ROB GILLIES
Updated Tue, September 29, 2026
AP
Canadian Prime Minister Mark Carney speaks after LNG Canada said it will go ahead with the Phase 2 expansion project at its LNG terminal in Kitimat, British Columbia, during an announcement in Vancouver, Tuesday, Sept. 29, 2026. (Darryl Dyck/The Canadian Press via AP) (Darryl Dyck/The Canadian Press via AP)
TORONTO (AP) — Canadian Prime Minister Mark Carney accused the U.S. owner of steelmaker Stelco, a subsidiary of Cleveland-Cliffs, of betraying Canadian workers Tuesday after it announced layoffs it attributed in part to U.S. President Donald Trump's tariffs — tariffs Cleveland-Cliffs' chief executive has publicly championed.
Carney singled out Cleveland-Cliffs CEO Lourenco Goncalves, noting that he had applauded Trump's steel tariffs. Goncalves has called the 50% tariffs "a necessary step" to protect U.S. steelmakers.
"Our thoughts are with the workers and the families who have been betrayed by the company," Carney said.
Carney also threatened legal action against Cleveland-Cliffs, saying the Ohio-based company has binding employment obligations stemming from its C$3.4 billion ($2.4 billion) takeover of Stelco in 2024.
Stelco said up to 500 workers could be affected as it indefinitely idles cold-rolled and coated operations at its Hamilton, Ontario, plant and shifts production to its Lake Erie facility in Nanticoke, Ontario.
Cleveland-Cliffs said Monday the move does not shift steel production out of Canada: Output will be concentrated at Stelco's Lake Erie Works in Nanticoke, Ontario, where it expects a significant number of affected Hamilton workers to be absorbed, with overall steel tonnage unchanged.
In a memo to employees, Stelco said U.S. tariffs had "significantly shrunk the market" for its cold-rolled and galvanized products. The company said demand in markets it traditionally serves fell almost 25% in the second quarter compared to the 2024 quarterly average, including a 10% decline in Canada.
The layoffs come amid an escalating Canada-U.S. trade war in which Trump has imposed 50% tariffs on Canadian steel and other goods and Canada has retaliated with tariffs of its own. At a White House event Monday announcing a new $15 billion steel plant in Iowa, Trump credited his tariffs with reducing foreign steel imports and attracting investment to the United States, saying companies were building plants there "because they don't want to pay tariffs."
Carney said the federal government had offered financial assistance to preserve jobs but did not disclose the amount or terms.
"There's money on the table from the federal government," Carney said. "The company made representations and has legal obligations for employment. We intend to use all powers that we have and pursue them to the fullest extent of the law."
The Canadian government approved Cleveland-Cliffs' takeover of Stelco in October 2024 on the condition that it meet legally binding five-year employment commitments, including maintaining at least the same number of unionized workers and the vast majority of nonunion employees.
Cleveland-Cliffs did not immediately respond to a request for comment on Carney's remarks.
Canadian Prime Minister Mark Carney speaks after LNG Canada said it will go ahead with the Phase 2 expansion project at its LNG terminal in Kitimat, British Columbia, during an announcement in Vancouver, Tuesday, Sept. 29, 2026. (Darryl Dyck/The Canadian Press via AP) (Darryl Dyck/The Canadian Press via AP)
TORONTO (AP) — Canadian Prime Minister Mark Carney accused the U.S. owner of steelmaker Stelco, a subsidiary of Cleveland-Cliffs, of betraying Canadian workers Tuesday after it announced layoffs it attributed in part to U.S. President Donald Trump's tariffs — tariffs Cleveland-Cliffs' chief executive has publicly championed.
Carney singled out Cleveland-Cliffs CEO Lourenco Goncalves, noting that he had applauded Trump's steel tariffs. Goncalves has called the 50% tariffs "a necessary step" to protect U.S. steelmakers.
"Our thoughts are with the workers and the families who have been betrayed by the company," Carney said.
Carney also threatened legal action against Cleveland-Cliffs, saying the Ohio-based company has binding employment obligations stemming from its C$3.4 billion ($2.4 billion) takeover of Stelco in 2024.
Stelco said up to 500 workers could be affected as it indefinitely idles cold-rolled and coated operations at its Hamilton, Ontario, plant and shifts production to its Lake Erie facility in Nanticoke, Ontario.
Cleveland-Cliffs said Monday the move does not shift steel production out of Canada: Output will be concentrated at Stelco's Lake Erie Works in Nanticoke, Ontario, where it expects a significant number of affected Hamilton workers to be absorbed, with overall steel tonnage unchanged.
In a memo to employees, Stelco said U.S. tariffs had "significantly shrunk the market" for its cold-rolled and galvanized products. The company said demand in markets it traditionally serves fell almost 25% in the second quarter compared to the 2024 quarterly average, including a 10% decline in Canada.
The layoffs come amid an escalating Canada-U.S. trade war in which Trump has imposed 50% tariffs on Canadian steel and other goods and Canada has retaliated with tariffs of its own. At a White House event Monday announcing a new $15 billion steel plant in Iowa, Trump credited his tariffs with reducing foreign steel imports and attracting investment to the United States, saying companies were building plants there "because they don't want to pay tariffs."
Carney said the federal government had offered financial assistance to preserve jobs but did not disclose the amount or terms.
"There's money on the table from the federal government," Carney said. "The company made representations and has legal obligations for employment. We intend to use all powers that we have and pursue them to the fullest extent of the law."
The Canadian government approved Cleveland-Cliffs' takeover of Stelco in October 2024 on the condition that it meet legally binding five-year employment commitments, including maintaining at least the same number of unionized workers and the vast majority of nonunion employees.
Cleveland-Cliffs did not immediately respond to a request for comment on Carney's remarks.
