Cleveland-Cliffs Q3 revenue reaches $5.9B
- Cleveland-Cliffs reported $612 million in Q3 2026 adjusted EBITDA, exceeding its previous US$575 million guidance by $37 million.
- Revenue increased to $5.6 billion from $5.2 billion in Q2, while the company returned to a $165 million net profit from a $134 million loss.
- Cleveland-Cliffs expects 2027 adjusted EBITDA to exceed $4 billion, while planning to idle Stelco galvanizing lines and reduce debt.
Cleveland-Cliffs (NYSE:CLF) reported $612 million in third-quarter adjusted EBITDA, exceeding its $575 million guidance, as revenue reached $5.6 billion.
Revenue rose from $5.2 billion in Q2, while net income improved to $165 million from a $134 million loss.
Steel shipments reached 4.2 million net tons, adjusted earnings were $0.28 per share, and September-end liquidity stood at $3.2 billion.
Cleveland-Cliffs forecasts 2027 adjusted EBITDA above $4 billion and further Q4 debt reduction.
The company plans to indefinitely idle Stelco's galvanizing lines in Canada, citing weak galvanized-steel market conditions while maintaining overall production tonnage.
Cleveland-Cliffs previously announced a $1 billion Middletown Works investment supported by a $500 million U.S. government award, alongside other steelmaking expansion projects.
