CLEVELAND-CLIFFS INC NEW CLF
COM · Common Stock · CUSIP 185899101 · ISIN US1858991011
American steelmaking company
- SectorMaterials
- IndustryMetal Mining
- HeadquartersCleveland, OH
- Founded1846
- Websiteclevelandcliffs.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($8.8m this quarter). Holder counts are more reliable. Shares outstanding: 494.7m as of 2025-10-22, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $12.21. Options: 40 managers hold calls ($515.1m notional), 27 hold puts ($271.5m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 594 |
| Q4 2022 | 615 |
| Q1 2023 | 613 |
| Q2 2023 | 576 |
| Q3 2023 | 607 |
| Q4 2023 | 623 |
| Q1 2024 | 636 |
| Q2 2024 | 613 |
| Q3 2024 | 565 |
| Q4 2024 | 573 |
| Q1 2025 | 567 |
| Q2 2025 | 561 |
| Q3 2025 | 565 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 220 | 329 |
| Q1 2024 | 266 | 307 |
| Q2 2024 | 264 | 327 |
| Q3 2024 | 253 | 332 |
| Q4 2024 | 274 | 265 |
| Q1 2025 | 309 | 246 |
| Q2 2025 | 271 | 271 |
| Q3 2025 | 247 | 260 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $577.6m | $247.0m | 0.43 |
| Q1 2025 | $377.0m | $236.4m | 0.63 |
| Q2 2025 | $276.1m | $158.1m | 0.57 |
| Q3 2025 | $515.1m | $271.5m | 0.53 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +10.9m |
| Balyasny Asset Management L.P. | Added | +7.5m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Added | +4.2m |
| Slate Path Capital LP | Added | +4.0m |
| Duquesne Family Office LLC | New | +2.7m |
| Castle Hook Partners LP | New | +2.7m |
| D. E. Shaw & Co., Inc. | Added | +2.5m |
| FMR LLC | Added | +1.9m |
| DISCOVERY CAPITAL MANAGEMENT, LLC / CT | New | +1.8m |
| BARCLAYS PLC | Added | +1.7m |
Biggest sellers
| Turiya Advisors Asia Ltd | Sold out | -5.2m |
| Jump Financial, LLC | Reduced | -4.0m |
| MORGAN STANLEY | Reduced | -3.7m |
| MARSHALL WACE, LLP | Reduced | -3.0m |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -3.0m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -2.6m |
| Cubist Systematic Strategies, LLC | Sold out | -2.4m |
| BANK OF AMERICA CORP /DE/ | Reduced | -2.2m |
| Maple Rock Capital Partners Inc. | Reduced | -1.9m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -1.9m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $116.7m9.6m shares |
| CITADEL ADVISORS LLC | Added | $84.5m6.9m shares |
| JANE STREET GROUP, LLC | Added | $34.6m2.8m shares |
| Diameter Capital Partners LP | New | $30.5m2.5m shares |
| SIMPLEX TRADING, LLC | Reduced | $22.1m1.8m shares |
| IMC-Chicago, LLC | Added | $21.7m1.8m shares |
| NOMURA HOLDINGS INC | Unchanged | $20.5m1.7m shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $17.5m1.4m shares |
| Squarepoint Ops LLC | Added | $15.4m1.3m shares |
| WOLVERINE TRADING, LLC | Added | $15.3m1.2m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $66.5m5.5m shares |
| CITADEL ADVISORS LLC | Reduced | $35.7m2.9m shares |
| UBS Group AG | Reduced | $22.5m1.8m shares |
| D. E. Shaw & Co., Inc. | Added | $22.4m1.8m shares |
| JANE STREET GROUP, LLC | Added | $20.4m1.7m shares |
| NOMURA HOLDINGS INC | Unchanged | $11.6m950.0k shares |
| Cubist Systematic Strategies, LLC | Reduced | $11.6m947.0k shares |
| Walleye Trading LLC | Reduced | $9.5m777.4k shares |
| Squarepoint Ops LLC | Added | $9.1m744.3k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $8.8m719.6k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-17 | 8.9% |
| STATE STREET CORP 13G · institution -1.1 pts · filed 2026-08-07 | 5.8% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 2 | $546.1k | 5 | $5.0m | — |
| Q2 2024 | 6 | $2.0m | 1 | $535.3k | — |
| Q3 2024 | 1 | $116.2k | 0 | — | — |
| Q4 2024 | 0 | — | 1 | $18.3k | — |
| Q1 2025 | 3 | $243.2k | 0 | — | — |
| Q2 2025 | 0 | — | 1 | $822.0k | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 47.9m $584.9m | Reduced -8.7k |
| BlackRock, Inc. 0.01% of their portfolio | 47.8m $583.0m | Reduced -1.7m |
| STATE STREET CORP 0.01% of their portfolio | 25.6m $312.9m | Reduced -1.8m |