Hamilton steel plant to lay off hundreds of workers as U.S. tariffs prompt 'survival' move
CBC
Mon, September 28, 2026
Stelco Hamilton Works production facility is seen in September 2024. Stelco said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant on Monday. (Patrick Morrell/CBC - image credit)
Stelco Holdings Inc. said on Monday that it plans to idle part of its Hamilton plant in order to "ensure the survival" of the company, as U.S. tariffs squeeze its sales.
Stelco said the decision will impact up to 500 employees.
In a memo obtained by CBC News on Monday, the company said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant, with operations set to begin winding down on Oct. 9.
Ron Wells, president of United Steelworkers Local 1005, estimates 350 steelworkers will be laid off. He says he was briefed on the situation in a meeting with the company on Monday morning.
"Obviously, we got to meet with the company, and find out who's getting laid off, [and] make sure it's done by seniority," Wells told CBC News on Monday. "Christmas ain't that far away, and we have no idea the duration of these layoffs … People are concerned. I don't blame them."
The company said this will not impact its ability to supply hot-rolled steel products.
"This is an unfortunate but necessary action to help ensure the survival of Stelco in what has become a challenging and unsustainable market for cold-rolled and coated products caused by the ongoing and sustained trade disruptions impacting the Canadian steel industry," Stelco vice-president of sales Frederic Fafard stated in the memo.
An aerial photo of the Stelco Hamilton steel production facility. (Patrick Morrell/CBC)
U.S. President Donald Trump signed an executive order in June applying up to 50 per cent tariffs to certain steel and aluminum imports from Canada.
"Stelco's market for cold-rolled and galvanized products has contracted significantly, while import penetration for these products remains at heightened levels," Fafard said in the memo.
"While the measures taken by the federal government in Canada have served to reduce imports into Canada overall, import volumes remain at levels that prevent Stelco from being able to bridge the gap in the market created by the trade crisis."
Ohio-based Cleveland-Cliffs acquired Hamilton-based Stelco in a $3.4-billion Cdn cash-and-stock deal that closed in November 2024. In a news release announcing the deal, Stelco's then-CEO Alan Kestenbaum stated the transaction "keeps national interests at the forefront and recognizes the importance of the workforce."
"We're very disappointed," Wells said. "In particular, when Cliffs bought us in the fall of 2024, they made commitments. One of those commitments was to maintain the same number of unionized employees."
In an email to CBC News on Monday, a Cleveland-Cliffs spokesperson confirmed Joly has been in touch with chairman and CEO Lourenco Goncalves.
"Both Cliffs and the Canadian government have the interests of the Stelco workers in mind, and will continue to work together to minimize the impact of the current market situation on Canadian workers," wrote Pat Persico, the company's senior director of corporate communications.
She said that while Stelco is idling some of its operations in Hamilton, the company's total output of steel will not be impacted as it consolidates production at its Lake Erie Works.
"Very importantly, job opportunities at Lake Erie Works will be offered to Hamilton employees," Persico wrote in a previous email.
"We expect that a significant number of employees affected by the indefinite idle at Hamilton should be absorbed at Lake Erie Works."
Wells told CBC News on Tuesday that his union was informed that 46 positions would be offered.
Industry Minister 'extremely disappointed'
In a statement on Monday, Industry Minister Mélanie Joly slammed the decision to lay off workers, while noting Ottawa had offered to help Stelco weather the impact of U.S. tariffs.
"Our government has made clear to the company that we are ready and willing to provide financial support to sustain operations and protect jobs. Its decision to reject these practical proposals and continue with layoffs is extremely disappointing," she said.
"Stelco and Cleveland-Cliffs have made significant commitments to Canadian steelworkers. We will use every lever possible to defend Canadian industry, protect jobs, and secure our supply chain."
Trump announces new steel plant in Iowa
On Monday, U.S. President Trump touted a new $15-billion US investment plan by Minnesota-based steelmaker Mesabi Metallics as evidence that American tariffs on imported steel are working as his administration intended.
The company announced plans to build a massive plant in Iowa, with production set to begin in 2030.
"I imposed powerful 50 per cent tariffs on all foreign steel, and now our steel industry is roaring back to life." Trump said at a news announcement in the Oval Office. "Everyone is building their plant here because they don't want to pay tariffs. It's really not that complicated."
The move is raising concerns north of the border, where Kevon Stewart, director of United Steelworkers District 6, said his phone has been lighting up with calls from distressed Canadian workers.
"Everything is timing right now," he told CBC News on Monday.
"This is not only a wake-up call, because the call for action has been there before. But we've got to come up with a game plan that ensures workers are protected if and when these measures are implemented."
He said such protections could include increased benefits, or removing the waiting time for benefits.
Colin Mang, an economist at McMaster University in Hamilton, said the layoffs announced Monday are "a consequence of our trade war with the United States." For Stelco, he said the situation is worsened by a steady flow of foreign products coming into Canada.
"The lack of access to the American market has meant that we have a surplus of steel production capacity here in Canada, and there just isn't enough domestic Canadian demand in order to absorb all of the output from the steelmakers here," Mang told CBC News.
"The Canadian government has worked to restrict the amount of steel coming into Canada, but when you look at a variety of steel products, particularly the kinds of flat products that Stelco manufactures, Canada has imported about 1.2 million tons from other trading partners around the world. That's because we continue to have free trade agreements with a variety of countries. So, it's very difficult to restrict imports from our other trading partners."
Blair Dickerson, president of the Canadian Steel Producers Association, said his thoughts are with the workers impacted by Monday's announcement. He also called upon Canada's federal government and the Trump to resolve their ongoing trade tension.
"Days like today demonstrate how challenging the tariff situation is, and provide a stark reminder as to the urgency of finding a solution," Dickerson said in an email.
"Recognizing the Government's support to date, Canada must continue and deepen the work of keeping unfairly traded steel out of our market, enforcing our measures at the border, and ensuring our producers can be competitive here at home."
Hamilton Mayor Andrea Horwath said she plans to fight to ensure Stelco and Cleveland-Cliffs live up to the commitments their executives made to workers in her city.
