Aquatic Capital Management Reduces Cleveland-Cliffs Stake

Investment firm cuts holdings in mining company by over 60% in Q3

Mar. 17, 2026 at 7:24am

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Aquatic Capital Management LLC has reduced its stake in Cleveland-Cliffs Inc. (NYSE: CLF) by 63.5% during the third quarter, according to a filing with the Securities and Exchange Commission. The firm now owns 423,320 shares of the mining company's stock, down from 1.16 million shares previously.

Why it matters

Cleveland-Cliffs is a major iron ore producer and steelmaker, so changes in institutional ownership can signal shifts in market sentiment around the company and the broader steel industry. Aquatic Capital's reduced position may reflect concerns about Cleveland-Cliffs' performance or the economic outlook.

The details

Aquatic Capital Management sold 736,409 shares of Cleveland-Cliffs during the third quarter, leaving it with a position valued at $5.17 million at the end of the period. The firm now owns approximately 0.09% of Cleveland-Cliffs' outstanding shares. Other large investors have also modified their holdings in the company, with some increasing and others decreasing their positions.

  • Aquatic Capital Management filed its 13F disclosure for the third quarter of 2026 on March 17, 2026.

The players

Aquatic Capital Management LLC

An investment management firm that has reduced its stake in Cleveland-Cliffs Inc.

Cleveland-Cliffs Inc.

A leading North American producer of iron ore pellets and flat-rolled steel products.

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The takeaway

Aquatic Capital Management's reduced position in Cleveland-Cliffs could signal broader concerns about the steel industry's outlook, though other investors have taken different stances on the company. The filing provides a glimpse into how institutional investors are viewing the mining and metals sector.