CLF · CIK 764065
What Cleveland-Cliffs Inc. told the SEC could break it.
Cleveland-Cliffs' disclosures revolve around the logistics and inputs of heavy steelmaking, plus an unusual tariff exposure. It depends on third-party transportation and on Great Lakes ports and navigable rivers to move raw materials and finished steel, so dredging problems or environmental changes at those waterways could disrupt logistics or raise freight rates — and many of its energy-intensive plants and mines rely on a sole source for electricity. Its tariff exposure runs the protective way: as a domestic producer, it credits the 2025 Section 232 50% steel tariffs with supporting domestic pricing, which leaves its margins dependent on those tariffs staying in place rather than threatened by them.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- Great Lakes shipping and third-party transportation for raw materialsmedium
Cliffs depends on third-party transportation for delivery of raw materials, production inputs and spare parts, and on Great Lakes ports and navigable rivers to move products; dredging issues or environmental changes at those waterways could disrupt logistics or raise freight rates.
“dredging issues and environmental changes, particularly at Great Lakes ports or along navigable rivers, could adversely impact our ability to move certain of our products or result in higher freight rates.”
SEC filing →As of 2026
Regulatory & policy
- Section 232 50% steel tariffs (protective for domestic producer; reversal is the downside)medium
In 2025 the U.S. imposed 50% Section 232 tariffs on imported steel (and 25% on imported autos), which Cliffs — a domestic steel producer — says level the playing field and support domestic pricing; this makes its margins materially dependent on continued tariff protection (a favorable but policy-contingent exposure).
“We believe that the 50% steel tariffs are critical to leveling the playing field and addressing global overproduction issues, confronting unfair trade practices and supporting a healthy domestic steel market.”
Sole-source dependency
- sole-source electricity for many production facilities and minesmedium
Many of Cleveland-Cliffs' energy-intensive production facilities and mines depend on a sole source for electricity, creating single-point power-supply risk for steelmaking and mining operations.
“Many of our production facilities and mines are dependent on a sole source for electricity.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Cliffs Steel $ 1,131.3 61.6 % $ 1,237.0 63.9 % $ 1,349.4 65.4 % U.S. Steel $ 261.0 14.2 % $ 284.6 14.7 % $ 300.8 14.6 %”
Cited →
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