After peaking at $10.90 per share in December, shareholders will look for profitability coming from Cliffs Natural Resource’s (CLF) earnings report scheduled for Thursday, February 9, 2017. Sales in the last year fell 15% and earnings are falling at an even worse rate. The iron ore producer’s prospects depend on global economic activity, especially in China, picking up.

Last November, Cliffs shares nearly doubled when the Republicans won the election, promising tax cuts and infrastructure spending. This month, reality set in. Iron ore prices slumped on February 3 when China reported slower growth in January and raised its interest rate. The PBoC is clearly targeting the commercial and residential real estate market. Slowing building activity will hurt domestic iron ore producers. This will lead to higher supply and lower prices, weakening Cliffs’ outlook for the next quarter.

The news from China hurt shares of Cliffs, Vale (VALE), Rio Tinto (RIO) and BHP Billiton (BHP). Prospects for American steel makers are still bright. An import tariff will help companies like Cliffs and AK Steel (AKS). Chances are also good the U.S. government will call out China if the country sells iron at below the market price or raises output of steel and iron ore.

Cliffs stock is holding its uptrend ahead of the earnings report. If it dips, investors should decide if the headwinds it faces are temporary.