NYSE:CLF 19 October 2025 - 8 January 2026

Cleveland-Cliffs shares fell 0.5% to $11.98 premarket after KeyBanc downgraded the stock to “sector weight” and cut its Q4 EBITDA estimate to a $22 million loss. The stock dropped 9.27% Wednesday, closing at $12.04. KeyBanc cited weaker steel pricing and higher costs, but expects the broader U.S. steel sector to improve in 2026.

Cleveland-Cliffs shares fell about 4% to $12.80 on Dec. 12, 2025, after S&P Global Ratings downgraded the steelmaker’s credit rating to B+ from BB-, citing high leverage and weaker market conditions. S&P noted debt-to-EBITDA rose sharply to 20.5x in 2024, with adjusted debt at $8.4 billion.

Cleveland-Cliffs shares closed at $12.29 on December 5, down 3.61%, with about 15.2 million shares traded. The stock remains more than double its 52-week low but sits 26% below its yearly high. Recent reports highlight efficiency gains from automation and real-time monitoring. Analysts estimate long-term revenue could reach $22.5 billion by 2028, with a fair value near the current price.

Cleveland-Cliffs shares fell about 12% to the low-$12 range on Oct. 30, 2025, after announcing a 75 million share offering to raise $964 million, sparking dilution concerns. The drop followed a surge to a 52-week high above $16 on strong Q3 results and rare-earth minerals news. Q3 revenue rose 3.6% to $4.73 billion, with an adjusted net loss of $0.45 per share. Wall Street’s consensus price target remains below recent trading levels.

Cleveland-Cliffs shares surged nearly 20% on Oct. 20, closing at $15.50 after Q3 results and rare-earth exploration plans. The company posted Q3 revenue of $4.73 billion and an adjusted loss of $0.45 per share, narrower than expected. Executives credited new U.S. steel tariffs for stronger demand and multi-year auto contracts. The stock is up about 42% year-to-date, far outpacing peers.

Cleveland-Cliffs reported Q3 sales of $4.73 billion, up 3.6% from last year but below analyst estimates. The company credited 50% steel tariffs for stronger automotive demand and announced plans to explore rare-earth minerals in Michigan and Minnesota. Shares rose as much as 19% premarket. Analysts remain cautious, with an average price target well below current levels.