$96 Million Steel Bet Signals Conviction in Cleveland-Cliffs Despite $1.4 Billion Loss

Turiya Advisors Asia takes new major stake in steel producer amid challenging market conditions.

Published on Feb. 12, 2026

Got story updates? Submit your updates here. ›

Turiya Advisors Asia Ltd has initiated a new position in Cleveland-Cliffs (NYSE:CLF), acquiring 7,250,000 shares valued at $96.28 million. This represents 14.75% of the fund's U.S. equity holdings, making steel a core driver of portfolio performance despite Cleveland-Cliffs reporting a $1.4 billion annual net loss.

Why it matters

The large investment by Turiya Advisors Asia signals conviction in Cleveland-Cliffs' long-term prospects, even as the steel producer faces near-term challenges like a $235 million Q4 net loss. The move tilts the fund's portfolio further toward economically sensitive assets at a time of uncertainty.

The details

Turiya Advisors Asia's new $96.28 million stake in Cleveland-Cliffs was established by purchasing 7,250,000 shares during Q4 2025. This position now accounts for 14.75% of the fund's reported U.S. equity assets. Cleveland-Cliffs, a leading North American steel producer, recently reported full-year 2025 revenue of $18.6 billion and a $1.4 billion net loss, though the company is guiding for improved steel shipments and cost reductions in 2026.

  • Turiya Advisors Asia established the new Cleveland-Cliffs position during Q4 2025.
  • Cleveland-Cliffs reported Q4 2025 revenue of $4.3 billion and a $235 million net loss.

The players

Turiya Advisors Asia Ltd

An investment management firm that has taken a new major stake in Cleveland-Cliffs.

Cleveland-Cliffs Inc.

A leading North American steel producer with a vertically integrated business model, serving a diversified customer base with significant exposure to the automotive and manufacturing sectors.

Got photos? Submit your photos here. ›

The takeaway

Turiya Advisors Asia's large investment in Cleveland-Cliffs signals long-term conviction in the steel producer's prospects, even as it faces near-term challenges. The move tilts the fund's portfolio further toward economically sensitive assets at a time of uncertainty, underscoring the buyer's belief that the steel cycle is closer to a trough than a peak.