Inclusion in the S&P 500 is based primarily on market cap, not on share-price performance. The rough lower bound for inclusion is $4B, so CLF has some risk of being removed from the index since its current market cap is only slightly more than $4B. However, for a stock to be removed from the S&P 500 for low market cap, there has to be another stock with a higher market cap to replace the removed stock—i.e. merely falling below the $4B level does not automatically result in removal.
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