Cleveland-Cliffs Inc.
Price History
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About Cleveland-Cliffs Inc.
Cleveland-Cliffs Inc. (CLF) is a iron ore mining company. Our project database tracks 22 projects for Cleveland-Cliffs Inc. with technical and economic data extracted from company filings. Its flagship Tilden Property (Tilden Mine) (Feasibility) carries an after-tax NPV of $1.32B over a 25-year mine life.
Overview
Cleveland-Cliffs Inc. is the largest flat-rolled steel producer in North America and the largest iron ore pellet producer in the United States. Following transformational acquisitions of ArcelorMittal USA, AK Steel, and the steelmaking assets of ArcelorMittal Cleveland, the company is now vertically integrated from iron ore mining through steel production and manufacturing. Cleveland-Cliffs is focused on supplying the automotive, infrastructure, and manufacturing sectors.
Operations
Cleveland-Cliffs operates iron ore mines in Michigan and Minnesota producing approximately 20-25 million long tons of iron ore pellets annually from operations including Northshore, United Taconite, Minorca, and Tilden mines. The company also operates multiple steel production facilities across the US including blast furnaces, electric arc furnaces, and rolling mills producing hot-rolled, cold-rolled, and coated steel products.
Strategy
The company's strategy emphasizes vertical integration from mine to finished steel products, optimizing the integrated supply chain to reduce costs and improve margins, serving key end markets particularly automotive with long-term contracts, investing in facility upgrades and technology, pursuing decarbonization initiatives including direct reduced iron, and maintaining strong relationships with domestic customers and labor unions.
Key Projects
Major projects include construction of the HBI (hot briquetted iron) direct reduction facility in Toledo, Ohio using natural gas to produce low-carbon iron units, modernization and upgrades at various steel facilities, evaluation of additional iron ore projects, potential expansion of pellet capacity, and investment in emissions reduction technologies. Cleveland-Cliffs is positioning to serve the domestic steel market with reduced carbon intensity.
Primary Commodities
Project Economics
Middletown Works Energy Optimization Project
Butler Works GOES Expansion
Cleveland-Cliffs Inc. (Consolidated)
Northshore Property (Peter Mitchell Mine)
- Mineral Reserves
- Proven & Probable: 822.4 MLT crude ore at 24.6% MagFe, 29.4% process recovery, 241.6 MLT wet pellets
- Mineral Resources
- Measured & Indicated (exclusive of Reserves): 1,157.5 MLT at 22.2% MagFe, 25.8% process recovery, 298.4 MLT wet pellets; Inferred: 13.6 MLT at 19.8% MagFe, 22.5% process recovery, 3.1 MLT wet pellets
United Taconite Property (Thunderbird Mine - TBN & TBS; Fairlane Facility)
- Mineral Reserves
- Proven & Probable: 774.6 MLT crude ore at 22.3% MagFe, 33.3% process recovery, 257.6 MLT wet pellets
- Mineral Resources
- Measured & Indicated (exclusive of Mineral Reserves): 730.4 MLT at 22.3% MagFe, 31.7% process recovery, 231.8 MLT wet pellets; Inferred: 25.9 MLT at 21.5% MagFe, 31.1% process recovery, 8.0 MLT wet pellets
Tilden Property (Tilden Mine)
- Mineral Reserves
- Total Proven and Probable Mineral Reserves estimated at 520.0 MLT of crude ore at a grade of 34.7% crude Fe
- Mineral Resources
- Indicated (exclusive of reserves) 135.4 MLT at 35.5% crude Fe, 35.9% process recovery, 48.6 MLT wet pellets; Inferred 350.4 MLT at 34.7% crude Fe, 36.4% process recovery, 127.4 MLT wet pellets
Tilden Property
- Mineral Reserves
- Total Proven and Probable Mineral Reserves estimated at 520.0 MLT of crude ore at 34.7% crude Fe
- Mineral Resources
- Indicated 135.4 MLT at 35.5% crude Fe (35.9% process recovery; 48.6 MLT wet pellets); Inferred 350.4 MLT at 34.7% crude Fe (36.4% process recovery; 127.4 MLT wet pellets). Exclusive of Mineral Reserves.
