Cleveland-Cliffs Reports Strong Earnings, Shares Rise 16%
Cleveland-Cliffs (CLF) shares surged by nearly 16% after the company reported a significant reduction in its net loss and an increase in revenue for Q2. The firm narrowed its net loss attributable to shareholders by 70%, from $486 million last year to $145 million, while revenues rose 6% to $5.2 billion compared to $4.9 billion the previous year. CEO Lourenco Goncalves highlighted strong domestic steel demand driven by global tensions and improving automotive volumes. He expressed confidence in continued earnings improvement for Q3 and Q4, with expectations of higher EBITDA performance and improved Canadian market conditions. The company also announced a leadership transition as CFO Celso Goncalves was promoted to president. Despite the positive outlook, institutional participation weakened slightly during Q1 2026, with hedge fund holdings in CLF dropping by 34% quarter-on-quarter.
Tickers: $CLF