A vertical bore coil lifter for lifting coils of steel with reduced risk of the coil telescoping includes a pair of inside legs dimensioned to fit inside the bore of the coil with remote legs to support inner wraps of the bottom of the coil. Opposed outer legs traverse the outside of the coil and terminate in outer legs that oppose the inner legs. The outer legs supporting outer wraps of the coil and prevent telescoping of the coil while it is being lifted. The lifter may be selectively brought from an open configuration, in which the feet are drawn apart to release or receive a coil to a closed configuration in which the opposed feet are drawn together to cooperate in supporting the underside of the coil. In one embodiment an automatic latching and unlatching mechanism is provided to alternate between the release and closed configurations without need for operator intervention.