Cleveland-Cliffs (NYSE: CLF) reported third-quarter 2026 revenue of $5.6 billion on steel shipments of 4.2 million net tons, with GAAP net income of $165 million ($0.26 per diluted share). Adjusted EBITDA rose to $612 million from $286 million in the second quarter and beat the $575 million guidance given three months earlier. The company expects fourth-quarter adjusted EBITDA of about $715 million and says 2027 adjusted EBITDA should exceed $4 billion based on new contracts and price forecasts. CEO Lourenco Goncalves said Stelco will indefinitely idle its galvanizing lines because of oversupply in Canada's galvanized steel market, while hot-rolled output is maintained and about 2,000 Canadian jobs are preserved. The company remains on track to reach net debt to EBITDA below 2.5x by mid-next-year.
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