Cleveland-Cliffs: Big Improvement Coming

Cleveland-Cliffs (CLF) is expected to report Q1 losses, but with improving revenue and reduced losses versus last year. CLF's cash flow burn has improved significantly, raising the likelihood of positive cash flows in Q1 2026. Valuation based on 2027 estimates suggests CLF trades at ~13x earnings and ~7x EBITDA, indicating some longer-term upside potential.