CLF CLEVELAND-CLIFFS INC. Insider Trading

CFO Goncalves sells 214,308 CLF shares at $13.41; divests 53.7% of holdings amid negative profitability.

Celso L Jr Goncalves, EVP and CFO of Cleveland-Cliffs, executed a substantial open-market sale of 214,308 shares on 2026-06-05 at $13.41, reducing his position from 398,849 to 184,541 shares—a 53.7% reduction. This divestment occurs within a context of company-level headwinds: Cleveland-Cliffs reported $-237,000,000.00 net income for the most recent full fiscal year and $4,922,000,000.00 in quarterly revenue with -3.0% year-over-year growth. Notably, his prior trade at CLF (a buy on 2024-06-12) had a 90-day return of -27.2%, yet he has not demonstrated a pattern of well-timed exits: his cross-ticker track record shows 1 prior buy with a 0.00% 90-day win rate. The current stock price of $13.53 stands 19.0% below the 52-week high of $16.70, though it is +21.4% over the past 30 days and +37.6% over 90 days, suggesting recent recovery momentum that may have presented an opportunity to exit a materially larger portion of holdings.

EVP & COO Smith Clifford T sold 200,000 shares at $10.46; stock down 24.6% in 30 days, company unprofitable with -3.0% revenue growth.

Smith Clifford T, EVP & Chief Operating Officer, sold 200,000 shares (200.0K shares) at $10.46 on 2026-02-17, reducing his holdings from 760,529 shares to 560,529 shares (-26.3% reduction). The sale occurred as Cleveland-Cliffs faced significant operational headwinds: the company reported a net loss of -$251,000,000 over its most recent full fiscal year, annual revenue declined -3.0% year-over-year, and the stock has fallen -24.6% over the 30 days prior to this filing. At the transaction price of $10.46, the stock was already -34.8% from its 52-week high of $16.18. Across his cross-ticker history, this insider's prior sells were well-timed 100% of the time at the 90-day mark, including a prior sale at CLF on 2024-03-06 that returned -18.3% over 90 days (a favorable outcome for a seller). The scale of this disposition—liquidating over one quarter of his holdings amid deteriorating fundamentals and downward price momentum—warrants attention given his operational responsibilities and the demonstrated pattern of favorable sell timing.

Director Edilson purchases 19.7K shares of CLF at $10.13; holdings increase 88.4% to 42.0K shares

Director Camara Edilson purchased 19,700 shares at $10.13 on 2026-02-13, expanding his position from 22,283 shares to 41,983 shares—an 88.4% increase in holdings. This transaction occurs as the stock trades at $10.38, currently 35.8% below its 52-week high of $16.18 and down 25.6% over the past 30 days. The timing coincides with material operational headwinds: the company reported negative net income of $-251,000,000.00 in the latest quarter, annual revenue declined 3.0% year-over-year, and the company was unprofitable over its most recent full fiscal year. The substantial increase in his proportional stake—doubling his holdings—during a period of negative earnings and recent sharp price declines warrants examination of whether the director perceives value at current levels or whether other factors motivated the purchase.

GONCALVES LOURENCO (CEO) sold 3,000,000 shares of CLF at $12.42 for $37,257,300.00; liquidates entire position (-100.0%)

GONCALVES LOURENCO, the company's Chairman, President & CEO, sold all 3,000,000 shares of Cleveland-Cliffs on 2026-02-11, reducing his shareholding from 3,000,000 shares to 0 shares. This represents a complete exit of his equity stake, with the sale executed at $12.42 per share for a total value of $37,257,300.00. The timing is contextually significant: at the transaction price of $12.42, the stock was trading -22.9% from its 52-week high of $16.18, while the company itself faced fundamental headwinds including negative net income of $-251,000,000.00, annual revenue decline of -3.0%, and unprofitability over the most recent full fiscal year. While his cross-ticker track record shows a 100.00% well-timed rate on prior sells with an average 90d return of -18.3% (lower returns post-sale = well-timed), his prior trades at CLF are mixed: 2 of 3 prior trades were well-timed at the 90-day mark, including a 2024-03-06 sell that showed a -18.3% 90d return. A complete liquidation by an operating executive—particularly the CEO—merits investor scrutiny of the motivation and timing context.

EVP Chief Legal Admin sells 120.0K CLF shares at $6.85; stock down 63.4% from 52-week high, company unprofitable.

