10 Best Steel Stocks to Buy According to Billionaires

4. Cleveland-Cliffs Inc. (NYSE:CLF)

Number of Billionaire Investors: 10

Cleveland-Cliffs Inc. (NYSE:CLF) operates as a major flat-rolled steel producer with facilities across the U.S. and Canada, serving global markets. The company produces various steel products, including hot-rolled, cold-rolled, galvanized, electrical, and stainless steel. It supports the automotive, construction, and manufacturing sectors through a vertically integrated supply chain with iron ore and scrap processing capabilities.

In a competitive 2024 steel market, Cleveland-Cliffs Inc. (NYSE:CLF) reported an $81 million adjusted EBITDA loss for Q4, which ended on December 31, 2024. This stemmed from poor automotive demand and declining commodity steel prices. Furthermore, quarterly shipments reached 3.8 million tons, showing the effect of idled C6 blast furnaces and seasonal demand slumps.

However, the company forecasts Q1 2025 shipments to top 4 million tons, driven by stronger orders, better mill usage, and the full impact for the quarter from its Stelco purchase. Each $100 per ton increase in hot-rolled coil (HRC) prices could add roughly $1 billion to yearly revenue, boosting cash flow and profits.

Cleveland-Cliffs Inc. (NYSE:CLF) benefits from the new 25% steel import tariffs that should strengthen domestic pricing. The company views this policy as essential against foreign steel overcapacity and global environmental production disparities. Its $120 million Stelco synergy plan remains on schedule for year-end completion, with more operational improvements under review. In addition, the company issued senior unsecured notes, strengthening its finances.

For 2025, Cleveland-Cliffs Inc. (NYSE:CLF) expects a strong recovery backed by solid automotive orders and rising steel prices. With strategic positioning and growing demand, Cleveland-Cliffs stands as one of the best steel stocks.