"The fight is not over," she told the CBC's As It Happens radio program on Monday
"This particular company has been very clear ... that they support Donald Trump and his tariffs, and desire to pull all steelmaking back into the United States.
Wells, president of United Steelworkers Local 1005, said it's ironic for a company's whose leadership supports Trump to criticize U.S. tariffs for eroding its business.
"The CEO, Lourenco Goncalves, he's the biggest supporter of Trump and his tariffs. So, it's tough to have any sympathy when you know they're the basically the master of this disaster."
Cleveland-Cliffs slides as report shows Stelco idling plant over US tariffs
Luke Juricic
Mon, September 28, 2026
Investing.com -- Cleveland-Cliffs Inc. shares tumbled nearly 8% in late Monday trading following reports that its Canadian subsidiary, Stelco Holdings Inc., plans to halt operations at a key Ontario processing facility. The decline reflects growing market concern over the compounding toll of trade frictions on North American steel supply chains.
According to a letter to customers obtained by Bloomberg News, Stelco expects to indefinitely idle its cold-rolled and coated operations at Hamilton Works in the coming weeks. The move highlights the acute pressures facing Canadian steelmakers as elevated U.S. import tariffs continue to disrupt regional trade flows and contract domestic demand for downstream products.
The operational curtailment marks a significant setback for the Canadian steel sector, which has struggled to adjust since the U.S. maintained a 50% tariff under Section 232 of the Trade Expansion Act. While Ottawa implemented countermeasures to curb foreign imports, Stelco noted that those actions proved insufficient to offset the market contraction triggered by restricted access to the U.S. market.
To mitigate the fallout, Cleveland-Cliffs is restructuring its operational footprint by shifting primary manufacturing focus to its more integrated Lake Erie Works facility in Nanticoke, Ontario. In an emailed statement sent to Bloomberg, Cliffs spokesperson Patricia Persico emphasized that total steel output will remain unchanged, though the product mix will pivot toward a higher concentration of hot-rolled coil.
The wind-down at the Hamilton facility is scheduled to begin on Oct. 9 and is expected to result in approximately 350 job cuts, according to local reporting from the Hamilton Spectator. Because Hamilton Works functions primarily as a downstream finishing plant, concentrating upstream production at Lake Erie Works allows the parent company to preserve overall tonnage while curtailing higher-cost processing lines.
Stelco assured clients that it will honor existing customer orders during the transition while maintaining full capacity for hot-rolled steel deliveries. Investors, however, appear focused on broader margin compression, watching closely to see whether Cleveland-Cliffs can successfully absorb trade-driven demand shifts without sacrificing profitability across its expanded North American network.
Why Cleveland-Cliffs (CLF) Dipped More Than Broader Market Today
CBC
Mon, September 28, 2026
Stelco Hamilton Works production facility is seen in September 2024. Stelco said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant on Monday. (Patrick Morrell/CBC - image credit)
Stelco Holdings Inc. said on Monday that it plans to idle part of its Hamilton plant in order to "ensure the survival" of the company, as U.S. tariffs squeeze its sales.
Stelco said the decision will impact up to 500 employees.
In a memo obtained by CBC News on Monday, the company said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant, with operations set to begin winding down on Oct. 9.
Ron Wells, president of United Steelworkers Local 1005, estimates 350 steelworkers will be laid off. He says he was briefed on the situation in a meeting with the company on Monday morning.
"Obviously, we got to meet with the company, and find out who's getting laid off, [and] make sure it's done by seniority," Wells told CBC News on Monday. "Christmas ain't that far away, and we have no idea the duration of these layoffs … People are concerned. I don't blame them."
The company said this will not impact its ability to supply hot-rolled steel products.
"This is an unfortunate but necessary action to help ensure the survival of Stelco in what has become a challenging and unsustainable market for cold-rolled and coated products caused by the ongoing and sustained trade disruptions impacting the Canadian steel industry," Stelco vice-president of sales Frederic Fafard stated in the memo.
An aerial photo of the Stelco Hamilton steel production facility. (Patrick Morrell/CBC)
U.S. President Donald Trump signed an executive order in June applying up to 50 per cent tariffs to certain steel and aluminum imports from Canada.
"Stelco's market for cold-rolled and galvanized products has contracted significantly, while import penetration for these products remains at heightened levels," Fafard said in the memo.
"While the measures taken by the federal government in Canada have served to reduce imports into Canada overall, import volumes remain at levels that prevent Stelco from being able to bridge the gap in the market created by the trade crisis."
Ohio-based Cleveland-Cliffs acquired Hamilton-based Stelco in a $3.4-billion Cdn cash-and-stock deal that closed in November 2024. In a news release announcing the deal, Stelco's then-CEO Alan Kestenbaum stated the transaction "keeps national interests at the forefront and recognizes the importance of the workforce."
"We're very disappointed," Wells said. "In particular, when Cliffs bought us in the fall of 2024, they made commitments. One of those commitments was to maintain the same number of unionized employees."
In an email to CBC News on Monday, a Cleveland-Cliffs spokesperson confirmed Joly has been in touch with chairman and CEO Lourenco Goncalves.
"Both Cliffs and the Canadian government have the interests of the Stelco workers in mind, and will continue to work together to minimize the impact of the current market situation on Canadian workers," wrote Pat Persico, the company's senior director of corporate communications.
She said that while Stelco is idling some of its operations in Hamilton, the company's total output of steel will not be impacted as it consolidates production at its Lake Erie Works.
"Very importantly, job opportunities at Lake Erie Works will be offered to Hamilton employees," Persico wrote in a previous email.
"We expect that a significant number of employees affected by the indefinite idle at Hamilton should be absorbed at Lake Erie Works."
Wells told CBC News on Tuesday that his union was informed that 46 positions would be offered.
Industry Minister 'extremely disappointed'
In a statement on Monday, Industry Minister Mélanie Joly slammed the decision to lay off workers, while noting Ottawa had offered to help Stelco weather the impact of U.S. tariffs.
