Cleveland-Cliffs stock dips in premarket after KeyBanc downgrade flags costs, valuation
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.