| Slate Path Capital LP 3.73% of their portfolio | 19.8m $241.0m | Added +4.0m |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 17.2m $210.1m | Reduced -3.0m |
| FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 8.80% of their portfolio | 14.9m $181.8m | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 11.7m $143.3m | Added +10.9m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 8.8m $106.8m | Added +370.6k |
| CITIGROUP INC 0.07% of their portfolio | 8.0m $97.7m | Added +1.2m |
| Balyasny Asset Management L.P. 0.20% of their portfolio | 8.0m $97.5m | Added +7.5m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 6.7m $81.8m | Added +1.6m |
| MORGAN STANLEY 0.00% of their portfolio | 6.7m $81.8m | Reduced -3.7m |
| Maple Rock Capital Partners Inc. 3.20% of their portfolio | 6.5m $79.3m | Reduced -1.9m |
| Drexel Morgan & Co. 10.73% of their portfolio | 5.6m $68.3m | Added +100.0k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 5.6m $68.2m | Reduced -2.2m |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 5.5m $67.6m | Reduced -789.7k |
| UBS Group AG 0.01% of their portfolio | 4.9m $60.3m | Added +1.3m |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 4.8m $58.8m | Added +1.7m |
| NEUBERGER BERMAN GROUP LLC 0.04% of their portfolio | 4.7m $57.5m | Added +898.1k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.19% of their portfolio | 4.7m $57.1m | Added +4.2m |
| Allianz Asset Management GmbH 0.06% of their portfolio | 4.2m $51.2m | Added +1.5m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 4.0m $49.3m | Added +139.9k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 3.6m $44.2m | Reduced -1.8m |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.06% of their portfolio | 3.3m $40.1m | Added +73.8k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 3.1m $37.5m | Added +1.1m |
| Bank of New York Mellon Corp 0.01% of their portfolio | 3.0m $36.1m | Reduced -56.0k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 2.9m $35.5m | Added +2.5m |
| Woodline Partners LP 0.16% of their portfolio | 2.8m $33.7m | Unchanged |
| Duquesne Family Office LLC 0.84% of their portfolio | 2.7m $33.1m | New |
| Invesco Ltd. 0.01% of their portfolio | 2.7m $33.1m | Reduced -371.2k |
| Castle Hook Partners LP 0.50% of their portfolio | 2.7m $32.8m | New |
| Hodges Capital Management Inc. 2.57% of their portfolio | 2.4m $29.7m | Reduced -213.0k |
| Douglas Lane & Associates, LLC 0.41% of their portfolio | 2.4m $29.4m | Added +230.8k |
| BARCLAYS PLC 0.01% of their portfolio | 2.3m $28.2m | Added +1.7m |
| MASTERS CAPITAL MANAGEMENT LLC 3.92% of their portfolio | 2.0m $24.4m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 2.0m $24.4m | Reduced -2.6m |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 2.0m $24.1m | Reduced -854.5k |
| FMR LLC 0.00% of their portfolio | 2.0m $24.0m | Added +1.9m |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 1.9m $23.4m | Reduced -399.7k |
| DISCOVERY CAPITAL MANAGEMENT, LLC / CT 1.19% of their portfolio | 1.8m $21.7m | New |
| TWO SIGMA ADVISERS, LP 0.04% of their portfolio | 1.8m $21.5m | Added +1.3m |
| EASTERLY INVESTMENT PARTNERS LLC 1.35% of their portfolio | 1.6m $19.9m | Reduced -44.2k |
| MARSHALL WACE, LLP 0.02% of their portfolio | 1.6m $19.2m | Reduced -3.0m |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 1.3m $16.1m | Added +3.0k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 1.3m $16.0m | Added +494.9k |
| LPL Financial LLC 0.00% of their portfolio | 1.3m $15.4m | Added +93.4k |
| Brandywine Global Investment Management, LLC 0.11% of their portfolio | 1.3m $15.3m | New |
| Gotham Asset Management, LLC 0.06% of their portfolio | 1.2m $14.9m | Added +104.3k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 1.2m $14.3m | Added +149.3k |
| South Dakota Investment Council 0.27% of their portfolio | 1.1m $13.9m | Reduced -201.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 1.1m $13.6m | Reduced -601.6k |
| Amundi 0.00% of their portfolio | 1.1m $14.0m | New |