Northshore Property (Peter Mitchell Mine / E.W. Davis Works)
- Mineral Reserves
- Proven & Probable: 822.4 MLT crude ore at 24.6% MagFe, 29.4% process recovery, 241.6 MLT wet pellets
- Mineral Resources
- M&I: 1,157.5 MLT at 22.2% MagFe, 25.8% process recovery, 298.4 MLT wet pellets (exclusive of Mineral Reserves); Inferred: 13.6 MLT at 19.8% MagFe
Northshore Property
- Mineral Reserves
- Proven & Probable: 822.4 MLT crude ore at 24.6% MagFe, 29.4% process recovery, 241.6 MLT wet pellets
- Mineral Resources
- M&I (exclusive of reserves): 1,157.5 MLT at 22.2% MagFe, 25.8% process recovery, 298.4 MLT wet pellets; Inferred: 13.6 MLT at 19.8% MagFe, 22.5% process recovery, 3.1 MLT wet pellets
Minorca Property (Minorca Mine)
- Mineral Reserves
- Proven & Probable Mineral Reserves: 109.7 MLT crude ore at 23.8% MagFe, 34.1% process recovery, 37.4 MLT wet pellets. Proven 102.8 MLT at 23.7% MagFe (35.0 MLT wet pellets); Probable 6.8 MLT at 25.1% MagFe (2.5 MLT wet pellets).
- Mineral Resources
- Mineral Resources (exclusive of Mineral Reserves) above 16% crude MagFe cut-off: Measured + Indicated 801.5 MLT at 22.9% MagFe (32.9% process recovery, 263.7 MLT wet pellets); Inferred 30.1 MLT at 21.1% MagFe (30.2% process recovery, 9.1 MLT wet pellets).
Minorca Property
- Mineral Reserves
- Proven & Probable: 109.7 MLT crude ore at 23.8% MagFe, 34.1% process recovery, 37.4 MLT wet pellets (Proven: 102.8 MLT at 23.7% MagFe, 35.0 MLT pellets; Probable: 6.8 MLT at 25.1% MagFe, 2.5 MLT pellets)
- Mineral Resources
- Measured + Indicated: 801.5 MLT at 22.9% MagFe, 32.9% recovery, 263.7 MLT wet pellets (Measured: 484.3 MLT; Indicated: 317.2 MLT); Inferred: 30.1 MLT at 21.1% MagFe, 9.1 MLT wet pellets
Hibbing Taconite Property (HibTac)
- Mineral Reserves
- Proven & Probable: 109.3 MLT crude ore at 18.7% MagFe, 25.5% process recovery, 27.8 MWLT wet pellets (85.3% attributable: 93.2 MLT crude ore, 23.7 MWLT pellets)
- Mineral Resources
- Measured & Indicated (exclusive of reserves): 10.7 MLT at 19.2% MagFe, 25.4% process recovery, 2.7 MWLT pellets (85.3% attributable: 9.1 MLT, 2.3 MWLT)
Minorca Property (Laurentian, East 1, East 2 Pits)
- Mineral Reserves
- Proven & Probable: 109.7 MLT crude ore at 23.8% MagFe, 34.1% process recovery, 37.4 MLT wet pellets (Proven 102.8 MLT at 23.7% MagFe / 35.0 MLT pellets; Probable 6.8 MLT at 25.1% MagFe / 2.5 MLT pellets)
- Mineral Resources
- Measured + Indicated: 801.5 MLT at 22.9% MagFe, 32.9% process recovery, 263.7 MLT wet pellets (Measured 484.3 MLT, Indicated 317.2 MLT); Inferred: 30.1 MLT at 21.1% MagFe, 30.2% recovery, 9.1 MLT wet pellets. Reported exclusive of Mineral Reserves at 16% crude MagFe cut-off
Minorca Property (Laurentian, East 1 and East 2 Pits)
- Mineral Reserves
- Proven & Probable: 109.7 MLT crude ore at 23.8% MagFe, 34.1% process recovery, 37.4 MLT wet pellets (Proven 102.8 MLT at 23.7% MagFe; Probable 6.8 MLT at 25.1% MagFe)
- Mineral Resources
- Measured + Indicated: 801.5 MLT at 22.9% MagFe, 32.9% process recovery, 263.7 MLT wet pellets; Inferred: 30.1 MLT at 21.1% MagFe (exclusive of Mineral Reserves)
Minorca Mine (Laurentian and East Pits)
- Mineral Reserves
