Cleveland-Cliffs Inc.
Materials · Steel
Structural: $CLF is the only fully integrated US flat-rolled steelmaker post the AK Steel + ArcelorMittal USA rollups - captive iron-ore pellets remove the spot-ore beta that hits non-integrated peers ($NUE, $STLD). Auto is the anchor end market (~30% of revenue), making CLF a derivative of US light-vehicle build rates and the EV transition (Cliffs supplies non-oriented electrical steel for traction motors).
Antitrust block of the Nippon Steel / $X bid in early 2025 + CLF's own withdrawn US Steel offer reset the consolidation narrative; CLF remains the only domestic bidder of scale if $X re-trades.
(1) US Section 232 + Section 301 tariff stack + Trump-era trade posture support domestic HRC price floors. (2) Auto recovery + onshoring lift integrated-mill utilization where CLF has highest operating leverage. (3) Electrical-steel monopoly position (only US producer of GOES) is a hidden grid/EV play.
(4) Vertical integration insulates EBITDA when iron-ore spot crashes. (5) Optionality on another $X bid or asset carve-outs.
(1) Auto build rate sensitivity cuts both ways - UAW strikes, EV demand wobble, or recession hit volumes hard. (2) $7B+ net debt stack from rollups limits flexibility through cycle troughs. (3) HRC spot is volatile; tariff regime is policy-dependent.
(4) Integrated-mill cost base is structurally higher than EAF peers $NUE / $STLD on labor + legacy pension. (5) Decarbonization capex (DRI/green steel) is undisclosed but multi-billion over the decade.
No major news in the last 7 days for CLF - only listicles and opinion pieces, which we filter out by default. See everything anyway.
No key levels recorded for this ticker.