Cleveland Cliffs shares fall as higher costs overshadow Q1 earnings beat

Cleveland-Cliffs Inc. (NYSE:CLF) shares traded lower following the company's first quarter 2026 earnings release on Monday, even as the steelmaker reported results that beat analyst expectations for both revenue and earnings. The stock was down more than 5% in trading after the announcement, with investors weighing a smaller-than-expected loss against continued profitability pressures and cost volatility.