Cleveland-Cliffs reported third-quarter revenue of $5.6 billion, up from $5.2 billion in the prior quarter on higher shipments and selling prices. Adjusted EBITDA reached $612 million, its strongest quarter in three years, and GAAP net income was $165 million, or $0.26 per diluted share. The average net selling price rose $53 to $1,177 per net ton, while unit costs fell $17 per ton. The company guides to about $715 million of adjusted EBITDA in the fourth quarter and over $4 billion for 2027, and is prioritizing debt reduction to reach a 2 to 2.5 times net debt-to-EBITDA target by mid-2027. The call also flagged slightly higher fourth-quarter costs, and management said Stelco was a negative contributor to results for more than a year after its acquisition.
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