production schedules and reduce costs. | After several quarters of talking about the future earnings power of this company, we can finally point to tangible evidence that the progression we have been forecast is now reality. The second half of 2026 will look substantially better than the first half of the year. With our third quarter adjusted EBITDA guidance of $575 million, we have a situation where higher prices, lower costs and higher shipping volumes will all be converging at once. At the current curve for steel, we expect the fourth quarter to further outperform the third quarter in adjusted EBITDA, with even more improvements to come in 2027. Cleveland-Cliffs is entering the strongest earnings environment that we have seen in years. We are #1 peer full stop. Debt pay down is going to be our #1 capital allocation priority. | Q2 maintenance outages and our lagged contracts still did not allow us to demonstrate the full capability of our asset base. Without further measures to protect fair trade in Canada the future competitiveness of our galvanizing lines in [ Ramita ] is at risk. So far, the offers that we have received related to these processes have fallen short of our value threshold. We're not desperate to do anything unless these two factors are met by [ POSCO ] and acceptable to us. They are tight. They are with running on tighter schedule than they would like to see. I don't feel like they are ready to go. They prefer small increments. | Cleveland-Cliffs has officially kicked off negotiations with the United Steelworkers Union to renew their collective bargaining agreement, approaching it with a shared commitment to maintaining a competitive and sustainable business while creating opportunities for employees. The company is confident in reaching an agreement that strengthens the partnership and delivers meaningful benefits for both Cliffs and the USW. The CEO also mentioned that potential changes to the Canadian footprint could have consequences for employment in Canada, but would have a positive financial impact on Stelco and Cleveland-Cliffs. The company's broader goal is to employ Americans by having car manufacturers produce cars in the United States. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| Automotive OEMs are booking more and more steel from Cliffs. There is significant momentum in substituting aluminum with steel, not only in automotive but also in building products, appliances, and truck trailer sectors. Cliffs has demonstrated to clients the potential benefits and market share gains from this shift, even bringing back an electrogalvanizing line at New Carlile. | Steel imports into the United States are at their lowest levels since 2009, indicating Section 232, the melted and poured mandate, and enforcement are working. However, the Canadian market remains oversupplied with foreign steel, leading to a 40% discount in Canadian selling prices compared to the U.S. The aluminum industry has been hit by power shortages, curtailments, and geopolitical disruption, making domestic steel more attractive. The company is no longer supplying slabs to ArcelorMittal, who must now source from other providers. | The domestic steel industry is benefiting from strong trade enforcement and government support, with union jobs protected and supply chains more resilient. Global uncertainty, including war activity in Iran, has disrupted freight lanes, driven up energy prices, and destabilized metal supply chains, making imported steel structurally more expensive. Automotive OEMs are shifting focus from cost to supply certainty, total cost, and safety, leading to a correction in the market where less prepared competitors are being weeded out. | The company expects a sustained improvement progression throughout 2026, with pricing strength increasingly showing up in results quarter by quarter. Q2 is projected to be the best quarter in nearly two years, with Q3 showing even greater earnings power due to maximum operating leverage. The Butler Works electrical steel expansion is on schedule for 2028 completion, and the Middletown Works project will proceed with a modern, energy-efficient blast furnace configuration. The company plans a full announcement on its AI initiative soon and will renegotiate its labor agreement with United Steelworkers in the coming months. $425 million in idle property sales are on target for 2026, with $50 million expected in Q2, $100 million in Q3, and the remainder in Q4. | The | AI adoption in industrial operations is a broader theme, with Cliffs partnering with a leading AI provider to embed machine learning into production planning and order entry processes. Geopolitical instability, specifically war activity in Iran, is disrupting global freight lanes, driving up energy prices, and destabilizing metal supply chains across industries. There is an emerging shift in automotive OEM priorities towards supply certainty, total cost, and safety over just cost. | Our order book is full and the automotive OEMs are booking more and more steel from Cliffs. This market strength is driven by what is happening on the trade front, steel imports into the United States are at their lowest levels, since 2009. Q2 should be our best quarter in nearly 2 years. Q3 will give us maximum operating leverage on volumes and pricing and is where you should expect to see the earnings power of this business become much more apparent. | While Q1 results could be better and they would be better. if not for a couple of one-timers, we can see the clear signs of a positive trend for me. Among these one-timers, the impact of the spiking on energy cost was the most relevant to Q1 results. The 1 piece still missing is Canada... the Canadian market is still oversupplied with steel from countries that are no longer able to dump their excess capacity into the United States. In today's market, the Canadian selling price is at a 40% discount to U.S. pricing. The currency disruption in the Middle East and its impact in the country of South Korea have not helped accelerates the conclusion of our ongoing discussions [with POSCO]. | The company is idling a smaller plate mill at Burns Harbor and the Gary plate finishing line, but there will be no loss in overall steel production or layoffs, as roles will be backfilled in areas with attrition. The renegotiation of the labor agreement with United Steelworkers is an important upcoming milestone. