CLEVELAND-CLIFFS INC.
boothcheck covers CLEVELAND-CLIFFS INC. (CLF) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 25, 2026.
• Cliffs is the vertically integrated end of American steel, mining its own iron ore and rolling flat steel for car makers, and it says so plainly in its FY2025 annual report: ⟦"Our primary competitive strength lies within our automotive steel business. We are a leading supplier of automotive-grade steel in the U.S."⟧ • The balance sheet is the whole argument on both sides, with net debt near 8.12 billion dollars sitting at roughly 4.19 times operating profit measured through the cycle, against
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547 institutional managers reported holding CLF in 13F filings for the quarter ended 2026-03-31. Together they hold about 82% of the company; the top 10 hold 46%. 76 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 77.1M shares were sold short as of the 2026-06-15 count, about 14% of shares outstanding (4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CLF's share count grew 14% over the past five years even with $1.13B spent on repurchases. It pays no dividend. Cash returned over the past three years: $791.00M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CLF over the trailing three years: 2024: 9 buys totaling $2.71M; 2025: 3 buys totaling $243k; 2026: 1 buy totaling $200k. 18 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CLF's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-02-15 | +2.4% | -17.5% |
| 2023-04-27 | -3.8% | +11.3% |
| 2023-07-27 | +9.9% | -10.0% |
| 2023-10-26 | +7.3% | +28.7% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CLF's latest 8-K filings: 2026-07-24 (items 5.02); 2026-07-23 (items 2.02, 9.01); 2026-05-20 (items 5.07); 2026-04-20 (items 2.02, 9.01); 2026-02-23 (items 5.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.