- Proven & Probable: 109.7 MLT at 23.8% MagFe, 34.1% process recovery, 37.4 MLT wet pellets
- Mineral Resources
- Measured & Indicated: 801.5 MLT at 22.9% MagFe, 32.9% process recovery, 263.7 MLT wet pellets; Inferred: 30.1 MLT at 21.1% MagFe, 30.2% process recovery, 9.1 MLT wet pellets (exclusive of reserves)
United Taconite Property (Thunderbird Mine)
- Mineral Reserves
- Proven & Probable: 774.6 MLT at 22.3% MagFe, process recovery 33.3%, 257.6 MLT wet pellets (Proven: 143.1 MLT at 23.1% MagFe, 34.7% recovery, 49.6 MLT pellets; Probable: 631.5 MLT at 22.1% MagFe, 32.9% recovery, 208.0 MLT pellets)
- Mineral Resources
- Measured & Indicated (exclusive of Mineral Reserves): 730.4 MLT at 22.3% MagFe, 31.7% process recovery, 231.8 MLT wet pellets (Measured: 91.8 MLT at 23.6% MagFe; Indicated: 638.6 MLT at 22.2% MagFe); Inferred: 25.9 MLT at 21.5% MagFe
United Taconite Property (Thunderbird Mine North and South / Fairlane Facility)
- Mineral Reserves
- Proven & Probable: 774.6 MLT crude ore at 22.3% MagFe, 33.3% process recovery, 257.6 MLT wet pellets (Proven 143.1 MLT at 23.1% MagFe; Probable 631.5 MLT at 22.1% MagFe)
- Mineral Resources
- Measured & Indicated (exclusive of Mineral Reserves): 730.4 MLT at 22.3% MagFe, 31.7% process recovery, 231.8 MLT wet pellets; Inferred: 25.9 MLT at 21.5% MagFe, 8.0 MLT wet pellets
United Taconite Property (Thunderbird Mine North & South)
- Mineral Reserves
- Proven & Probable: 774.6 MLT crude ore at 22.3% MagFe, 33.3% process recovery, 257.6 MLT wet pellets (Proven 143.1 MLT at 23.1% MagFe; Probable 631.5 MLT at 22.1% MagFe)
- Mineral Resources
- M&I: 730.4 MLT at 22.3% MagFe (exclusive of Mineral Reserves); Inferred: 25.9 MLT at 21.5% MagFe
United Taconite Property (Thunderbird Mine North & South / Fairlane Facility)
- Mineral Reserves
- Proven & Probable: 774.6 MLT crude ore at 22.3% MagFe, 33.3% process recovery, 257.6 MLT wet pellets (Proven 143.1 MLT at 23.1% MagFe, 34.7% recovery, 49.6 MLT pellets; Probable 631.5 MLT at 22.1% MagFe, 32.9% recovery, 208.0 MLT pellets)
- Mineral Resources
- Measured & Indicated (exclusive of Mineral Reserves): 730.4 MLT at 22.3% MagFe, 31.7% process recovery, 231.8 MLT wet pellets; Inferred: 25.9 MLT at 21.5% MagFe, 31.1% recovery, 8.0 MLT pellets
Hibbing Taconite (HibTac)
- Mineral Reserves
- Proven & Probable: 109.3 MLT crude ore at 18.7% MagFe, 25.5% process recovery, 27.8 MWLT wet pellets
- Mineral Resources
- Measured & Indicated: 10.7 MLT crude ore at 19.2% MagFe, 25.4% process recovery, 2.7 MWLT pellets (exclusive of reserves, Cliffs 85.3% attributable = 9.1 MLT, 2.3 MWLT)
United Taconite Property (UTAC) - Thunderbird Mine
- Mineral Reserves
- Proven & Probable: 774.6 MLT at 22.3% MagFe, 33.3% process recovery, 257.6 MLT wet pellets (Proven 143.1 MLT at 23.1% MagFe, 34.7% recovery, 49.6 MLT pellets; Probable 631.5 MLT at 22.1% MagFe, 32.9% recovery, 208.0 MLT pellets)
- Mineral Resources
- Measured & Indicated (exclusive of reserves): 730.4 MLT at 22.3% MagFe, 31.7% process recovery, 231.8 MLT wet pellets (Measured 91.8 MLT at 23.6% MagFe, 32.5 MLT pellets; Indicated 638.6 MLT at 22.2% MagFe, 199.2 MLT pellets; Inferred 25.9 MLT at 21.5% MagFe, 8.0 MLT pellets)
United Taconite (UTAC) - Thunderbird Mine & Fairlane Facility
