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NYSE · Basic Materials

CLEVELAND-CLIFFS INC CLF

Cleveland-Cliffs is the largest flat steel producer and iron ore pellet supplier in North America. It vertically integrates the entire industry chain from mining, direct reduced iron, scrap steel recycling to steelmaking and downstream stamping, molds, and pipes. It focuses on high value-added plates such as automobiles. About 28% of the company's revenue comes from the direct automotive market, while serving infrastructure and distributors. Its self-sufficiency model builds advantages in a quality-driven market. Investment analysis needs to pay attention to the steel cycle, automobile demand and changes in raw material price differences.

Sources Company investor relations clevelandcliffs.com
Metal Mining

Company profile

Business mix

  • Vertically integrates the steel value chain, from raw iron ore and scrap steel to finished products such as hot-rolled, cold-rolled, coated, stainless steel and electrical steel, and provides stamping and mold solutions to the automotive industry.
  • By downstream market, direct automotive customers contributed 28% of revenue, infrastructure and manufacturing accounted for 30%, distributors and processors accounted for 29%, and steel producers accounted for 13%, showing diversification but heavy reliance on automobiles.

Current key questions

  • The steel industry is highly cyclical, and fluctuations in terminal demand such as automobiles and construction directly affect shipments and pricing. The company's "value over quantity" strategy faces sales pressure when demand declines.
  • North American production capacity has benefited from tariff protection, but it also faces the risk of import price competition and trade countermeasures; at the same time, the trend of low-carbon steelmaking requires continued capital expenditures and tests cost control.
  • Although self-sufficiency in raw materials smoothes profit fluctuations, changes in iron ore pellets, scrap steel costs and electricity prices will still squeeze gross profit margins. Automotive customers have strong bargaining power, and the contract pricing model affects profit elasticity.
Holders 2 Current sample portfolio
Public mentions 0 Videos / interviews / letters
Valuation snapshot
PE N/A FCF -12.92% Buyback -9.57%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Fairfax Financial Prem Watsa 6.5% $125.7M 2026-03-31
Duquesne Family Office Stanley Druckenmiller 0.6% $19,549 2026-03-31

Recent trading changes over the last 4 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 1 Last 4 13F filing periods
Net reducers 0 Last 4 13F filing periods
Unchanged holders 1 Share count unchanged
Increase amount $19,549 Estimated from net added shares
Reduction amount $0 Estimated from net reduced shares
Net share change / base shares +15.5% +2,313,455 / 14,899,273
Duquesne Family Office Stanley Druckenmiller 3 filing periods
13F 2025-09-30 Filed 2025-11-14
New Shares - 13F value change +$33,123
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -35.7% 13F value change -$9,941
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 32.5% 13F value change -$3,633
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 4 periods +2,313,455 (New) Total shares 2,313,455 Value $19,549
Fairfax Financial Prem Watsa 4 filing periods
13F 2025-06-30 Filed 2025-08-14
Unchanged Shares 0.0% 13F value change $0
13F 2025-09-30 Filed 2025-11-14
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-17
Unchanged Shares 0.0% 13F value change $0
13F 2026-03-31 Filed 2026-05-15
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 14,899,273 Last 4 periods +0 (0.0%) Total shares 14,899,273 Value $125.7M

Recent mentions

No public mentions.