Decision artifact preview: this page maps the company to its main commodity inputs, revenue exposures, margin transmission paths, and next scenario memo route. Research analytics only — not investment advice, not trading signals, not brokerage.
Methodology: exposure direction is estimated from business model, disclosed inputs, sector sensitivity, and linked commodity hub context. Use the Shock Memo flow for scenario-specific company sensitivity.
Company Overview
Cleveland-Cliffs is the US's largest flat-rolled steel producer and the only integrated steel company to control its own iron ore supply through Great Lakes mining operations in Michigan and Minnesota. The company produces iron ore pellets, converts them to hot-rolled coil at blast furnace facilities, and supplies premium automotive steel. This integration provides cost stability during raw material price spikes that hurt EAF competitors. CLF supplies approximately 50% of US automotive steel — creating high sensitivity to vehicle production rates.
Commodity Exposures
Price Sensitivity
Steel prices are the dominant earnings driver — a $100/tonne HRC (hot-rolled coil) price change impacts EBITDA by approximately $800M at current volumes. Iron ore pellet self-sufficiency reduces raw material cost volatility, though natural gas and metallurgical coal remain significant inputs. Automotive production rates and multi-year supply contracts create some revenue stability. CLF's significant debt load amplifies earnings sensitivity in steel price downturns.