Cleveland-Cliffs Inc. (CLF) Stock Price & How to Invest
Short answer
You can invest in Cleveland-Cliffs (CLF) by buying shares or fractional shares at any major broker, through an ETF that holds it, or as one holding in a thematic basket. The thesis is leveraged exposure to U.S. steel: as North America's largest flat-rolled producer that makes steel exclusively in the United States, Cliffs benefits directly from 50% Section 232 tariffs that have pushed imports to multi-year lows. The biggest risk is cyclicality and debt: steel prices and automotive demand swing hard, and with roughly ~$7.8 billion of long-term debt against ~$3.1 billion of liquidity (as of March 31, 2026), down quarters hit the equity sharply.
CLF stock price
As of 2026-06-26, Cleveland-Cliffs Inc. (CLF) last closed at $9.95, up 34.1% over the past year. Over the past 52 weeks it has traded between $7.42 and $16.18.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Cleveland-Cliffs Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Cleveland-Cliffs Inc. (CLF) do?
Cleveland-Cliffs is North America's largest flat-rolled steel producer and the largest supplier of automotive-grade steel in the United States. It is vertically integrated, owning iron ore mines and pellet operations and converting raw materials and scrap through primary steelmaking into downstream finishing, stamping, tooling, and tubing. It makes money by selling steel to automakers, service centers, infrastructure, appliance, and other industrial customers; roughly a third of output goes to the automotive sector, and Q1 2026 steelmaking revenue included ~$1.4 billion (~29%) of direct automotive sales. The company employs roughly ~25,000 people across mining, steel, and manufacturing operations in the U.S. and Canada.
The modern company is the product of a deliberate transformation from a pure-play iron ore miner into a fully integrated steelmaker. Cliffs acquired AK Steel and ArcelorMittal USA in 2020, vaulting it into the top tier of U.S. steel, and in November 2024 it closed the roughly ~$2.5 billion (CA$3.4 billion) acquisition of Canadian producer Stelco, adding integrated steelmaking at Lake Erie Works plus downstream and cokemaking assets and roughly 2.6 million net tons of annual flat-rolled capacity. Those deals shifted Cliffs from selling ore to others into being one of the largest steel producers and automotive-steel suppliers on the continent, while also adding the leverage that defines its balance sheet today.
What's driving Cleveland-Cliffs Inc. (CLF)?
U.S.-only footprint plus tariff tailwind
Cliffs produces steel exclusively in the United States for U.S. customers, so 50% Section 232 tariffs act as a structural tailwind that import-exposed competitors cannot match. The tariffs, restored from 25% to 50% in 2025 with exclusions eliminated, have pushed U.S. steel imports to their lowest levels since the 2008 financial crisis. Coverage has also expanded to electrical steel and stainless derivative products, areas where Cliffs has capacity.
Integration and scale
As the largest flat-rolled producer in North America and the largest U.S. supplier of automotive-grade steel, Cliffs has scale and a vertically integrated supply chain from iron ore to finished product. The Stelco acquisition roughly doubled its flat-rolled spot-market exposure and added an estimated ~$120 million of targeted annual cost savings. This integration is intended to give it more control over input costs than mini-mill peers that rely on purchased scrap.
Automotive demand recovery
Because roughly a third of shipments go to automakers, Cliffs is highly geared to vehicle production. A stronger or more stable auto build cycle lifts both volumes and the higher-margin automotive product mix. Conversely, soft auto demand is one of the clearest swing factors in its results, making this lever cut both ways.
Cost actions and cash-flow turn
Management has guided toward profitability and positive free cash flow beginning Q2 2026, citing tighter trade enforcement, low imports, and an expected ~$500 million EBITDA benefit tied to a slab contract termination. Q1 2026 adjusted EBITDA was ~$95 million despite an ~$80 million one-time cold-weather energy cost. Reducing the debt load is a stated priority alongside operational cost cuts.
What are the risks to Cleveland-Cliffs Inc. (CLF)?
Cleveland-Cliffs is one of the more cyclical and leveraged names in the steel sector. Steel prices and automotive demand both swing sharply, and as an integrated producer with high fixed costs, small revenue changes can produce large profit swings; Q1 2026 was still a GAAP net loss of ~$229 million. The balance sheet carries roughly ~$7.8 billion of long-term debt against ~$3.1 billion of liquidity, so a downturn pressures both earnings and the equity. Any rollback of Section 232 tariffs would directly compress domestic pricing and margins, and input costs for energy and raw materials add further volatility.
How is Cleveland-Cliffs Inc. (CLF) valued? (approximate, 2026-06-27)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Cleveland-Cliffs Inc.'s investor relations page or your broker.
- Revenue (TTM, approx.): ~$18-19 billion
- Q1 2026 revenue: ~$4.9 billion
- Q1 2026 adjusted EBITDA: ~$95 million (incl. ~$80M one-time energy cost)
- Q1 2026 GAAP net loss: ~$229 million (~$0.42 per diluted share)
- Long-term debt: ~$7.8 billion (vs ~$3.1B liquidity, Mar 31 2026)
- Market cap (approx.): ~$5-6 billion
Cliffs is a deeply cyclical steelmaker, so trailing earnings and EBITDA reflect a trough rather than a steady run rate, and a simple P/E is not meaningful when the company is posting losses. Investors typically watch EV/EBITDA, leverage (net debt to EBITDA, recently elevated near or above 3x), and the path to positive free cash flow that management guided toward from Q2 2026. Figures are approximate, tied to the asOf date, and move with the steel cycle.