"Our government has made clear to the company that we are ready and willing to provide financial support to sustain operations and protect jobs. Its decision to reject these practical proposals and continue with layoffs is extremely disappointing," she said.
"Stelco and Cleveland-Cliffs have made significant commitments to Canadian steelworkers. We will use every lever possible to defend Canadian industry, protect jobs, and secure our supply chain."
Trump announces new steel plant in Iowa
On Monday, U.S. President Trump touted a new $15-billion US investment plan by Minnesota-based steelmaker Mesabi Metallics as evidence that American tariffs on imported steel are working as his administration intended.
The company announced plans to build a massive plant in Iowa, with production set to begin in 2030.
"I imposed powerful 50 per cent tariffs on all foreign steel, and now our steel industry is roaring back to life." Trump said at a news announcement in the Oval Office. "Everyone is building their plant here because they don't want to pay tariffs. It's really not that complicated."
The move is raising concerns north of the border, where Kevon Stewart, director of United Steelworkers District 6, said his phone has been lighting up with calls from distressed Canadian workers.
"Everything is timing right now," he told CBC News on Monday.
"This is not only a wake-up call, because the call for action has been there before. But we've got to come up with a game plan that ensures workers are protected if and when these measures are implemented."
He said such protections could include increased benefits, or removing the waiting time for benefits.
Colin Mang, an economist at McMaster University in Hamilton, said the layoffs announced Monday are "a consequence of our trade war with the United States." For Stelco, he said the situation is worsened by a steady flow of foreign products coming into Canada.
"The lack of access to the American market has meant that we have a surplus of steel production capacity here in Canada, and there just isn't enough domestic Canadian demand in order to absorb all of the output from the steelmakers here," Mang told CBC News.
"The Canadian government has worked to restrict the amount of steel coming into Canada, but when you look at a variety of steel products, particularly the kinds of flat products that Stelco manufactures, Canada has imported about 1.2 million tons from other trading partners around the world. That's because we continue to have free trade agreements with a variety of countries. So, it's very difficult to restrict imports from our other trading partners."
Blair Dickerson, president of the Canadian Steel Producers Association, said his thoughts are with the workers impacted by Monday's announcement. He also called upon Canada's federal government and the Trump to resolve their ongoing trade tension.
"Days like today demonstrate how challenging the tariff situation is, and provide a stark reminder as to the urgency of finding a solution," Dickerson said in an email.
"Recognizing the Government's support to date, Canada must continue and deepen the work of keeping unfairly traded steel out of our market, enforcing our measures at the border, and ensuring our producers can be competitive here at home."
Hamilton Mayor Andrea Horwath said she plans to fight to ensure Stelco and Cleveland-Cliffs live up to the commitments their executives made to workers in her city.
"The fight is not over," she told the CBC's As It Happens radio program on Monday
"This particular company has been very clear ... that they support Donald Trump and his tariffs, and desire to pull all steelmaking back into the United States.
Wells, president of United Steelworkers Local 1005, said it's ironic for a company's whose leadership supports Trump to criticize U.S. tariffs for eroding its business.
"The CEO, Lourenco Goncalves, he's the biggest supporter of Trump and his tariffs. So, it's tough to have any sympathy when you know they're the basically the master of this disaster."
Cleveland-Cliffs slides as report shows Stelco idling plant over US tariffs
Luke Juricic
Mon, September 28, 2026
Investing.com -- Cleveland-Cliffs Inc. shares tumbled nearly 8% in late Monday trading following reports that its Canadian subsidiary, Stelco Holdings Inc., plans to halt operations at a key Ontario processing facility. The decline reflects growing market concern over the compounding toll of trade frictions on North American steel supply chains.
According to a letter to customers obtained by Bloomberg News, Stelco expects to indefinitely idle its cold-rolled and coated operations at Hamilton Works in the coming weeks. The move highlights the acute pressures facing Canadian steelmakers as elevated U.S. import tariffs continue to disrupt regional trade flows and contract domestic demand for downstream products.
The operational curtailment marks a significant setback for the Canadian steel sector, which has struggled to adjust since the U.S. maintained a 50% tariff under Section 232 of the Trade Expansion Act. While Ottawa implemented countermeasures to curb foreign imports, Stelco noted that those actions proved insufficient to offset the market contraction triggered by restricted access to the U.S. market.
To mitigate the fallout, Cleveland-Cliffs is restructuring its operational footprint by shifting primary manufacturing focus to its more integrated Lake Erie Works facility in Nanticoke, Ontario. In an emailed statement sent to Bloomberg, Cliffs spokesperson Patricia Persico emphasized that total steel output will remain unchanged, though the product mix will pivot toward a higher concentration of hot-rolled coil.
The wind-down at the Hamilton facility is scheduled to begin on Oct. 9 and is expected to result in approximately 350 job cuts, according to local reporting from the Hamilton Spectator. Because Hamilton Works functions primarily as a downstream finishing plant, concentrating upstream production at Lake Erie Works allows the parent company to preserve overall tonnage while curtailing higher-cost processing lines.
Stelco assured clients that it will honor existing customer orders during the transition while maintaining full capacity for hot-rolled steel deliveries. Investors, however, appear focused on broader margin compression, watching closely to see whether Cleveland-Cliffs can successfully absorb trade-driven demand shifts without sacrificing profitability across its expanded North American network.
Why Cleveland-Cliffs (CLF) Dipped More Than Broader Market Today
Zacks Equity Research
Mon, September 28, 2026
Cleveland-Cliffs (CLF) ended the recent trading session at $11.22, demonstrating a -7.88% change from the preceding day's closing price. This change lagged the S&P 500's 0.77% loss on the day. Elsewhere, the Dow lost 0.67%, while the tech-heavy Nasdaq lost 0.92%.
