What is the difference between blast furnace and EAF steelmaking?

Blast furnaces convert iron ore into pig iron using coke, which is then processed into steel — energy and capital intensive but capable of producing the highest-quality flat-rolled steel grades. Electric arc furnaces (EAF) melt steel scrap using electricity — more flexible, lower-cost, and cleaner, but historically limited to lower-quality grades until recently.

What is the Nippon Steel acquisition of U.S. Steel?

Japan's Nippon Steel announced an offer to acquire U.S. Steel for approximately $14.9 billion in December 2023. The deal has faced intense opposition from U.S. Steel unions, domestic steel competitors, and politicians concerned about foreign control of critical domestic steel infrastructure, with the outcome still unresolved.

Why is self-sufficiency in iron ore valuable for Cleveland-Cliffs?

Iron ore pellets are the primary raw material for integrated blast furnace steelmaking — by owning iron ore mines in the Minnesota/Michigan iron range, CLF controls its primary input cost rather than buying from external suppliers, providing a cost advantage and supply security that scrap-reliant EAF competitors don't need.

brimindinvest.com / compare / clf-vs-xLIVE

CLF

Cleveland-Cliffs Inc. · Materials - Steel

$12.28

+20.99% this month

VERSUS

⟷

COMPARE

X

United States Steel Corporation · Materials - Steel

N/A

N/A this month

Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

CLF

0

X

0

MIXED SETUP

Comparison scoreboard

MIXED SETUP

AI Score

CLF 43.1

X N/A

1Y Return

CLF +67.53%

X N/A

Fwd P/E

CLF 24.50

X N/A

Target Up.

CLF -4.72%

X N/A

Op. Margin

CLF N/A

X N/A

Metrics last refreshed: 6/20/2026

Quick take

CLF vs X Stock Comparison: AI Score, Valuation, Performance and Upside

CLF and X (U.S. Steel) are the two largest U.S. flat-rolled integrated steel producers, both serving the automotive and construction sectors with blast furnace steelmaking and growing EAF capabilities. CLF's automotive focus and iron ore self-sufficiency contrast with U.S. Steel's broader market mix and the overhang of the Nippon Steel acquisition attempt.

CLF vs X pits two major U.S. integrated flat-rolled steel producers against each other — Cleveland-Cliffs' automotive-focused domestic champion strategy versus U.S. Steel's diversified steel company navigating potential foreign acquisition.

Live analysis · updated 6/20/2026

CLF and X are closely matched — they split the tracked metrics evenly.

Normalized 1Y performance

CLF

X

Not enough data to chart yet.

Recent returns

CLF

X

Analyst price targets & sentiment

CLF · 10 analysts

STRONG BUYHOLDSTRONG SELL

Hold (2.9/5.0)

Price target range

analyst low$8.00
analyst high$15.00
analyst mean$11.70
current price$12.28

-4.7% upside to analyst mean

X

Price target data unavailable

N/A

Who should consider this stock?

CLF may suit investors who:

→Want the dominant U.S. automotive steel supplier with vertical integration from iron ore through finished automotive sheet
→Value CLF's scale following its AK Steel and ArcelorMittal USA acquisitions creating a North American flat-rolled leader
→Believe U.S. automotive production recovery and trade protection will support CLF's earnings normalization

X may suit investors who:

→See value in U.S. Steel through the lens of the Nippon Steel acquisition premium or standalone recovery
→Want exposure to flat-rolled steel across automotive, appliance, and construction markets with EAF and blast furnace capacity
→Believe Big River Steel's EAF operations represent a transformational modernization of U.S. Steel's cost structure

Performance & AI score

Metric	CLF	X
AI score	43.1	N/A
AI rank	#817	N/A
Latest close	$12.28	N/A
1M return	+20.99%	N/A
6M return	-5.03%	N/A
1Y return	+67.53%	N/A

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	CLF	X
1Y ago	$16.75K (+67.5%) started 2025-06-18	N/A
5Y ago	$6.06K (-39.4%) started 2021-06-18	N/A
10Y ago	$27.19K (+171.9%) started 2016-06-20	N/A

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	CLF	X
Market cap	$7B	N/A
Trailing P/E	N/A	N/A
Forward P/E	24.50	N/A
Price/Sales	0.37	0.79
EV/Revenue	0.82	N/A
Analyst target	$11.70	N/A
Target upside	-4.72%	N/A

