On June 24, Cleveland-Cliffs fell 5.11% in regular trading, trading at $10.61/share, with turnover of $50.70 million. The decline extended the previous session's losses as selling pressure mounted following a major rating downgrade.

On the news front, Morgan Stanley downgraded Cleveland-Cliffs from Overweight to Equal Weight, while slightly raising its price target from $12 to $12.50. According to FactSet, the stock carries an average analyst rating of Hold with a mean price target of $12. The downgrade signal continued to weigh on market sentiment, driving the stock lower for a second consecutive session after an initial 5.26% drop on the prior trading day.

Cleveland-Cliffs is a leading flat-rolled steel producer in North America, primarily manufacturing value-added sheet products for the automotive industry through a vertically integrated operation. The company is also the sole domestic producer of grain-oriented electrical steel in the United States, supplying critical raw materials for power grid transformers. Its most recent earnings report showed an EPS of -$0.40.

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