Earnings ·
Cleveland-Cliffs reports Q3 net income of $165M, or $0.26 per share
CLFCleveland-Cliffs Inc.
Cleveland-Cliffs Inc. reported third-quarter 2026 results with revenues of $5.6 billion and GAAP net income of $165 million, or $0.26 per diluted share. This marks a significant turnaround from the second quarter's $134 million loss. Adjusted EBITDA reached $612 million, exceeding prior guidance of $575 million, driven by improved average selling prices and sales volumes. The company reported steel shipments of 4.2 million net tons and ended the quarter with $3.2 billion in liquidity. Management expects fourth-quarter adjusted EBITDA to rise to approximately $715 million and anticipates full-year 2027 adjusted EBITDA to exceed $4 billion. Cleveland-Cliffs is a leading North American steel producer vertically integrated from iron ore mining through downstream finishing.