Shares of the mining company witnessed a gain of 4.82% over the previous month, beating the performance of the Basic Materials sector with its loss of 9.1%, and the S&P 500's gain of 0.96%.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.24 per share. This would mark year-over-year growth of 153.33%. In the meantime, our current consensus estimate forecasts the revenue to be $5.6 billion, indicating a 18.25% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.04 per share and revenue of $21.1 billion, indicating changes of +98.39% and +13.4%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 7.69% increase. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 68, this industry ranks in the top 28% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Mon, September 28, 2026
Cleveland-Cliffs (CLF) ended the recent trading session at $11.22, demonstrating a -7.88% change from the preceding day's closing price. This change lagged the S&P 500's 0.77% loss on the day. Elsewhere, the Dow lost 0.67%, while the tech-heavy Nasdaq lost 0.92%.
Shares of the mining company witnessed a gain of 4.82% over the previous month, beating the performance of the Basic Materials sector with its loss of 9.1%, and the S&P 500's gain of 0.96%.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.24 per share. This would mark year-over-year growth of 153.33%. In the meantime, our current consensus estimate forecasts the revenue to be $5.6 billion, indicating a 18.25% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.04 per share and revenue of $21.1 billion, indicating changes of +98.39% and +13.4%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 7.69% increase. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 68, this industry ranks in the top 28% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Trump unveils plans to build $15B steel mill in Iowa
U.S. President Donald Trump answers questions from reporters during an announcement in the Oval Office at the White House on Sept. 28, 2026 in Washington, DC. He shared plans to build a $15 billion steel plant spearheaded by Mesabi Metallics. · Manufacturing Dive · Kevin Dietsch via Getty Images
Nathan Owens
Tue, September 29, 2026
Manufacturing Dive.
Dive Brief:
President Donald Trump on Monday announced a Minnesota steelmaker's plans to invest $15 billion in Iowa to build what would become the largest U.S. steel mill.
The Mesabi Metallics-led project will create 1,750 jobs and add 10 million tons of annual steel production capacity, Trump said at the Oval Office. It is also expected to generate $95 billion for the U.S. economy during construction and the first 10 years of operations.
The company, which is backed by India-based conglomerate Essar Group, recently opened an iron ore mine in Minnesota that will supply pellets to the Iowa mill once completed. Steel production is set to begin in 2030, Trump said. Federal and state funding details have yet to be disclosed.
Dive Insight:
The Trump administration has made domestic metals production a top priority, citing national security and military supply concerns amid a war with Iran.
At the same time, Trump's tariff strategy has cut imports of foreign steel and raised U.S. steel prices. He doubled the Section 232 rate on metal imports to 50% last summer and has since made adjustments to close loopholes and allow exemptions for certain products.
On the other hand, higher raw material costs are squeezing manufacturers and resulting in higher prices for consumers. Higher tariffs also helped the United States surpass Japan last year as a crude steel producer for the first time since 1999.
"Our steel industry is roaring back to life," Trump said Monday. "Everyone's building their plant here because they don't want to pay tariffs."
Mesabi Metallics plans to use electric arc furnace technology along with recycled scrap and direct-reduced iron mined from Minnesota to produce U.S. steel in Iowa, according to its news release. It is the company's first steel mill project and billed as the largest in U.S. history. The project is also expected to create 6,000 construction jobs.
In addition to the $15 billion investment, Mesabi Metallics has agreed to spend an additional $3 billion to complete its iron ore mine in Nashwauk, Minnesota. More than 1,500 construction workers are already on site there, along with 200 employees, with the goal of upstarting operations to make what the company is calling Patriot Pellets.
"This is a major moment for U.S. made steel," Mesabi Metallics CEO Joe Broking said in a statement.
Federal and state funding details were limited at the White House. Trump said "we're doing very little" from the public sector. Commerce Secretary Howard Lutnick added that the "deal is done" and is being funded by private money. Whether the project was approved for any state incentives is unclear.
The Iowa mill is one of several projects supported by Trump to bolster domestic metals production. Last year, Louisiana Gov. Jeff Landry joined the president at the White House to announce Hyundai Steel Company's $5.8 billion steel mill plans. Trump also expressed strong support for a $4 billion aluminum smelter coming to Oklahoma that is led by Emirates Global Aluminum and Century Aluminum.
Both projects have received strong pushback from local residents and advocacy groups who raised environmental and nuisance concerns.
Hyundai Steel held a groundbreaking for its Louisiana mill on Sept. 4. The aluminum smelter has been delayed until April 2027 after Inola's town council voted to extend its initial 60-day pause, the Oklahoma Voice reported. The project's developer followed up the decision with an economic impact study, highlighting the job creation and money generation opportunities.
"We're doing a tremendous aluminum plant in Oklahoma, one of my favorite places in the whole world," Trump said. "That's going to be unbelieveable."
Recommended Reading
Hyundai Steel project moves ahead despite local pushback
Shree Mishra
Tue, September 29, 2026
Essar Group-backed Mesabi Metallics has announced a $18bn investment to establish a fully integrated steel operation, combining its iron ore mine on the Mesabi Iron Range in Minnesota with a proposed steel-making complex in Iowa, US.
The company revealed details of the project during an event at the White House.
Of the total, $3bn is earmarked for completing the iron ore mine in Nashwauk, while $15bn is allocated to the development of the new Iowa steel complex.
The project aims to create more than 8,000 jobs, including in excess of 6,000 construction roles for the Iowa complex and 1,750 permanent positions at full operation.
More than 1,500 construction workers and 200 full-time employees are currently on-site in Nashwauk, with plans to reach 350 permanent roles once the mine becomes fully operational.
Mesabi CEO Joe Broking said: "This is a major moment for US-made steel, combining the highest quality direct-reduction grade iron ore pellet from Minnesota's Iron Range with the most advanced DRI [direct reduced iron] to EAF [electric arc furnace] steel-making technology in Iowa to supply the high-quality, all-American steel that our national defence, cars and trucks, shipbuilding, household appliances, energy and infrastructure depend on."
The Nashwauk operation, situated on the Mesabi Iron Range, is said to be the first new iron ore mine constructed in the US in 50 years.