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| The company's order book is full, with automotive OEMs increasingly booking steel from Cliffs. There is significant momentum in substituting aluminum with steel, not only in the automotive sector but also in building products, appliances, and truck trailer sectors. Cliffs has demonstrated the potential benefits of this shift to clients, leading to market share gains and the reactivation of lines like the electrogalvanizing line at New Carlile. | Steel imports into the United States are at their lowest levels since 2009, indicating the effectiveness of Section 232, the melted and poured mandate, and trade enforcement. However, the Canadian market remains oversupplied with foreign steel, leading to a 40% discount in Canadian selling prices compared to the U.S. The aluminum industry has faced repeated challenges from power shortages, curtailments, and geopolitical disruption, making domestic steel a more attractive option. Cleveland-Cliffs is no longer supplying slabs to ArcelorMittal, who must now source from other providers. | The domestic steel industry is benefiting from strong trade enforcement and government support, which is protecting union jobs and making domestic supply chains more resilient. Global uncertainty, including war activity in Iran, is disrupting global freight lanes, driving up energy prices, and destabilizing metal supply chains, making imported steel structurally more expensive. Automotive OEMs are shifting their focus from solely cost to prioritizing supply certainty, total cost, and safety, correcting a previous trend where less prepared competitors gained market share. | The company anticipates a sustained improvement throughout 2026, with pricing strength increasingly reflected in results quarter by quarter. Q2 is projected to be the best quarter in nearly two years, and Q3 is expected to show even greater earnings power due to maximum operating leverage. The Butler Works electrical steel expansion is on schedule for 2028 completion, and the Middletown Works project will proceed with a modern, energy-efficient blast furnace configuration. A full announcement on the company's AI initiative is expected in the coming weeks, and a labor agreement renegotiation with United Steelworkers is planned for the coming months. The $425 million target for idle property sales remains on track, with $50 million expected in Q2, $100 million in Q3, and the remainder in Q4. | Steel | AI-Driven Industrial Transformation is emerging, with Cliffs partnering with a leading AI provider to embed machine learning into production planning and order entry processes. Geopolitical Instability is disrupting global freight lanes, driving up energy prices, and destabilizing metal supply chains across industries. There is also a broader shift in Automotive OEM Priorities towards supply certainty, total cost, and safety over just cost. | Our order book is full and the automotive OEMs are booking more and more steel from Cliffs. steel imports into the United States are at their lowest levels, since 2009. Q2 should be our best quarter in nearly 2 years. Q3 will give us maximum operating leverage on volumes and pricing and is where you should expect to see the earnings power of this business become much more apparent. | While Q1 results could be better and they would be better. if not for a couple of one-timers, we can see the clear signs of a positive trend for me. Among these one-timers, the impact of the spiking on energy cost was the most relevant to Q1 results. The 1 piece still missing is Canada... the Canadian market is still oversupplied with steel from countries that are no longer able to dump their excess capacity into the United States. In today's market, the Canadian selling price is at a 40% discount to U.S. pricing. The currency disruption in the Middle East and its impact in the country of South Korea have not helped accelerates the conclusion of our ongoing discussions [with POSCO]. | There will be no loss in overall steel production or layoffs, as we will backfill those roles in areas where we have seen rate attrition. One important milestone we will navigate in the coming months is the renegotiation of our labor agreement with United Steelworkers. |
Notes
| Date | Comment | Comment Type | Comment Sentiment | Link | Price Reaction |
|---|---|---|---|---|---|
| 2026-04-20 | Cleveland-Cliffs reported Q1 2026 results, highlighting strong demand, effective trade enforcement, and an expected sustained improvement through Q2 and Q3, despite a one-time $80 million energy cost impact. Management also noted momentum in aluminum-to-steel substitution and a less urgent stance on the delayed POSCO deal. However, the stock significantly underperformed post-earnings, suggesting market skepticism regarding near-term cost pressures or the delayed deal, contradicting the company's optimistic outlook. | Earnings Transcript | Neutral | -4.43% (vs SPY: -4.78%) |
