Action | 24 Jul 2026 10:18:52 ET │ 14 pages Cleveland Cliffs (CLF.N) It's all about steel price duration CITI'S TAKE CLF traded up 15% following strong 2Q results & positive guidance for 2H (4Q > 3Q) and into 2027. For investors the key question is duration of current steel prices. FCF yield is potentially ~20-25% at spot $1.170/st HRC but zero at $1,000/st - see Fig 1 for illustrative numbers. $1,000/st is a more realistic mid-term price, in our view, but 1-2 years of current prices is possible which could ...