Steel Stocks Face Another Chill... $300 Million Market Cap Vanishes in a Day

In New York trading, Cleveland-Cliffs Inc. (CLF) closed at $10.31 on the 15th, plunging 5.67% in a single day. Trading volume reached 6.65 million shares, and the company’s market capitalization fell to about $5.9 billion—erasing roughly $320 million, or nearly ₩450 billion, in one session.

In its April 20 release of first-quarter 2026 results, Cleveland-Cliffs formally designated Korea’s POSCO as its strategic partner under an existing large-scale memorandum of understanding, deepening their cooperation centered on advanced automotive-grade steel.

Earlier, in its February filing for full-year and fourth-quarter 2025 results, the company posted a net loss due to weaker steel demand and temporary shutdowns at certain facilities, but it reaffirmed plans for cost reduction and balance-sheet improvement.

Founded in the mid-19th century, Cleveland-Cliffs is a leading U.S. iron-ore and steel producer with fully integrated, vertically aligned operations and the largest flat-rolled steelmaking capacity in North America.

Through major acquisitions such as AK Steel, the company has increased its share of high-value-added automotive and appliance steel, transforming itself from a traditionally cyclical steel stock into a beneficiary of industry restructuring.