Iron ore sourced from the Minnesota site will be used to manufacture direct-reduction-grade iron ore pellets, called 'Patriot Pellets', intended for use in the Iowa steel facility's production process.
At the Iowa complex, EAFs will be fed with a combination of hot, freshly reduced iron from the plant's own direct-reduction process and scrap steel.
By using iron ore that has had its oxygen removed at temperatures below melting point and feeding the resulting metallic iron into the furnaces while still hot, the process is designed to cut energy consumption and lower emissions compared with conventional blast furnace methods.
The company estimated that over the construction period and the first ten years of full operations, the investment would produce $95bn in total economic output across the region.
According to Mesabi, this integrated approach aims to develop a fully domestic steel supply chain, with all major production steps based in the US.
In April 2026, Mesabi obtained $150m in funding from the Macquarie Group for its iron ore mine and pellet plant in the US.
Omor Ibne Ehsan
Tue, September 29, 2026
Key takeaways
The White House announced the construction of a $15 billion steel mill in Iowa by Mesabi Metallics, which will start production at 7.5 million tons a year and rise to about 10 million tons by 2030.
Quick Read
The $15B Iowa mill mirrors NUE's electric arc furnace model, pressuring CLF's higher-cost integrated operations when first steel arrives in 2030.
CLF dropped nearly 8% after Stelco indefinitely idled Canadian operations, showing how tariffs that prop up U.S. prices simultaneously shrank Cliffs abroad.
On Monday, September 28, 2026, The White House announced that Mesabi Metallics will build a $15 billion steel mill in Iowa, starting at 7.5 million tons a year and rising to about 10 million tons. Mesabi is privately held and foreign-owned, so you cannot buy shares in it.
andresr / Getty Images
For Nucor (NYSE:NUE) and Cleveland-Cliffs (NYSE:CLF), the plant pressures price. First steel is expected in 2030, making this a valuation question today and an earnings question later, according to Mining.com.
Iowa Will Use the Electric Furnace Route Nucor Already Runs
The mill will convert iron ore into direct reduced iron and melt it in electric arc furnaces. Nucor already runs electric arc furnaces, while Cleveland-Cliffs operates traditional integrated operations that management describes as "miners, pellet producers, iron makers, steel makers, and downstream manufacturers."
The planned output is at about one-tenth of last year's U.S. steel production. The Export-Import Bank of the United States announced a $770 million direct loan for the associated Minnesota iron ore mine, and administration officials tied the project to steel tariffs.
Cleveland-Cliffs already dropped 7.84% on September 28 after its Canadian unit, Stelco, reported plans to indefinitely idle cold-rolled and coated operations at Hamilton Works, affecting about 350 jobs. Stelco blamed the 50% U.S. tariff on Canadian steel.
Tariffs cut both ways. The regime propping up U.S. prices shrank Cliffs in Canada. Nucor fell 1.1% that day, a decline likely tied to the Iowa project.
Nucor Stays Profitable While Cliffs Is Still Rebuilding
Nucor reported second-quarter adjusted EPS of $4.84 on $10.4 billion in sales. Its weak spot is expectations: on September 17, Nucor guided third-quarter EPS to $5.55 to $5.65, missing the $6.20 consensus, and shares fell about 5.8% the next day.
NUE Earnings Explorer — 24/7 Wall St.
Cleveland-Cliffs lost $0.25 a share in the second quarter after a full-year 2025 loss of $1.4 billion. Cleveland-Cliffs guided third-quarter adjusted EBITDA to about $575 million from $286 million, suggesting a floor is forming, although $7.7 billion of long-term debt leaves little room for a price war when the first-steel date arrives around 2030.
CLF Earnings Explorer — 24/7 Wall St.
Lens
Nucor
Cleveland-Cliffs
Steelmaking process
Electric arc furnaces
Integrated blast furnaces
Q2 per-share result
$4.84 adjusted EPS, according to Nucor
$0.25 loss
Year-to-date stock move
50.77%
-15.51%
Nucor screens better than Cleveland-Cliffs on this setup: Iowa mirrors Nucor's electric-furnace model, while integrated producers carry higher fixed costs. Nucor has gained 50.77% this year yet trades near 11 times forward earnings, with $244.52 under the average analyst target of $283.63.
NUE Price Target — 24/7 Wall St.
Cliffs, at $11.23 and down 43.67% over five years, needs contract resets and debt paydown before Iowa's output arrives. If management hits its leverage target of under 2.5x debt to EBITDA by mid-2027, or Nucor misses guidance, reconsider the ranking. I'd tag NUE stock a buy, and I'd avoid CLF stock for now.
CLF Price Target — 24/7 Wall St.
Nucor (NUE) Moves To Join FERC Fight Over MISO Power Rules
Bailey Pemberton
Tue, September 29, 2026
NUE-0.82%
STLD+0.11%
Nucor (NYSE:NUE) and Steel Dynamics jointly filed a motion to intervene with the Federal Energy Regulatory Commission on the MISO footprint.
The filing signals both steel producers are seeking a formal voice in how electricity market rules apply within the MISO region.
The move focuses attention on power market design for large industrial users that rely heavily on MISO for long term electricity needs.
This joint FERC intervention on the MISO footprint sits against broader energy market pressures our research has been tracking for Nucor. We have also flagged 1 warning sign for Nucor.
Why Nucor wants a direct say in its power costs
For Nucor, stepping into the MISO rulemaking process lines up with the earnings story that now leans heavily on new mills and downstream assets turning into steady cash generators. Power pricing and reliability feed directly into whether those projects support the kind of margin profile analysts are watching in the multi year US$15b to US$20b capital program. This move also fits with the broader theme of Nucor working on inputs it can influence, rather than just accepting pass through energy costs as a fixed constraint.
See how these catalysts shape Nucor's path to a $284 fair value.
The practical checkpoint is what comes out of this specific FERC proceeding. Investors can watch for the next formal MISO or FERC filing that references Nucor or Steel Dynamics as intervenors, and any decision that lays out new tariff structures or market rules for large industrial users inside the MISO footprint.