Who competes with Cleveland-Cliffs Inc. (CLF)?
Mini-mill leaders (Nucor, Steel Dynamics)
Nucor (NUE) and Steel Dynamics (STLD) are scrap-fed electric-arc-furnace producers with lower fixed costs, less leverage, and consistent dividends. They compete with Cliffs across many flat-rolled products and are generally viewed as lower-cost, more financially flexible operators through the cycle.
Integrated and merged producers (U.S. Steel / Nippon)
U.S. Steel, now combined with Nippon Steel, is the other large integrated U.S. flat-rolled producer and a direct competitor in automotive and industrial steel. Cliffs itself had pursued U.S. Steel before that deal, underscoring how concentrated the integrated segment is.
Foreign and import competition
Imported steel from global producers historically pressures U.S. pricing. Section 232 tariffs at 50% currently blunt this competition, but any tariff rollback would re-expose Cliffs to lower-priced imports, making trade policy a central competitive variable.
How to invest in Cleveland-Cliffs Inc. (CLF)
There are three common ways to get CLF exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so CLF sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where CLF fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Cleveland-Cliffs Inc. (CLF)
Cleveland-Cliffs today is a highly operationally and financially leveraged bet on the U.S. steel cycle, with about ~29% of Q1 2026 steelmaking revenue (~$1.4 billion) coming from direct automotive sales and a structural tariff tailwind from 50% Section 232 duties. If you believe domestic steel pricing stays protected and auto demand holds, the question becomes sizing and overlap with the rest of your portfolio, not timing; the risk is that steel prices or auto volumes roll over while ~$7.8 billion of debt and high fixed costs amplify the downside.
More on Cleveland-Cliffs Inc. (CLF)
Whether CLF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CLF a buy?, and where the stock could go from here in the CLF stock forecast.
For income investors, whether CLF pays a dividend and how the payout looks is covered in does CLF pay a dividend?
Build a basket around CLF with Walnut
Use Cleveland-Cliffs Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is CLF a good stock to buy right now?
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That depends on your goals, time horizon, and risk tolerance, and this is not advice. The bull case is leveraged exposure to protected U.S. steel pricing under 50% tariffs plus a guided cash-flow turn. The bear case is severe cyclicality, recent net losses, and roughly ~$7.8 billion of debt that magnifies downturns. It is a high-volatility, capital-intensive name.
What does Cleveland-Cliffs do?
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Cleveland-Cliffs is North America's largest flat-rolled steel producer and the largest U.S. supplier of automotive-grade steel. It is vertically integrated, mining its own iron ore and converting raw materials and scrap into steel that it sells to automakers, service centers, infrastructure, appliance, and industrial customers, with downstream finishing, stamping, tooling, and tubing operations.
Does CLF pay a dividend?
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No. Cleveland-Cliffs does not currently pay a regular cash dividend on its common stock. Management has prioritized reducing debt and, at times, share buybacks over dividend payments. Investors looking for steel-sector income often compare it with dividend-paying peers like Nucor or Steel Dynamics, though that comparison is descriptive, not a recommendation.
How do tariffs affect CLF?
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Tariffs are central to the Cliffs thesis. Because it produces steel only in the United States, 50% Section 232 tariffs that limit imports act as a structural tailwind for domestic pricing, and coverage has expanded to electrical and stainless derivatives. The flip side: any reduction in those tariffs would directly compress its domestic steel pricing and margins.
Why is CLF stock so volatile?
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Cliffs combines two forms of leverage: operational and financial. As an integrated steelmaker with high fixed costs, small swings in steel prices or auto volumes drive large profit swings, and roughly ~$7.8 billion of debt amplifies the effect on the equity. Add commodity input costs and trade-policy sensitivity, and the share price tends to move sharply with the cycle.
What was the Stelco acquisition?
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In November 2024, Cliffs closed its roughly ~$2.5 billion (CA$3.4 billion) acquisition of Canadian steelmaker Stelco. The deal added integrated steelmaking at Lake Erie Works plus downstream and cokemaking assets, roughly 2.6 million net tons of annual flat-rolled capacity, and an estimated ~$120 million of targeted annual cost savings, while roughly doubling Cliffs' flat-rolled spot-market exposure.
How can I invest in CLF as part of a basket?
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You can hold CLF as one constituent in a thematic basket alongside related names, for example other U.S. steel producers or industrial and materials companies, with a target weight you set. This approach spreads single-stock risk across a thesis rather than concentrating in one volatile name. Walnut lets you define that basket and track it against your targets.
What ETFs hold Cleveland-Cliffs?
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CLF appears in broad materials and metals-and-mining ETFs, such as steel-focused or basic-materials sector funds, as well as small- and mid-cap index funds. An ETF gives diversified exposure where Cliffs is one of many holdings, which dampens single-stock volatility. Check any fund's current holdings, since weights and inclusion change over time.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Cleveland-Cliffs Inc.'s investor relations page or your broker before making investment decisions.