Why Now Might Be a Good Time to Look Again at Cleveland Cliffs
Among US (SPY) steel stocks (XME), U.S. Steel Corporation (X) and ArcelorMittal (MT) are trading at the lowest forward EV-to-EBITDA multiples of 2.5x and 3.5x, respectively. Cleveland-Cliffs (CLF), on the other hand, is trading at the highest multiple of 5.3x. Nucor (NUE) and Steel Dynamics (STLD) follow with multiples of 5.2x and 4.4x, respectively.