Steel Stocks Plummet Again… 700 Billion Won in Market Value Disappeared in a Day

On the 26th at the New York Stock Exchange, steelmaker Cleveland-Cliffs Inc. (NYSE: CLF) closed at $14.02, down more than 7%. In a single day, its market capitalization fell by about $530 million (roughly KRW 700 billion) to around $8 billion (approximately KRW 11 trillion). Trading volume totaled 9.63 million shares.

Earlier this month on the 9th, the stock had jumped over 4% as investors praised Cleveland-Cliffs’ strategic pivot toward high-value-added electric-vehicle steel and specialty power-transmission steel, along with plans to expand global partnerships.

The company has also launched a 2025 restructuring program to idle six low-margin facilities—fully or partially—with a goal of cutting more than $300 million in annual costs.

Originally an iron-ore mining company, Cleveland-Cliffs has transformed into North America’s largest flat-rolled steel producer through aggressive mergers and acquisitions. After acquiring Canadian steelmaker Stelco in 2024 to strengthen its North American footprint, the company is targeting a return to profitability from 2026 onward, driven by the expiration of long-term slab contracts and the full effects of its facility restructuring by the end of 2025.