Cleveland-Cliffs (NYSE:CLF) Posts Earnings Results, Beats Estimates By $0.19 EPS

Cleveland-Cliffs (NYSE:CLF) released its quarterly earnings results on Monday. The mining company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.62) by $0.19, FiscalAI reports. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.60 billion. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.68) earnings per share.

Here are the key takeaways from Cleveland-Cliffs’ conference call:

• Termination of the ArcelorMittal slab contract should materially boost margins — management estimates roughly a $500 million EBITDA benefit as higher‑margin finished steel replaces low‑margin slab sales, with most impact flowing through in Q2–Q3 2026.
• The non‑binding POSCO MOU is the company’s top strategic priority and, if finalized in H1 2026 as targeted, could expand Cliffs’ U.S. customer access while meeting melted‑and‑poured rules and be accretive to shareholders.
• Policy and market tailwinds — Section 232 tariffs, melted‑and‑poured requirements, and recent Canadian import restrictions — plus a stronger order book and improving Stelco dynamics underpin guidance of ~16.5–17 million tons shipments for 2026.
• Operational improvements support margin expansion: unit costs fell about $40/ton in 2025 and are forecast to decline another ~$10/ton in 2026, aided by >$100M in coal savings and available production capacity to absorb reshored automotive volume without new plants.
• Near‑term headwinds and financial risks remain — 2025 was hit by import pressure and vehicle production declines, the company completed asset rationalizations and ~3,300 layoffs, leverage is still elevated despite $3.3B liquidity, and Q1 may see a temporary cost uptick while some asset‑sale timing is contingent on POSCO talks.

Cleveland-Cliffs Stock Down 0.5%

CLF stock opened at $12.25 on Wednesday. The stock has a fifty day moving average of $13.46 and a 200-day moving average of $12.27. Cleveland-Cliffs has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of -4.20 and a beta of 1.93. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.61 and a current ratio of 1.95.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of Cleveland-Cliffs by 20.2% in the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the period. BNP Paribas Financial Markets grew its stake in Cleveland-Cliffs by 200.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after buying an additional 4,222,528 shares in the last quarter. Voloridge Investment Management LLC raised its holdings in Cleveland-Cliffs by 960.4% during the 3rd quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock valued at $57,136,000 after acquiring an additional 4,241,582 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cleveland-Cliffs by 2.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,283,012 shares of the mining company’s stock worth $40,055,000 after acquiring an additional 73,805 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cleveland-Cliffs by 10.2% in the fourth quarter. Bank of New York Mellon Corp now owns 3,255,781 shares of the mining company’s stock worth $43,237,000 after acquiring an additional 300,713 shares during the period. Institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CLF shares. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, January 27th. The Goldman Sachs Group reiterated a “buy” rating and set a $15.00 price target on shares of Cleveland-Cliffs in a report on Monday. KeyCorp downgraded Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $12.80 to $17.00 in a research note on Friday, January 9th. Finally, Wells Fargo & Company raised shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $11.00 to $12.00 in a report on Friday, November 14th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.89.

Cleveland-Cliffs News Roundup

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Q4 EPS beat and narrowing loss — Cleveland‑Cliffs reported a smaller-than-expected per‑share loss, which is a constructive sign versus last year and reduces near‑term earnings risk. Cleveland-Cliffs’ Q4 Earnings Beat, Revenues Miss Estimates
• Positive Sentiment: 2026 operational outlook and capacity leverage — management expects shipments to rise (~16.8M tons), capex to remain modest (~$700M), and full asset operability, which could drive outsized cash‑flow improvement if pricing and utilization improve. Cleveland-Cliffs Sinks After Earnings—Is the Selloff Overdone?
• Neutral Sentiment: Earnings call and full transcript available — investors can review management’s commentary (including caveats) to judge the timing of the recovery and the role of contract resets in 2026. Cleveland-Cliffs (CLF) Q4 2025 Earnings Transcript
• Negative Sentiment: Revenue missed estimates and full‑year results disappointed — a ~6% revenue shortfall and a wider full‑year loss point to weak contract pricing and underutilized assets in 2025. Cleveland-Cliffs slumps after quarterly revenue misses estimates
• Negative Sentiment: POSCO partnership ambiguity/delay — management was non‑committal on timing/details of the proposed POSCO equity partnership, increasing execution uncertainty that investors had been counting on. Cleveland-Cliffs (CLF) Stock Drops 16% on Earnings Miss and Partnership Delays
• Negative Sentiment: Analyst downgrade and lower price target — GLJ Research cut its target and holds a sell rating, adding downward pressure on sentiment. ClevelandCliffs price target lowered by C at GLJ Research
• Negative Sentiment: Market reaction and commentary — the stock sold off sharply on the mixed print and pundits (including Jim Cramer) flagged macro and tariff headwinds as constraints on a faster recovery. Jim Cramer says Cleveland-Cliffs needs more economic activity to do better

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.