Cleveland-Cliffs stock dips in premarket after KeyBanc downgrade flags costs, valuation
New York, Jan 8, 2026, 07:36 EST — Premarket Cleveland-Cliffs shares slipped 0.5% to $11.98 in premarket trade on Thursday after KeyBanc cut the U.S. steelmaker to “sector weight”, a neutral rating, from “overweight”. Public+1 The move matters because Cleveland-Cliffs is tightly tied to the auto supply chain and U.S. sheet steel pricing, and small swings in costs can hit results fast. The Cleveland, Ohio-based company is vertically integrated from iron ore through steelmaking and sells value-added sheet products, especially to automakers. Reuters The stock closed at $12.04 on Wednesday, down 9.27%, one of its sharpest one-day drops in months.