- Mineral Reserves
- Proven 143.1 MLT @ 23.1% MagFe, 34.7% process recovery, 49.6 MLT wet pellets; Probable 631.5 MLT @ 22.1% MagFe, 32.9% process recovery, 208.0 MLT wet pellets; Proven & Probable 774.6 MLT @ 22.3% MagFe, 33.3% process recovery, 257.6 MLT wet pellets
- Mineral Resources
- Measured 91.8 MLT @ 23.6% MagFe, 35.4% process recovery, 32.5 MLT wet pellets; Indicated 638.6 MLT @ 22.2% MagFe, 31.2% process recovery, 199.2 MLT wet pellets; Total M+I 730.4 MLT @ 22.3% MagFe, 31.7% process recovery, 231.8 MLT wet pellets; Inferred 25.9 MLT @ 21.5% MagFe, 31.1% process recovery, 8.0 MLT wet pellets
Project figures are automatically extracted from company filings and presentations and reflect the most recent disclosure found. They may contain errors — always verify against the linked source document.
How the Economics Evolved
Tilden Property
7 studies on recordTilden Property (Tilden Mine)
15 studies on recordNorthshore Property (Peter Mitchell Mine / E.W. Davis Works)
20 studies on recordUnited Taconite Property (Thunderbird Mine - TBN & TBS / Fairlane Facility)
5 studies on recordUnited Taconite Property (Thunderbird Mine North & South / Fairlane Facility)
8 studies on recordUnited Taconite Property (Thunderbird Mine)
6 studies on recordHibbing Taconite Property (HibTac)
22 studies on recordMinorca Property
16 studies on recordMinorca Property (Laurentian, East 1, East 2 Pits)
2 studies on recordMinorca Property (Minorca Mine)
4 studies on recordNorthshore Property (Peter Mitchell Mine)
2 studies on recordEconomics as disclosed in each successive study. NPV shown in US$ where a currency conversion is available (at each study's own period rate), else in the study's stated currency. Verify against the source filings.
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Financial Metrics
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Frequently Asked Questions
- What does Cleveland-Cliffs Inc. mine?
- Cleveland-Cliffs Inc. is focused on Iron Ore, Steel.
- What is the economic value of Cleveland-Cliffs Inc.'s Tilden Property (Tilden Mine)?
- According to its Feasibility, Tilden Property (Tilden Mine) has an after-tax NPV of $1.32B.
- How many projects does Cleveland-Cliffs Inc. have?
- We track 22 projects with extracted technical and economic data for Cleveland-Cliffs Inc.
Project Analysis
Butler Works GOES Expansion Project Economics: $200M Capex
Cleveland-Cliffs Inc.'s Butler Works GOES Expansion in Butler, Pennsylvania, USA has an economic study outlining initial capital of $200M.
Middletown Works Energy Optimization Project Project Economics: $500M Capex
Cleveland-Cliffs Inc.'s Middletown Works Energy Optimization Project in Middletown, Ohio, USA has an economic study outlining initial capital of $500M.
United Taconite Property (Thunderbird Mine North and South / Fairlane Facility) Production Update: $591M NPV Over a 51-Year Mine Life
Cleveland-Cliffs Inc.'s United Taconite Property (Thunderbird Mine North and South / Fairlane Facility) in St. Louis County, Northeastern Minnesota, USA has a production guidance outlining an after-tax NPV of $591M. The mine plan runs 51 years at about 5.1 MLT/y pellets per year.
