TLDR
- Cleveland-Cliffs has signed a three-year partnership with Palantir Technologies to deploy AI across its operations
- Palantir’s platform will be integrated into production planning, order entry, and operational workflows
- The deal follows a pilot program already run between the two companies
- CEO Lourenco Goncalves says the AI platform “allows us to solve problems in ways humans simply cannot”
- Financial terms of the agreement were not disclosed
Cleveland-Cliffs announced Tuesday it has entered a three-year strategic partnership with Palantir Technologies to deploy AI-driven solutions across its manufacturing footprint.
Cleveland-Cliffs struck a three-year agreement with Palantir Technologies to deploy AI tools across its operations, as the US steelmaker steps up efforts to modernize its manufacturing footprint https://t.co/0gBkUQv8OI
— Bloomberg (@business) April 28, 2026
The deal puts Palantir’s enterprise AI platform at the center of Cliffs’ operations and commercial processes. That includes production planning, order entry, and real-time coordination across its facilities.
The partnership didn’t come out of nowhere. The two companies had already run a pilot program together, which presumably gave Cliffs enough confidence to commit to a multi-year agreement.
CEO Lourenco Goncalves didn’t hold back in his praise for the technology. He said Palantir’s platform “allows us to solve problems in ways humans simply cannot” — a strong endorsement from the head of one of North America’s largest steel producers.
Cleveland-Cliffs said the goal is to embed AI directly into workflows to better integrate data, anticipate constraints, and coordinate activities in real time. The company framed the move as part of a broader push to modernize systems across its manufacturing base.
What the AI Will Actually Do
On the operational side, the AI platform is being used to improve how the company plans production and manages order flow. Cliffs operates a vertically integrated model — from iron ore mining through to finished steel — so there’s a lot of moving parts to coordinate.
The company employs around 25,000 people across facilities in the US and Canada. Getting those operations to talk to each other more efficiently is the stated aim of the Palantir deployment.
Cliffs said AI is becoming “an increasingly important driver of competitiveness across all industrial businesses.” The partnership is positioned as a way to stay ahead of both domestic and international competitors.
Financial terms of the agreement were not disclosed.
CLF’s Recent Financial Picture
The partnership news comes at an interesting time for Cleveland-Cliffs financially. The company posted Q1 2026 earnings per share of -$0.40, slightly better than the -$0.41 analysts had expected.
Revenue for the quarter came in at $4.9 billion, topping the $4.81 billion forecast. Despite beating on both metrics, the stock fell in pre-market trading as investors focused on operational challenges.
CLF carries a debt load of $7.78 billion, and analysts are not expecting the company to turn a profit this year. Its market cap sits at around $6.05 billion, with trailing twelve-month revenue of $18.9 billion.
The stock has had a volatile recent run. It surged 10% in a single session recently on volume four times the daily average, though the catalyst for that move was not made clear. CLF is up 32% over the past month but remains down 20% year to date.
Short interest is elevated, with 15% of the float held short — a number worth watching as the company rolls out this AI initiative.
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