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Largest flat-rolled steel producer in North America and the biggest supplier to the US automotive industry, also mining its own iron ore.
Largest flat-rolled steel producer in North America and the biggest supplier to the US automotive industry, also mining its own iron ore.
Switched from selling iron ore to other steelmakers to making steel itself: the 2020 purchases of AK Steel and ArcelorMittal USA made it the largest US flat-rolled producer. Steel now carries the business, with much of it sold to automakers under contracts that reset periodically, while its own mines largely feed its mills.
Moat: narrow (scale, installed base, customer qualification). Vertically integrated iron-ore-to-steel supply chain and deep automotive-grade steel qualification, though steel demand is cyclical.
Headquarters: Cleveland, Ohio, United States · Founded: 1847 · Employees: 25,000
Size Cleveland-Cliffs (CLF) is a United States Materials company (Steel) with a market value of $6.54B, the 998th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.46 on 6 Nov 2026.
Performance Over six months the shares gained 4.0%, against -8.6% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +9.8%); the operating margin is -1.1% (peer median 6.8%).
Valuation It trades at 6.6× forward earnings against a peer median of 13.4× (cheapest of 20).
Capital Return on invested capital runs 11.0 points below its cost of capital (9.8% WACC).
Credit Cleveland-Cliffs has 6 bonds outstanding ($5.06B), rated B+ by the agencies and trading like BB- at a weighted spread of 253 bp.
Short interest Short interest is 13.3% of the free float (15 Oct 2026).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $20.1B | $18.6B | $19.2B | $22.0B | $23.0B |
| Revenue growth | — | -3% | -13% | -4% | — |
| Gross profit | $375M | -$763M | $258M | $1.53B | $2.26B |
| EBITDA | $910M | -$45.0M | $654M | $1.87B | $2.75B |
| Net income | -$473M | -$1.48B | -$760M | $399M | $1.33B |
| Free cash flow | -$485M | -$1.02B | -$590M | $1.59B | $1.48B |
| Capital expenditure | $601M | $561M | $695M | $646M | $943M |
| Total debt | $7.64B | $7.94B | $7.77B | $3.59B | $4.70B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cleveland-Cliffs CLF | $6.54B | +4% | +8% | -1% | 6.6× | n/a |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| Steel Dynamics STLD | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% |
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
| Ternium S.A. Sponsored ADR TX | $9.65B | +5% | -1% | 8% | 6.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CLF | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -4.9% | 10th lowest of 21 |
| 6-month return | +4.0% | -8.6% | 5th highest of 21 |
| Distance from 52-week high | -25.3% | -24.6% | 9th lowest of 21 |
| Revenue growth (TTM) | +8.1% | +9.8% | 10th lowest of 21 |
| Operating margin | -1.1% | 6.8% | lowest of 21 |
| Forward P/E | 6.6× | 13.4× | cheapest of 20 |
| ROIC minus cost of capital | -11.0 pp | -1.5 pp | lowest of 21 |
| Net debt / EBITDA | 8.3× | 0.9× | most indebted of 18 |
| Bond spread | 253 bp | 139 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
Cleveland-Cliffs has 6 bonds outstanding with $5.06B face value. The agencies rate it B+; its bonds trade like BB-. Weighted yield 7.20%, a spread of 253 bp over government bonds.