One piece of the Nucor puzzle this article has not opened yet
Power contracts and mill projects only tell part of the story. Who actually calls the shots at Nucor, and what they are rewarded for delivering, can reshape how you read everything else.
Nathan Owens
Tue, September 29, 2026
Manufacturing Dive.
Dive Brief:
President Donald Trump on Monday announced a Minnesota steelmaker's plans to invest $15 billion in Iowa to build what would become the largest U.S. steel mill.
The Mesabi Metallics-led project will create 1,750 jobs and add 10 million tons of annual steel production capacity, Trump said at the Oval Office. It is also expected to generate $95 billion for the U.S. economy during construction and the first 10 years of operations.
The company, which is backed by India-based conglomerate Essar Group, recently opened an iron ore mine in Minnesota that will supply pellets to the Iowa mill once completed. Steel production is set to begin in 2030, Trump said. Federal and state funding details have yet to be disclosed.
Dive Insight:
The Trump administration has made domestic metals production a top priority, citing national security and military supply concerns amid a war with Iran.
At the same time, Trump's tariff strategy has cut imports of foreign steel and raised U.S. steel prices. He doubled the Section 232 rate on metal imports to 50% last summer and has since made adjustments to close loopholes and allow exemptions for certain products.
On the other hand, higher raw material costs are squeezing manufacturers and resulting in higher prices for consumers. Higher tariffs also helped the United States surpass Japan last year as a crude steel producer for the first time since 1999.
"Our steel industry is roaring back to life," Trump said Monday. "Everyone's building their plant here because they don't want to pay tariffs."
Mesabi Metallics plans to use electric arc furnace technology along with recycled scrap and direct-reduced iron mined from Minnesota to produce U.S. steel in Iowa, according to its news release. It is the company's first steel mill project and billed as the largest in U.S. history. The project is also expected to create 6,000 construction jobs.
In addition to the $15 billion investment, Mesabi Metallics has agreed to spend an additional $3 billion to complete its iron ore mine in Nashwauk, Minnesota. More than 1,500 construction workers are already on site there, along with 200 employees, with the goal of upstarting operations to make what the company is calling Patriot Pellets.
"This is a major moment for U.S. made steel," Mesabi Metallics CEO Joe Broking said in a statement.
Federal and state funding details were limited at the White House. Trump said "we're doing very little" from the public sector. Commerce Secretary Howard Lutnick added that the "deal is done" and is being funded by private money. Whether the project was approved for any state incentives is unclear.
The Iowa mill is one of several projects supported by Trump to bolster domestic metals production. Last year, Louisiana Gov. Jeff Landry joined the president at the White House to announce Hyundai Steel Company's $5.8 billion steel mill plans. Trump also expressed strong support for a $4 billion aluminum smelter coming to Oklahoma that is led by Emirates Global Aluminum and Century Aluminum.
Both projects have received strong pushback from local residents and advocacy groups who raised environmental and nuisance concerns.
Hyundai Steel held a groundbreaking for its Louisiana mill on Sept. 4. The aluminum smelter has been delayed until April 2027 after Inola's town council voted to extend its initial 60-day pause, the Oklahoma Voice reported. The project's developer followed up the decision with an economic impact study, highlighting the job creation and money generation opportunities.
"We're doing a tremendous aluminum plant in Oklahoma, one of my favorite places in the whole world," Trump said. "That's going to be unbelieveable."
Recommended Reading
Hyundai Steel project moves ahead despite local pushback
Mesabi plans $18bn investment to combine iron ore mine and steel complex
Mesabi announced the project during an event at the White House.
Credit: Mesabi Metallics.
Shree Mishra
Tue, September 29, 2026
Essar Group-backed Mesabi Metallics has announced a $18bn investment to establish a fully integrated steel operation, combining its iron ore mine on the Mesabi Iron Range in Minnesota with a proposed steel-making complex in Iowa, US.
The company revealed details of the project during an event at the White House.
Of the total, $3bn is earmarked for completing the iron ore mine in Nashwauk, while $15bn is allocated to the development of the new Iowa steel complex.
The project aims to create more than 8,000 jobs, including in excess of 6,000 construction roles for the Iowa complex and 1,750 permanent positions at full operation.
More than 1,500 construction workers and 200 full-time employees are currently on-site in Nashwauk, with plans to reach 350 permanent roles once the mine becomes fully operational.
Mesabi CEO Joe Broking said: "This is a major moment for US-made steel, combining the highest quality direct-reduction grade iron ore pellet from Minnesota's Iron Range with the most advanced DRI [direct reduced iron] to EAF [electric arc furnace] steel-making technology in Iowa to supply the high-quality, all-American steel that our national defence, cars and trucks, shipbuilding, household appliances, energy and infrastructure depend on."
The Nashwauk operation, situated on the Mesabi Iron Range, is said to be the first new iron ore mine constructed in the US in 50 years.
Iron ore sourced from the Minnesota site will be used to manufacture direct-reduction-grade iron ore pellets, called 'Patriot Pellets', intended for use in the Iowa steel facility's production process.
At the Iowa complex, EAFs will be fed with a combination of hot, freshly reduced iron from the plant's own direct-reduction process and scrap steel.
By using iron ore that has had its oxygen removed at temperatures below melting point and feeding the resulting metallic iron into the furnaces while still hot, the process is designed to cut energy consumption and lower emissions compared with conventional blast furnace methods.
The company estimated that over the construction period and the first ten years of full operations, the investment would produce $95bn in total economic output across the region.
According to Mesabi, this integrated approach aims to develop a fully domestic steel supply chain, with all major production steps based in the US.
In April 2026, Mesabi obtained $150m in funding from the Macquarie Group for its iron ore mine and pellet plant in the US.
