Cleveland-Cliffs Stock Down 34% in 6 Months: Should You Buy the Dip?

Cleveland-Cliffs Inc. (CLF Quick QuoteCLF - Free Report) shares have lost 33.6% in the past six months, underperforming the Zacks Mining – Miscellaneous industry’s decline of 7.2%. The bearishness is partly due to the underlying challenges in the steel industry as reflected by the significant retreat in U.S. steel prices due to a combination of demand slowdown and oversupply, which have triggered a downward revision in CLF’s earnings estimates.

CLF is currently trading at a roughly 56% discount to its 52-week high of $22.97 reached on April 4, 2024.