LinkedIn
WebsiteIntroduction
Cleveland-Cliffs Inc. (NYSE: CLF) is a Cleveland, Ohio-based steel and mining company. As of October 20, 2025, its shares closed at $15.72—a one-day gain of 18.00% on trading volume of 872,522 shares. The firm, formerly known as Cliffs Natural Resources, is the largest flat-rolled steel producer in North America and the second-largest steelmaker in the United States after Nucor.
Corporate Structure and Operations
Cleveland-Cliffs employs approximately 30,000 people across four primary divisions: Steelmaking, Tubular, Tooling & Stamping, and European Operations. The company operates eight blast furnaces and five electric-arc furnaces, along with finishing facilities located in Kentucky, Indiana, Illinois, Ohio, Michigan, Pennsylvania, West Virginia, North Carolina, and Ontario. The annual production capacity for raw steel is approximately 23 million net tons. Additionally, the company manages four iron ore mines in Minnesota and two in Michigan, along with a hot-briquetted iron facility in Toledo, Ohio, and three coke-making plants located in Burns Harbor (IN), Monessen (PA), and Warren (OH).
Steel Production by Peter Herrmann
Recent Developments and News
On October 9, 2025, Cleveland-Cliffs held a ribbon-cutting ceremony for its Stainless Steel Bright Annealing Line at Coshocton Works in Coshocton, Ohio. The $150 million investment supplies stainless steel for automotive and appliance applications. This facility features a 100% hydrogen annealing atmosphere and includes a hydrogen recovery unit that reuses 50% of the gas mixture. Attendees included Governor Mike DeWine, Senator Jon Husted, Secretary of State Frank LaRose, UAW representatives, and Chairman, President & CEO Lourenco Goncalves.
On July 15, 2025, Lourenco Goncalves participated in CNBC’s Invest in America Forum, moderated by Sara Eisen, alongside Ana Botin and John Furner. The discussion focused on U.S. steel-trade policies, supply-chain resilience, and domestic manufacturing.
Financial and Strategic Analysis
• As of October 20, 2025, market capitalization stood at $6.589 billion.
• Trailing-twelve-month revenue was $18.46 billion, with net income reported at –$1.67 billion and a profit margin of –9.03%.
• Total debt to equity was recorded at 128.25%, with levered free cash flow for the period at –$1.27 billion.
• The investment in the annealing line aligns with a strategy to capture higher-margin steel segments while aiming to reduce environmental impacts.
• Support for increased U.S. steel tariffs reflects a policy stance to protect domestic production capabilities.
Market Position and Industry Context
Cleveland-Cliffs ranks 22nd among global steel producers and holds a significant position in North American flat-rolled steel. It is listed on the Fortune 500 (No. 221) and the Forbes Global 2000 (No. 1511). The company competes primarily with Nucor, ArcelorMittal, and U.S. Steel, operating within a cyclical industry influenced by factors such as infrastructure spending, trade policy, and environmental regulations. Cleveland-Cliffs' core values emphasize safety, customer focus, environmental stewardship, and continuous improvement.
TL;DR
As of October 20, 2025, CLF shares rose 18% to $15.72 on a trading volume of 872,522. On October 9, the company inaugurated a $150 million hydrogen-based annealing line at Coshocton Works, targeting automotive and appliance steel markets. Earlier, CEO Lourenco Goncalves spoke on steel tariffs and U.S. manufacturing at CNBC’s Invest in America Forum. Strategically, Cleveland-Cliffs is transitioning towards higher-value, lower-carbon processes while maintaining its status as North America’s leading flat-rolled steel producer.