Minorca Mine (Laurentian and East Pits) Feasibility Study: $70M NPV Over a 14-Year Mine Life
Cleveland-Cliffs Inc.'s Minorca Mine (Laurentian and East Pits) in St. Louis County, Northeastern Minnesota, USA (Mesabi Iron Range) has a Feasibility Study outlining an after-tax NPV of $70M. The mine plan runs 14 years at about 2.8 MLT wet flux pellets per year.
Northshore Property Feasibility Study: $619M NPV Over a 48-Year Mine Life
Cleveland-Cliffs Inc.'s Northshore Property in Northeastern Minnesota, USA (St. Louis County & Lake County) has a Feasibility Study outlining an after-tax NPV of $619M. The mine plan runs 48 years at about 5 MLT/y wet pellets per year.
Minorca Property (Laurentian, East 1 and East 2 Pits) Feasibility Study: $70M NPV Over a 14-Year Mine Life
Cleveland-Cliffs Inc.'s Minorca Property (Laurentian, East 1 and East 2 Pits) in St. Louis County, Northeastern Minnesota, USA (Mesabi Iron Range) has a Feasibility Study outlining an after-tax NPV of $70M. The mine plan runs 14 years at about 2.8 MLT wet flux iron ore pellets per year.
Northshore Property (Peter Mitchell Mine) Feasibility Study: $619M NPV Over a 48-Year Mine Life
Cleveland-Cliffs Inc.'s Northshore Property (Peter Mitchell Mine) in St. Louis County, Minnesota, USA has a Feasibility Study outlining an after-tax NPV of $619M. The mine plan runs 48 years at about 5 MLT wet iron ore pellets per year.
Minorca Property (Laurentian, East 1, East 2 Pits) Feasibility Study: $70M NPV Over a 14-Year Mine Life
Cleveland-Cliffs Inc.'s Minorca Property (Laurentian, East 1, East 2 Pits) in St. Louis County, Northeastern Minnesota, USA (Mesabi Iron Range) has a Feasibility Study outlining an after-tax NPV of $70M. The mine plan runs 14 years at about 2.8 MLT/y wet flux pellets per year.
United Taconite Property (Thunderbird Mine North & South) Production Update: $591M NPV Over a 51-Year Mine Life
Cleveland-Cliffs Inc.'s United Taconite Property (Thunderbird Mine North & South) in St. Louis County, Northeastern Minnesota, USA (Mesabi Iron Range, near Eveleth) has a production guidance outlining an after-tax NPV of $591M. The mine plan runs 51 years at about 5.1 MLT pellets per year.
United Taconite Property (UTAC) - Thunderbird Mine Feasibility Study: $591M NPV, $1.15B Capex
Cleveland-Cliffs Inc.'s United Taconite Property (UTAC) - Thunderbird Mine in St. Louis County, Northeastern Minnesota, USA has a Feasibility Study outlining an after-tax NPV of $591M and initial capital of $1.15B. The mine plan runs 51 years at about 5.1 MLT/y pellets per year.
Minorca Property (Minorca Mine) Feasibility Study: $70M NPV, $210M Capex
Cleveland-Cliffs Inc.'s Minorca Property (Minorca Mine) in St. Louis County, Northeastern Minnesota, USA (Mesabi Iron Range, between Gilbert and Biwabik) has a Feasibility Study outlining an after-tax NPV of $70M and initial capital of $210M. The mine plan runs 14 years at about 2.8 MLT/y wet flux iron ore pellets per year.
United Taconite Property (Thunderbird Mine) Feasibility Study: $591M NPV Over a 51-Year Mine Life
Cleveland-Cliffs Inc.'s United Taconite Property (Thunderbird Mine) in St. Louis County, Northeastern Minnesota, USA (Mesabi Iron Range, Eveleth) has a Feasibility Study outlining an after-tax NPV of $591M. The mine plan runs 51 years at about 5.1 MLT/y pellets per year.
