CL
Cleveland-Cliffs Inc.
CLF · Materials
Company brief
CL
CLFMaterials$9.4B

Cleveland-Cliffs Inc.

Vertically integrated North American steelmaker supplying flat-rolled steel, stainless, electrical steel, tinplate, iron ore pellets, and hot-briquetted iron to automotive, infrastructure, appliance, and manufacturing customers.

Moat score
72/100
13F status
Ownership layer ready
Main Metrics

Beginner valuation check

Price
$10.23
Next earnings
Data pending

Data pending from FMP or Finnhub.

1Y Performance
+39%

Positive price performance shows recent market sentiment, not a full investment thesis.

Forward P/E
N/A

Forward P/E is unavailable, so use price performance and business quality as first-pass checks.

P/E
N/A

Trailing P/E is unavailable, often because earnings are negative or provider data is missing.

EPS
$-2.34
Market Cap
$5.9B
Start with price performance and market cap, then wait for earnings/forward P/E data before judging valuation.

Source: market data index. As of May 21, 2026. P/E can be unavailable or misleading when earnings are negative.

Scenario Framework

Bull / Neutral / Bear

Neutral Case

Investors are mainly weighing whether steelmaking and flat-rolled steel can keep converting North American manufacturing demand into cash flow despite cyclical pricing.

Watch signal

Valuation data becomes available and is weighed alongside business quality and the updated 13F view.

What you own

Cleveland-Cliffs Inc. is exposure to materials operating model with high switching costs and 103% net revenue retention.

Base thesis

Vertical integration from iron ore pellets to finished steel gives cost and supply resilience versus pure scrap buyers.

Main risk

The main question is whether the company can keep customer value compounding without margin pressure eroding the moat.

How to inspect it

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Simulator coverage pending

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Investor Snapshot
72Moat Score
Net Revenue Retention103%
Retention RiskMedium
AI Disruption RiskLow
Switching CostsHigh
13F Ownership
SEC-backed layer available

Open the 13F workspace to inspect holders, changes, source quality, and investor signals.

Investment Thesis
  • Vertical integration from iron ore pellets to finished steel gives cost and supply resilience versus pure scrap buyers.
  • Large North American auto exposure creates durable demand but ties results to vehicle production and contract resets.
  • HRC pricing, maintenance outages, and raw material spreads remain key earnings swing factors.
  • Electrical steel and advanced high-strength steel support longer-term demand from EVs, grid equipment, and lightweighting.