Cleveland-Cliffs Inc. (CLF) shares are down 3.23% to $11.54 as of 3:43 pm on Thursday, following a reduction in earnings estimates by B. Riley analysts. On November 12th, B. Riley decreased their FY2026 EPS estimates for Cleveland-Cliffs from $2.30 to $2.02, reflecting concerns over the company's future profitability. This comes after Cleveland-Cliffs reported a quarterly loss of $0.33 per share on November 4th, missing analysts' expectations of a $0.31 loss. The company's revenue for the quarter was $4.57 billion, falling short of the $4.72 billion forecast and marking an 18.5% decline y/y.