| Trexquant Investment LP 0.14% of their portfolio | 1.1m $13.4m | Added +512.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 1.1m $13.4m | Reduced -691 |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.20% of their portfolio | 1.1m $12.8m | Reduced -200.0k |
| SFE Investment Counsel 1.95% of their portfolio | 1.0m $12.2m | Reduced -52.3k |
| Man Group plc 0.02% of their portfolio | 969.4k $11.8m | Added +725.1k |
| Swiss National Bank 0.01% of their portfolio | 959.1k $11.7m | Added +14.3k |
| MERCER GLOBAL ADVISORS INC /ADV 0.02% of their portfolio | 941.9k $11.5m | Reduced -52.4k |
| Point72 Asset Management, L.P. 0.02% of their portfolio | 923.6k $11.3m | Added +643.9k |
| Contrarius Group Holdings Ltd 0.49% of their portfolio | 896.1k $10.9m | New |
| Fisher Asset Management, LLC 0.00% of their portfolio | 879.4k $10.7m | Reduced -17.1k |
| Legal & General Group Plc 0.00% of their portfolio | 876.7k $10.7m | Reduced -9.8k |
| Lighthouse Investment Partners, LLC 0.33% of their portfolio | 751.8k $9.2m | New |
| Limestone Investment Advisors LP 0.34% of their portfolio | 750.0k $768.2k | Unchanged |
| Verition Fund Management LLC 0.05% of their portfolio | 726.0k $8.9m | Reduced -414.7k |
| TUDOR INVESTMENT CORP ET AL 0.05% of their portfolio | 689.5k $8.4m | New |
| Gallagher Fiduciary Advisors, LLC 0.31% of their portfolio | 684.3k $8.3m | Reduced -17.1k |
| Nuveen, LLC 0.00% of their portfolio | 677.2k $8.3m | Reduced -194.3k |
| TRUIST FINANCIAL CORP 0.01% of their portfolio | 675.9k $8.2m | Reduced -1.0m |
| Schonfeld Strategic Advisors LLC 0.06% of their portfolio | 670.5k $8.2m | Added +568.2k |
| California Public Employees Retirement System 0.00% of their portfolio | 649.6k $7.9m | Added +61.6k |
| GROUP ONE TRADING LLC 0.23% of their portfolio | 637.1k $7.8m | Added +104.1k |
| Sonora Investment Management Group, LLC 0.54% of their portfolio | 624.9k $7.6m | Reduced -30.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 615.7k $7.5m | Added +62.3k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 608.6k $7.4m | Reduced -1.9m |
| Retirement Systems of Alabama 0.02% of their portfolio | 598.1k $7.3m | Added +5.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 587.4k $7.2m | Added +91.5k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 543.9k $6.6m | Reduced -210.1k |
| Jump Financial, LLC 0.08% of their portfolio | 542.7k $6.6m | Reduced -4.0m |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 486.3k $5.9m | Reduced -117.3k |
| Walleye Capital LLC 0.05% of their portfolio | 481.8k $5.9m | Added +85.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 471.2k $5.7m | Reduced -4.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 466.5k $5.7m | Added +41.7k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 456.8k $5.6m | Unchanged |
| READYSTATE ASSET MANAGEMENT LP 0.27% of their portfolio | 454.2k $5.5m | Added +411.4k |
| Quantbot Technologies LP 0.15% of their portfolio | 446.2k $5.4m | Reduced -348.3k |
| Soviero Asset Management, LP 3.28% of their portfolio | 435.0k $5.3m | New |
| Aquatic Capital Management LLC 0.10% of their portfolio | 423.3k $5.2m | First filing |
| Y-Intercept (Hong Kong) Ltd 0.12% of their portfolio | 420.9k $5.1m | Added +395.0k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.02% of their portfolio | 414.8k $5.1m | Added +64.1k |
| Cerity Partners LLC 0.01% of their portfolio | 411.0k $5.0m | Reduced -9.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 400.8k $4.9m | Added +19.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 393.4k $4.8m | Reduced -148.8k |
| Private Advisor Group, LLC 0.02% of their portfolio | 372.0k $4.5m | Reduced -3.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 369.2k $4.5m | Reduced -6.0k |
| ARS Investment Partners, LLC 0.29% of their portfolio | 355.7k $4.3m | Reduced -32.2k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 352.5k $4.3m | Reduced -77.5k |
| Eisler Capital Management Ltd. 0.10% of their portfolio | 350.1k $4.5m | New |
| First Washington CORP 1.14% of their portfolio | 349.9k $4.3m | Added +1.2k |