Cleveland-Cliffs reported third-quarter 2026 revenue of $5.6 billion, up from $5.2 billion in the second quarter, on steel shipments of 4.2 million net tons. GAAP net income was $165 million, or $0.26 per diluted share, and adjusted EBITDA rose to $612 million from $286 million, a $326 million improvement that CEO Lourenco Goncalves called the company's strongest quarter in three years. The company expects fourth-quarter adjusted EBITDA of about $715 million and 2027 adjusted EBITDA above $4 billion, citing new contracts and price forecasts. Because of an oversupplied Canadian galvanized steel market, Stelco's galvanizing lines will be indefinitely idled, while hot-rolled production is maintained and about 2,000 Canadian jobs are preserved. Liquidity stood at $3.2 billion at the end of the quarter.
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