Growth, profitability & risk

Metric	CLF	X
Revenue growth	6.30%	N/A
Earnings growth	N/A	N/A
EPS growth	N/A	N/A
FCF margin	-0.32%	N/A
Operating margin	N/A	N/A
Profit margin	-6.44%	N/A
ROIC proxy	-18.60%	N/A
Return on equity	-18.60%	N/A
Dividend yield	0.00%	N/A
Beta	2.09	1.00
Debt/equity	129.32	N/A
Current ratio	2.02	N/A
Quick ratio	0.58	N/A

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

CLF max drawdown51.67%

X max drawdownN/A

CLF max wkly drop29.53%

X max wkly dropN/A

5Y risk snapshot

CLF max drawdown82.37%

X max drawdownN/A

CLF max wkly drop29.53%

X max wkly dropN/A

10Y risk snapshot

CLF max drawdown82.37%

X max drawdownN/A

CLF max wkly drop34.50%

X max wkly dropN/A

Performance metrics by period

Period	Metric	CLF	X
1Y	Growth	+67.53%	N/A
	CAGR	+67.59%	N/A
	Sharpe ratio	1.04	N/A
	Max drawdown	51.67%	N/A
	Max daily drop	17.24%	N/A
	Max wkly drop	29.53%	N/A
5Y	Growth	-39.42%	N/A
	CAGR	-9.54%	N/A
	Sharpe ratio	0.05	N/A
	Max drawdown	82.37%	N/A
	Max daily drop	17.24%	N/A
	Max wkly drop	29.53%	N/A
10Y	Growth	+157.31%	N/A
	CAGR	+9.92%	N/A
	Sharpe ratio	0.39	N/A
	Max drawdown	82.37%	N/A
	Max daily drop	24.27%	N/A
	Max wkly drop	34.50%	N/A

Business comparison

Category	CLF	X
Company	Cleveland-Cliffs Inc.	United States Steel Corporation
Sector	Materials - Steel	Materials - Steel
Industry	N/A	N/A
Core business	Cleveland-Cliffs is the largest flat-rolled steel producer in North America, operating integrated steelmaking facilities using iron ore pellets (from its own mines) through blast furnaces and electric arc furnaces, primarily serving the automotive sector.	United States Steel Corporation is a major integrated flat-rolled steel producer operating blast furnace facilities in North America (Big River Steel EAF operations) and Slovakia, with exposure to multiple end markets including automotive, appliance, construction, and energy.
Investor focus	Investors track CLF's automotive steel contract pricing, hot-rolled coil steel prices, iron ore pellet self-sufficiency advantage, EBITDA per ton, and the company's leverage reduction trajectory.	Investors track U.S. Steel's hot-rolled coil pricing, capacity utilization, Big River Steel EAF facility performance, and the outcome of Nippon Steel's proposed acquisition (announced 2023).

CLF strengths

→Vertically integrated from iron ore mining through steel production provides a cost and supply security advantage over scrap-dependent EAF competitors
→Dominant automotive steel supplier position with long-term contracts providing volume stability
→AK Steel and ArcelorMittal USA acquisitions created a scaled North American flat-rolled platform

X strengths

→Big River Steel EAF operations provide lower-cost, newer-generation steelmaking capacity alongside traditional integrated blast furnace operations
→Geographic diversification includes both North American and European (Slovakia) operations
→Nippon Steel acquisition offer provided a premium exit opportunity for shareholders, though subject to regulatory review

Risks to watch — CLF

→Automotive production cycles directly affect demand for automotive-grade steel, making CLF earnings sensitive to vehicle production rates
→Significant debt from acquisition activity increases financial risk during steel price downturns
→Competition from mini-mills (Nucor, Steel Dynamics) expanding into flat-rolled with lower-cost EAF production

Risks to watch — X

→Nippon Steel's proposed acquisition of U.S. Steel faces significant regulatory and political opposition over domestic steel security
→Legacy blast furnace operations are higher-cost than newer EAF mini-mills and require continued investment
→Flat-rolled steel prices are highly cyclical, creating significant earnings volatility over the steel cycle

Frequently asked questions

Flat-rolled steel refers to steel produced in coils or sheets through hot-rolling or cold-rolling processes — used extensively in automotive body panels, appliance housings, construction products (roofing, beams), and packaging. It represents the largest segment of U.S. steel consumption.

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