Cleveland-Cliffs Stock News

Shares of U.S. steelmaker Cleveland-Cliffs (CLF -16.90%) plunged 16.9% on Thursday, which was significantly worse than the 4.8% plunge experienced by the S&P 500 index.

Steelmaker Cleveland-Cliffs will lay off about 600 workers at its Dearborn Works in Michigan and pause some operations due to weak demand for automotive steel.

Iron & steel stock Cleveland-Cliffs Inc (NYSE:CLF) was last seen down 3.5% at $9.20, after news broke that the steel producer will temporarily idle two Minnesota facilities.

Cleveland-Cliffs has underperformed, dropping 26% since my initial "Buy" rating, but I maintain my stance due to recent positive trends. Q4 2024 saw the lowest steel demand since 2010, but financial improvements and a strong order book signal a potential turnaround. The inclusion of Stelco and rising HRC prices could significantly boost CLF's revenues, potentially exceeding market expectations.

Difficult-to-short stocks are often greatly overvalued.

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today announced a company-wide “Buy American” incentive for its nearly 30,000 employees. During the calendar year 2025, any Cleveland-Cliffs employee who purchases or leases a new American-built vehicle with substantial Cliffs' steel content will receive a $1,000 cash bonus in connection with the purchase. Lourenco Goncalves, Cliffs'...

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