A $15 Billion Iowa Steel Mill Is Coming. What It Means for Nucor and Cleveland-Cliffs
Omor Ibne Ehsan
Tue, September 29, 2026
Key takeaways
The White House announced the construction of a $15 billion steel mill in Iowa by Mesabi Metallics, which will start production at 7.5 million tons a year and rise to about 10 million tons by 2030.
Quick Read
The $15B Iowa mill mirrors NUE's electric arc furnace model, pressuring CLF's higher-cost integrated operations when first steel arrives in 2030.
CLF dropped nearly 8% after Stelco indefinitely idled Canadian operations, showing how tariffs that prop up U.S. prices simultaneously shrank Cliffs abroad.
On Monday, September 28, 2026, The White House announced that Mesabi Metallics will build a $15 billion steel mill in Iowa, starting at 7.5 million tons a year and rising to about 10 million tons. Mesabi is privately held and foreign-owned, so you cannot buy shares in it.
andresr / Getty Images
For Nucor (NYSE:NUE) and Cleveland-Cliffs (NYSE:CLF), the plant pressures price. First steel is expected in 2030, making this a valuation question today and an earnings question later, according to Mining.com.
Iowa Will Use the Electric Furnace Route Nucor Already Runs
The mill will convert iron ore into direct reduced iron and melt it in electric arc furnaces. Nucor already runs electric arc furnaces, while Cleveland-Cliffs operates traditional integrated operations that management describes as "miners, pellet producers, iron makers, steel makers, and downstream manufacturers."
The planned output is at about one-tenth of last year's U.S. steel production. The Export-Import Bank of the United States announced a $770 million direct loan for the associated Minnesota iron ore mine, and administration officials tied the project to steel tariffs.
Cleveland-Cliffs already dropped 7.84% on September 28 after its Canadian unit, Stelco, reported plans to indefinitely idle cold-rolled and coated operations at Hamilton Works, affecting about 350 jobs. Stelco blamed the 50% U.S. tariff on Canadian steel.
Tariffs cut both ways. The regime propping up U.S. prices shrank Cliffs in Canada. Nucor fell 1.1% that day, a decline likely tied to the Iowa project.
Nucor Stays Profitable While Cliffs Is Still Rebuilding
Nucor reported second-quarter adjusted EPS of $4.84 on $10.4 billion in sales. Its weak spot is expectations: on September 17, Nucor guided third-quarter EPS to $5.55 to $5.65, missing the $6.20 consensus, and shares fell about 5.8% the next day.
NUE Earnings Explorer — 24/7 Wall St.
Cleveland-Cliffs lost $0.25 a share in the second quarter after a full-year 2025 loss of $1.4 billion. Cleveland-Cliffs guided third-quarter adjusted EBITDA to about $575 million from $286 million, suggesting a floor is forming, although $7.7 billion of long-term debt leaves little room for a price war when the first-steel date arrives around 2030.
CLF Earnings Explorer — 24/7 Wall St.
Lens
Nucor
Cleveland-Cliffs
Steelmaking process
Electric arc furnaces
Integrated blast furnaces
Q2 per-share result
$4.84 adjusted EPS, according to Nucor
$0.25 loss
Year-to-date stock move
50.77%
-15.51%
Nucor screens better than Cleveland-Cliffs on this setup: Iowa mirrors Nucor's electric-furnace model, while integrated producers carry higher fixed costs. Nucor has gained 50.77% this year yet trades near 11 times forward earnings, with $244.52 under the average analyst target of $283.63.
NUE Price Target — 24/7 Wall St.
Cliffs, at $11.23 and down 43.67% over five years, needs contract resets and debt paydown before Iowa's output arrives. If management hits its leverage target of under 2.5x debt to EBITDA by mid-2027, or Nucor misses guidance, reconsider the ranking. I'd tag NUE stock a buy, and I'd avoid CLF stock for now.
CLF Price Target — 24/7 Wall St.
Nucor (NUE) Moves To Join FERC Fight Over MISO Power Rules
Bailey Pemberton
Tue, September 29, 2026
NUE-0.82%
STLD+0.11%
Nucor (NYSE:NUE) and Steel Dynamics jointly filed a motion to intervene with the Federal Energy Regulatory Commission on the MISO footprint.
The filing signals both steel producers are seeking a formal voice in how electricity market rules apply within the MISO region.
The move focuses attention on power market design for large industrial users that rely heavily on MISO for long term electricity needs.
This joint FERC intervention on the MISO footprint sits against broader energy market pressures our research has been tracking for Nucor. We have also flagged 1 warning sign for Nucor.
NYSE:NUE Earnings & Revenue Growth as at Sep 2026
Nucor is a US-based steel producer in the Metals and Mining industry with a market value of about $56.1b, so electricity rules inside the MISO footprint directly affect how its mills power energy-intensive steelmaking operations. The motion with regulators ties into core manufacturing costs for the business rather than a side issue.
Nucor is a US-based steel producer in the Metals and Mining industry with a market value of about $56.1b, so electricity rules inside the MISO footprint directly affect how its mills power energy-intensive steelmaking operations. The motion with regulators ties into core manufacturing costs for the business rather than a side issue.
Why Nucor wants a direct say in its power costs
For Nucor, stepping into the MISO rulemaking process lines up with the earnings story that now leans heavily on new mills and downstream assets turning into steady cash generators. Power pricing and reliability feed directly into whether those projects support the kind of margin profile analysts are watching in the multi year US$15b to US$20b capital program. This move also fits with the broader theme of Nucor working on inputs it can influence, rather than just accepting pass through energy costs as a fixed constraint.
See how these catalysts shape Nucor's path to a $284 fair value.
The practical checkpoint is what comes out of this specific FERC proceeding. Investors can watch for the next formal MISO or FERC filing that references Nucor or Steel Dynamics as intervenors, and any decision that lays out new tariff structures or market rules for large industrial users inside the MISO footprint.
One piece of the Nucor puzzle this article has not opened yet
Power contracts and mill projects only tell part of the story. Who actually calls the shots at Nucor, and what they are rewarded for delivering, can reshape how you read everything else.
