Cleveland-Cliffs stock drops after revenue misses estimates

Steel producer cites auto sector weakness, slab contract issues, and Canadian market dynamics for revenue miss

Published on Feb. 9, 2026

Got story updates? Submit your updates here. ›

Cleveland-Cliffs (CLF) stock fell more than 3% after the steel producer's fourth quarter revenue missed expectations. The company recorded a net loss per share of $0.44, narrower than the $0.60 loss Wall Street expected, but revenue of $4.3 billion fell short of estimates of $4.5 billion.

Why it matters

Cleveland-Cliffs' performance was negatively impacted by persistent weakness in the automotive sector, an expiring slab contract that became "value-destructive", and an adverse dynamic in the Canadian market. However, the company expects these issues to improve as it enters 2026.

The details

Cleveland-Cliffs CEO Lourenco Goncalves cited the auto sector weakness, the slab contract, and the Canadian market as reasons for the revenue miss. In the fourth quarter, the company had 3.77 million net tons in steel shipments, compared to 3.8 million tons a year earlier. For 2026, Cleveland-Cliffs expects to ship 16.5 million to 17 million tons of steel.

In the fourth quarter, Cleveland-Cliffs had 3.77 million net tons in steel shipments, compared to 3.8 million tons in the same period a year earlier.
For 2026, Cleveland-Cliffs expects to ship 16.5 million to 17 million tons of steel.

The players