Upcoming Events
| Catalyst ID | Estimated Timing | Estimated Date Start | Estimated Date End | Catalyst | Why It Matters | Ticker Or Theme Specific | Transcript Date | Source Type |
|---|---|---|---|---|---|---|---|---|
| CLF_0f0250a2 | Canada will ultimately get to the right place and enhance its own national security defenses against the negative impact of foreign steel | 2026-04-24 | 2027-12-31 | Canadian government implements stronger trade defenses against foreign steel dumping, aligning with the 'Fortress North America' concept. | This action would reduce oversupply in the Canadian steel market, improving pricing for Cleveland-Cliffs' Canadian subsidiary, Stelco, and enhancing its profitability, as Canadian selling prices are currently at a significant discount to U.S. pricing. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_38e1242e | within this time frame or slight later (referring to Q2 2026) | 2026-04-01 | 2026-09-30 | Completion of a mutually satisfactory transaction with POSCO, in accordance with the memorandum of understanding signed last year. | This strategic transaction could be accretive to shareholders and potentially involve asset sales or partnerships, impacting Cleveland-Cliffs' balance sheet, cash flow, and strategic direction, though management is 'a lot less in a hurry now' due to improved market conditions. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_8e343c8a | in the coming months | 2026-05-01 | 2026-10-31 | Renegotiation of the labor agreement with United Steelworkers. | The outcome will significantly impact labor costs, operational flexibility, and long-term sustainability. A successful agreement supports competitiveness and investment, while a contentious negotiation could lead to disruptions or higher costs. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_d735abce | $50 million in Q2 and $100 million in Q3, with the remainder in Q4 | 2026-04-01 | 2026-12-31 | Completion of idle property sales, with expected cash receipts of $50 million in Q2, $100 million in Q3, and the remainder (approximately $205 million) in Q4. | These sales will generate significant cash flow, strengthen the balance sheet, and help achieve longer-term leverage objectives, providing financial flexibility for the company. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_86fba1fe | within this time frame or slight later | 2026-07-01 | 2026-09-30 | Conclusion of a mutually satisfactory transaction with POSCO. | Bullish if an accretive deal is completed, potentially bringing new business or strategic benefits. Bearish if negotiations fail or are significantly delayed, impacting strategic flexibility and investor sentiment. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_37df5bcf | in the next few weeks | 2026-07-09 | 2026-09-03 | Full announcement on Cleveland-Cliffs' AI initiative, including the name of its partner. | Bullish if the announcement details significant efficiency gains, cost reductions, or competitive advantages from AI integration. Could positively impact investor sentiment by showcasing modernization efforts. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_fa09c6f2 | in the coming months | 2026-07-01 | 2027-01-09 | Renegotiation and agreement on the labor contract with United Steelworkers (USW). | Bullish if a mutually satisfactory agreement is reached that supports competitiveness, flexibility, and long-term sustainability. Bearish if negotiations are protracted, lead to disputes, or result in an agreement that significantly increases costs or reduces flexibility. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_6b5a78f5 | Q2 should be our best quarter in nearly 2 years | 2026-07-01 | 2026-07-31 | Release of Cleveland-Cliffs' Q2 2026 earnings, including actual steel shipments, average selling price, unit cash costs, Adjusted EBITDA, and free cash flow. | Bullish if results meet or exceed management's guidance (shipments > 4.1M tons, ASP up ~$60/ton, costs up ~$15/ton, best EBITDA/FCF in ~2 years). Bearish if results fall short, indicating weaker market conditions or operational issues. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_991f1772 | $100 million in Q3 | 2026-07-01 | 2026-09-30 | Completion of idle property sales generating $100 million in cash proceeds. | Bullish if the company reports meeting or exceeding this target, further strengthening the balance sheet and supporting leverage objectives. Bearish if sales are delayed or proceeds fall short. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_c3bc77a3 | Q3 will give us maximum operating leverage on volumes and pricing | 2026-10-01 | 2026-10-31 | Release of Cleveland-Cliffs' Q3 2026 earnings, including actual steel shipments, average selling price, unit cash costs, Adjusted EBITDA, and free cash flow. | Bullish if results demonstrate the expected significant earnings power, maximum operating leverage, and meaningful cost reduction from Q2. Bearish if the anticipated improvement is not as pronounced or costs do not fall as expected. | Ticker | 2026-04-20 | earnings_transcript |
| CLF_d0a9d095 | remainder in Q4 | 2026-10-01 | 2026-12-31 | Completion of remaining idle property sales, generating approximately $275 million in cash proceeds. | Bullish if the company reports meeting or exceeding this target, significantly strengthening the balance sheet and supporting leverage objectives. Bearish if sales are delayed or proceeds fall short. | Ticker | 2026-04-20 | earnings_transcript |