Cleveland-Cliffs confirmed what many steel-sector observers had expected. Strong steel prices helped the company more than double its adjusted EBITDA within a single quarter. It reported adjusted EPS of $0.28, beating the FactSet estimate of $0.21, with adjusted EBITDA of $612 million; it expects more than $700 million in the fourth quarter, versus just $381 million for Q1 and Q2 combined. Shares soared more than 20% in early trading and were still up 15.3% at 11:35 a.m. ET. Management sees adjusted EBITDA exceeding $4 billion next year, as production and selling prices rise partly because steel tariffs limit imports. CEO Lourenco Goncalves said the 2027 outlook has materially improved.
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Cleveland-Cliffs reported third-quarter 2026 revenue of $5.6 billion, up from $5.2 billion in the second quarter, and GAAP net income of $165 million, or $0.26 per diluted share. Adjusted EBITDA rose to $612 million from $286 million, beating the $575 million guidance given three months earlier as selling prices, volumes and unit costs all improved. The company expects fourth-quarter adjusted EBITDA of about $715 million and 2027 adjusted EBITDA above $4 billion, based on new contracts and price forecasts. It will also indefinitely idle galvanizing lines at Stelco because of an oversupplied Canadian galvanized steel market, while maintaining total Stelco production and about 2,000 Canadian jobs.
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Cleveland-Cliffs (CLF) rose 10% to $13.29 after reporting third-quarter adjusted EBITDA of $612 million, beating its $575 million guidance and up sharply from $143 million a year earlier. Revenue of $5.61 billion missed the $5.72 billion expected, though sales rose 18.6% year over year on a higher average net selling price of $1,177 per ton and larger shipments. Management said imports remain well below historical levels, but it indefinitely idled the galvanizing lines at its Canadian unit Stelco due to oversupply. The company guided to about $715 million of adjusted EBITDA in Q4 and said 2027 adjusted EBITDA should exceed $4 billion based on current index price forecasts. Its target is to bring net debt to EBITDA below 2.5x by mid-2027.
- Cliffs ( CLF ) Q3 2026 Earnings Call Transcript
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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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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