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Cleveland-Cliffs (NYSE:CLF) Issues Earnings Results, Beats Estimates By $0.04 EPS
The steelmaker also raised its 2027 outlook above $4 billion as higher prices and contract resets offset seasonal fourth-quarter costs.
- On Monday, October 19, 2026, Cleveland-Cliffs reported third-quarter adjusted EBITDA of $612 million, more than doubling the prior quarter's $286 million and swinging to $165 million in net income.
- Increased shipments, higher selling prices, and improved cost performance drove the recovery, which Chairman and Chief Executive Officer C. Lourenco Goncalves attributed to strong U.S. trade policies and domestic manufacturing growth.
- Management renewed 2027 customer contracts expected to generate over $1 billion in additional EBITDA, while modernizing Middletown Works with a $1 billion investment and postponing the Burns Harbor C-blast furnace reline to April 2028.
- While Stelco remains profitable, the company is idling galvanizing lines citing an oversupplied Canadian market; Goncalves noted this preserves "approximately 2,000 Canadian jobs," though Canadian Industry Minister Melanie Joly warned of potential legal consequences.
- Management projects 2027 adjusted EBITDA will exceed $4 billion based on signed contracts and favorable pricing, with fourth-quarter adjusted EBITDA expected near $715 million and debt reduction remaining a priority.
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Total News Sources21
Leaning Left3Leaning Right4Center8Last UpdatedBias Distribution53% Center
Bias Distribution
- 53% of the sources are Center
53% Center
L 20%
C 53%
R 27%
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