Cleveland-Cliffs Inc. (CLF) shares are down 3.20% to $12.09 as of 2:12 pm on November 26th, compared to the previous close of $12.49. The decline comes amid news that Fisher Asset Management LLC has reduced its stake in the company by 11.1% during the third quarter, selling 679,302 shares. This reduction in institutional ownership may be contributing to the downward pressure on the stock.
Additionally, Cleveland-Cliffs' CEO has reiterated interest in acquiring U.S. Steel, which may be causing some investor uncertainty. The ongoing legal and environmental challenges related to the company's Northshore Mining facility in Minnesota could also be weighing on investor sentiment.