Cleveland-Cliffs Inc
F:CVA
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Cleveland-Cliffs Inc
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Cleveland-Cliffs Inc
Cleveland-Cliffs makes iron ore pellets and steel products, with a strong focus on flat-rolled steel used by factories and makers of cars, appliances, machinery, and construction goods. It also owns iron ore mines and processing plants, so it can supply much of the raw material needed for its own steel mills. In simple terms, it sits in the middle of the industrial supply chain: it takes mined ore and turns it into steel that other companies use to build things. The company makes money by selling steel sheet, plate, stainless and electrical steel, plus iron ore pellets and related metal products. Its main customers are automakers, metal processors, manufacturers, and other industrial buyers that need large, steady shipments of steel. These customers usually sign contracts or buy through ongoing supply relationships rather than one-off retail sales. What makes Cleveland-Cliffs different is its vertical integration. Instead of buying most of its raw material from others, it controls mining, pelletizing, and steelmaking under one roof. That gives it tighter control over quality and supply, especially for demanding uses like automotive steel, where consistent specs and reliable delivery matter a lot.
Cleveland-Cliffs makes iron ore pellets and steel products, with a strong focus on flat-rolled steel used by factories and makers of cars, appliances, machinery, and construction goods. It also owns iron ore mines and processing plants, so it can supply much of the raw material needed for its own steel mills. In simple terms, it sits in the middle of the industrial supply chain: it takes mined ore and turns it into steel that other companies use to build things.
The company makes money by selling steel sheet, plate, stainless and electrical steel, plus iron ore pellets and related metal products. Its main customers are automakers, metal processors, manufacturers, and other industrial buyers that need large, steady shipments of steel. These customers usually sign contracts or buy through ongoing supply relationships rather than one-off retail sales.
What makes Cleveland-Cliffs different is its vertical integration. Instead of buying most of its raw material from others, it controls mining, pelletizing, and steelmaking under one roof. That gives it tighter control over quality and supply, especially for demanding uses like automotive steel, where consistent specs and reliable delivery matter a lot.
Q1 improved, but with one-offs: Cleveland-Cliffs said first-quarter 2026 was the start of a sustained improvement, but results were held back by an energy-cost spike and other temporary issues.
Pricing and volume are rising: Shipments recovered to just over 4.1 million tons, average selling prices rose year over year and sequentially, and management expects both to keep improving in Q2 and Q3.
Outlook is getting better: Management said Q2 should be much better than Q1, Q3 should be better than Q2, and Q2 should be the best quarter in nearly 2 years on both EBITDA and cash flow.
Trade and customer demand are helping: The company said U.S. steel imports are at their lowest levels since 2009, order books are full, and auto OEMs are booking more steel from Cliffs.
Capital and strategic projects remain on track: DOE-funded projects, AI adoption, land sales, and the POSCO discussions all remain active, while the company also continues to rightsize its footprint and improve efficiency.