Press Releases
1 Cash-Rich Industrial Titan Under $40 to Buy Hand Over Fist to Capitalize on the New Trump Tariff Supercycle
President Trump’s second-term trade agenda has hardened into a structural policy regime, with U.S. steel imports sitting at their lowest levels since the global financial crisis. That backdrop has turned the under-$40 corner of the industrial market into one of the most asymmetric setups in the market, where a single multi-quarter pricing cycle can re-rate ... 1 Cash-Rich Industrial Titan Under $40 to Buy Hand Over Fist to Capitalize on the New Trump Tariff Supercycle
How Tariff Relief and GM Supplier Win Could Reshape Cleveland-Cliffs' (CLF) Investment Narrative
Cleveland-Cliffs recently benefited from reduced U.S. steel tariffs and a sector-wide steel rally, which together improved its competitive positioning and earnings outlook perceptions. Recognition as General Motors’ 2025 Supplier of the Year further underscored Cleveland-Cliffs’ entrenched role in North American automotive steel supply chains at a time when policy shifts are reshaping industry economics. We’ll now examine how the tariff reduction, combined with Cleveland-Cliffs’ strengthened...
Why Cleveland-Cliffs (CLF) Outpaced the Stock Market Today
In the latest trading session, Cleveland-Cliffs (CLF) closed at $14.43, marking a +1.98% move from the previous day.
Here’s What Pressured Cleveland-Cliffs (CLF) in Q1
Voya Investment Management, an investment management company, released its first-quarter 2026 investor letter for its “Voya MI Dynamic Small Cap Fund.” It is an actively managed US Small Cap core equity strategy. A copy of the letter can be downloaded here. The first quarter of 2026 was challenging for the equity markets as easing inflation […]
Cleveland-Cliffs Inc. (CLF) is Attracting Investor Attention: Here is What You Should Know
Cleveland-Cliffs (CLF) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Cleveland-Cliffs (CLF) Outpaces Stock Market Gains: What You Should Know
In the most recent trading session, Cleveland-Cliffs (CLF) closed at $13.6, indicating a +2.33% shift from the previous trading day.
Cleveland-Cliffs’ GM Award Highlights Auto Exposure And Debt-Cash Flow Tradeoff
Cleveland-Cliffs (NYSE:CLF) has been named General Motors' 2025 Supplier of the Year. This is Cleveland-Cliffs' ninth time receiving the award. The company is the only North American steel producer recognized by GM for 2025. Cleveland-Cliffs, a major U.S. steel producer and supplier to the automotive sector, is closely tied to trends in auto production and domestic manufacturing. Recognition from a large automaker like GM highlights the importance of reliable, high-quality steel in...
Barclays Says Cleveland-Cliffs (CLF) Deserves Lower Valuation Multiple Than Peers
Cleveland-Cliffs Inc. (NYSE:CLF) is included among the 10 Best Stocks Under $15 to Buy Right Now. On May 22, Barclays initiated coverage of Cleveland-Cliffs Inc. (NYSE:CLF) with an Underweight rating. It also set a $9 price target on the stock. The firm said it was encouraged by Cleveland-Cliffs’ cost improvement efforts and expected margin gains […]
Cleveland-Cliffs Awarded 2025 GM Supplier of the Year by General Motors
CLEVELAND, May 22, 2026--Cleveland-Cliffs Inc. (NYSE: CLF) was named 2025 GM Supplier of the Year by General Motors at its 34th annual Supplier of the Year event. Cleveland-Cliffs was the only North American steel producer recognized this year. This is the ninth time the company has received the award.
Cleveland-Cliffs (CLF) Up 11.2% Since Last Earnings Report: Can It Continue?
Cleveland-Cliffs (CLF) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Quick Facts
- Ticker Symbol
- CLF
- Market Cap
- Large Cap
- Category
- Iron Ore
- Commodities
- Iron Ore, Steel
- Headquarters
- Cleveland, Ohio, USA
- Founded
- 1847
- Employees
- ~25,000
Operating Countries
Producing Assets
- •Northshore Mine (USA)
- •United Taconite (USA)
- •Minorca Mine (USA)
- •Tilden Mine (USA)
- •Multiple steel facilities (USA)
Development Assets
- •HBI Facility Toledo (USA)
- •Various modernization projects
This information is for educational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.