Cleveland Cliffs (CLF) Q3 Earnings Recovery Meets Leverage Doubts

Cleveland-Cliffs just reported Q3 2026 and the story on the screen is very different from the story in the numbers. The stock slipped 3.2% today to about US$13.65, easing back after a strong 90 day run, even as the business swung from losses earlier this year to earnings of US$0.27 per share and US$5.6b in revenue. That move hints at investors fixating on old worries about leverage and volatility, while a powerful earnings recovery and US$612m in adjusted earnings before interest, tax,...