$CLF

Analysts made several calls on Tuesday, including Goldman Sachs lowering Netflix's price target but maintaining a buy rating, Wells Fargo upgrading Cleveland-Cliffs, and Mizuho raising AMD's price target to $705. Other notable moves include upgrades for Skyworks Solutions, Dollar General, and Prosperity Bancshares, while new coverage was initiated on companies like AvePoint, Pasqal Holdings, and Standard Nuclear.

Wells Fargo upgraded Cleveland-Cliffs (CLF) to Overweight, raising its price target to $14 from $12, citing underestimation of 2027 earnings potential. The bank projects $2.65B in 2027 EBITDA, exceeding consensus. Shares rose 4.8% in pre-market trading. The upgrade is based on three EBITDA tailwinds: Canadian HRC price surge, fixed-price contract repricing, and CRU-linked contract volumes. Risks include tariff rollback and economic slowdown.

Cleveland-Cliffs (CLF) will host U.S. energy officials at its Butler Works facility to showcase a $200M expansion project, including a $75M DOE award. The project aims to increase grain-oriented electrical steel production by 25% by 2028, supporting 220 construction jobs. CLF is the sole U.S. producer of this material, crucial for the nation's power grid.

Cleveland-Cliffs (CLF) rose 10% to $12.44 ahead of its Q3 2026 earnings report on October 19, recovering from a sell-off after its Stelco shutdown announcement. Nucor (NUE) and Steel Dynamics (STLD) each gained 5%. CLF's Q2 EBITDA tripled to $286M, with Q3 guidance at $575M. The VanEck Steel ETF (SLX) rose 2%.

Cleveland Cliffs plans to indefinitely idle Stelco operations in Hamilton, affecting 400-500 jobs. The United Steelworkers (USW) blame U.S. tariffs and Ottawa's policies for pressuring Canadian steel producers. Stelco, Algoma, and Dofasco face import competition and market losses. USW questions Cleveland Cliffs' commitments and suggests Ottawa should consider nationalization to protect Canada's steel industry.

Stelco, owned by Cleveland-Cliffs, plans to lay off 350 Hamilton steelworkers, offering some transfers to Nanticoke. The union doubts the feasibility, citing only 20 open positions. Stelco expects production to remain stable, focusing on hot-rolled products. The union anticipates 60-80 layoffs in Nanticoke, totaling nearly 500 job losses. Politicians express concern and demand action to support the steel industry.

United Steelworkers union negotiations with Cleveland-Cliffs and U.S. Steel have extended into October. Contracts expired Sept. 1, with a 30-day extension ending Oct. 1. Talks continue under 48-hour extensions. U.S. Steel, recently acquired by Nippon Steel, plans $11B in U.S. investments. Cleveland-Cliffs faces financial challenges. Key issues include wages, healthcare, and job security amid market uncertainty.

POSCO Holdings signed a preliminary agreement with Cleveland Cliffs to expand in the U.S. market. Details on the business structure and investment size are still under discussion. The company will provide updates by September 29, 2027, or when decisions are finalized.

Ontario Finance Minister Peter Bethlenfalvy stated that Stelco did not apply for provincial tariff relief before announcing layoffs of up to 500 workers. The company cited market conditions, including low steel prices and U.S. tariffs, for the decision. The United Steelworkers criticized Stelco's CEO for not seeking aid.

Stelco, a Canadian steel plant owned by Cleveland-Cliffs, plans to lay off hundreds of workers, citing U.S. tariffs. Algoma Steel also cut 1,000 jobs. U.S. tariffs on Canadian steel rose from 25% to 50%. Cleveland-Cliffs CEO supported the tariffs. Canada's PM vows to enforce the company's employment obligations. Canada exported $13B in steel to the U.S. in 2024. The U.S. plans a $15B steel mill in Iowa.