NEW YORK, March 13, 2026, 19:53 EDT
Cleveland-Cliffs Inc. shares tumbled 5.2% to $8.46 on Friday, marking the steepest decline among key U.S. steel stocks. Nucor edged down 1.3% to $163.48, while Steel Dynamics dropped 2.6% to $170.60.
This comes as Cliffs is still finding its footing after last month’s earnings miss, and Friday wasn’t exactly friendly turf for steel stocks. The S&P 500 lost 0.61%. The SPDR S&P Metals & Mining ETF, which tracks the sector, ended down 3.3%. “Very much an emotional market,” said Murphy & Sylvest strategist Paul Nolte. Reuters
Cliffs is facing some unique headwinds. According to a Feb. 9 Reuters report, the steelmaker posted $4.31 billion in fourth-quarter sales, falling short of Wall Street’s $4.59 billion target. CEO Lourenco Goncalves blamed sluggish auto demand, the expiration of a slab supply contract, and tariff issues in Canada. Direct sales to automotive customers made up 28% of the company’s steelmaking revenue for the quarter.
Management insists 2026 will mark some improvement. In the latest earnings update, Cliffs projected steel shipments for this year at 16.5 million to 17 million net tons—the industry’s standard metric—plus about $10 per ton in unit-cost savings, $700 million earmarked for capital spending, and $3.3 billion in liquidity. CEO Goncalves described the U.S. trade environment as moving in a “very constructive direction.” SEC
Other steelmakers have been more upbeat. Back in January, Nucor acknowledged that higher costs had squeezed margins, but CEO Leon Topalian emphasized “robust demand” and called out “historically strong backlogs” stretching into 2026. Steel Dynamics booked higher quarterly profits, helped by cheaper scrap and stronger fabrication pricing. CEO Mark Millett pointed to an “improved flat-rolled steel market environment” — a reference to sheet steel favored by automakers and appliance manufacturers. One factor: most steel supply contracts reset only occasionally, so mills don’t immediately benefit from spikes in daily spot prices. Reuters
Policy shifts could flip the bullish outlook. On Feb. 13, Reuters said U.S. steelmakers dropped after the Financial Times reported President Donald Trump’s team was looking to trim certain steel and aluminum tariffs. A move like that would undermine the price floor that domestic mills have relied on.
Currency and commodity action isn’t offering much relief. According to Reuters, the dollar was sticking close to 2026 highs this week as oil climbed and investors stuck to safer bets. On Friday, Canada’s materials sector tumbled 4.2%, hammered by stronger greenback pressure on metals. Cyclical names in the space usually take the first—often heaviest—hit in this kind of market.
Cliffs is still anchored in North America, making value-added sheet steel for automakers; nothing new has popped up on its website since Feb. 23. Right now, shares seem likely to move more on signs that management’s February rebound pitch is gaining traction—think contract pricing, shipments, and auto demand—than on any fresh company news.