Graham James D, as EVP Chief Legal & Administrative Officer, sold 120,000 shares at $6.85 on 2025-05-23, reducing holdings by 19.6% to 492.2K shares and realizing $822.0K. The sale occurs in a sharply weakened context: Cleveland-Cliffs is trading at $6.48, down 63.4% from its 52-week high of $17.71, and has declined 42.9% over the trailing 90 days and 14.1% over the past 30 days. Operationally, the company reported a net loss of $483.0M in the latest quarter and generated negative full-year net income despite $4.6B in quarterly revenue, with annual revenue declining 12.8% year-over-year. The sale by the chief legal officer during a period of significant stock deterioration and ongoing profitability challenges represents a material reduction in executive holdings worth monitoring.

CLF Director BALDWIN JOHN T buys 4,000 shares at $8.70; stock down 61.7% from 52-week high amid -$242.0M annual loss.

Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs Inc. at $8.70 on March 10, 2025, increasing his holdings to 133,227 shares. The purchase occurs as the stock trades 61.7% below its 52-week high of $22.83 and the company reported a net income of -$242.0M over its most recent full fiscal year, with annual revenue declining 12.8% year-over-year. Baldwin's prior two purchases at CLF (August 2024 and June 2024) both resulted in negative 90-day returns (-10.1% and -9.2% respectively), and across his broader insider trading history, his average 90-day return has been -16.8% with a 0.00% win rate. A cluster pattern is present, with two other insiders also purchasing within the past 14 days, though this represents a small absolute position increase of only 3.1% relative to pre-transaction holdings in a company facing sustained profitability challenges.

EVP Koci Keith buys 9,500 CLF shares at $10.82; stock down 52.5% from 52-week high amid -12.8% revenue decline and full-year unprofitability.

Koci Keith, EVP & President of CC Services, purchased 9,500 shares of Cleveland-Cliffs at $10.82 on 2025-02-28, adding 1.8% to his 543.5K-share position. The purchase occurred while the stock trades 52.5% below its 52-week high of $22.83 and while Cleveland-Cliffs faces significant operational headwinds: full-year net income was negative at $-242.0M, revenue contracted 12.8% year-over-year, and the company remains unprofitable. In his cross-ticker track record, Koci's prior buy generated a 90-day return of +16.3%, and his same-ticker CLF purchase from April 2023 was well-timed (the stock subsequently rose 16.3% over 90 days). The current purchase occurs against a backdrop of negative momentum: the stock is down 12.9% over 90 days, though up 5.8% over the past 30 days, signaling potential recovery attempts in a structurally challenged environment.

Director Jane M. Cronin purchased 10,000 CLF shares at $10.56; holdings rose 68.9% to 24,522 shares

Jane M. Cronin, a director of Cleveland-Cliffs, executed an open-market purchase of 10,000 shares at $10.56 per share on 2025-02-28, increasing her holdings by 68.9% from 14,522 to 24,522 shares. The timing occurs with the stock trading at $10.84 current price, well below the 52-week high of $22.83 (-52.5%) and down 12.9% over the past 90 days, though up 5.8% in the past 30 days. Fundamentals remain challenged, with the company reporting a net loss of $-242,000,000.00 in the latest quarter and an annual revenue decline of -12.8%. Cronin's prior cross-ticker sell history shows a 50.00% well-timed rate (90-day), though with only 2 prior sells at an average 90-day return of -4.9%, providing limited predictive weight for assessing conviction in this specific CLF purchase.

CLF Director Baldwin buys 8,000 shares at $14.53; stock now $14.64, down 35.9% from 52-week high, P/E 162.67.

John T Baldwin, a director at Cleveland-Cliffs Inc., purchased 8,000 shares at $14.53 on 2024-08-01, increasing his holdings by 8,000 shares to 129,227 shares total. The stock currently trades at $14.64, down 35.9% from its 52-week high of $22.83 and down 16.8% over 90 days. Baldwin's prior open-market buy at CLF on 2024-06-13 returned +10.0% at the 30-day mark, though the 90-day outcome is not yet measurable. The company's fundamentals show strained profitability: despite $5.1B in quarterly revenue, net income stands at $2.0M (a compression from operational scale), and annual revenue contracted 4.3% year-over-year, with a notably elevated P/E of 162.67. The timing of this purchase—after a 16.8% decline over three months—coincides with significant stock weakness relative to recent history, though this alone does not confirm directional conviction.