Why Is CLEVELAND-CLIFFS INC (CLF) Stock Down Today?

Cleveland-Cliffs Inc (NYSE:CLF) fell 7.88% to $11.22 in afternoon trading as reports emerged that its Stelco subsidiary will idle some steel operations in Canada due to U.S. tariffs. The move comes amid ongoing trade pressures that have weighed on the steel sector, with the stock extending a recent price decline that has seen it fall 12.1% over the past eight sessions.

What Happened

Cleveland-Cliffs announced that its Stelco unit will reduce output at a Canadian steel plant, citing the impact of U.S. tariffs on domestic steel production. The news was first reported by CBC and confirmed by Bloomberg and Investing.com, which highlighted the move as a direct consequence of trade policy pressures. The stock opened at $12.04, a 1.1% gap down from the previous close, and continued to fall throughout the session, reaching a low of $11.00 before recovering slightly to $11.23 at the time of writing. The selloff was sharper than the broader steel sector, with Cleveland-Cliffs experiencing significantly higher trading volume, 24.6 million shares, or 1.3 times the 3-month average.

What The Data Shows

The stock has been in a prolonged decline, falling from a 52-week high of $16.70 to a recent low of $7.73. Over the past 8 trading days, it has dropped 12.1% to $11.22. The 52-week tape for CLF shows 17 fresh 52-week lows on September 28, 2026, and just two 52-week highs. In terms of options activity, put premiums have surged to $4.5 million in the last 36 hours, with the largest single print at $2.2 million, indicating heightened bearish sentiment. The stock remains unprofitable with a trailing 12-month EPS of -1.59 and a net margin of -4.6%, despite a 4.0% revenue increase TTM.

What To Watch

Cleveland-Cliffs does not have an upcoming earnings date listed. Investors should monitor coverage breadth and the evolution of trade policy developments, as these could influence the steel sector’s near-term performance.