Why is CLF valued at 15, with a long-term target above 20? First, from a macro perspective: CLF is a vertically integrated moat and the tide of the macroeconomy. Core view: Cleveland-Cliffs (CLF) has successfully transformed into the largest vertically integrated flat-rolled steel producer in North America. Its core investment logic lies in the game between the strong vertically integrated model (low-cost self-sufficiency in iron ore + electric arc furnace steelmaking) and macroeconomic fluctuations (interest rates, industrial activity, automotive cycles). The company can maximize profits from high steel prices...