Cleveland-Cliffs Reports Strong Earnings and Raises Outlook
Cleveland-Cliffs (CLF) reported stronger-than-expected earnings, driven by rising steel prices. The company's adjusted EBITDA more than doubled from the previous quarter to $612 million in Q3 2026, with expectations of exceeding $700 million in the fourth quarter and over $4 billion next year. As a result, Cleveland-Cliffs' stock surged by nearly 15% early on October 19, 2026. The strong performance is attributed to resilient steel prices supported by import tariffs limiting foreign competition. CEO Lourenco Goncalves noted that the trade environment continues to favor domestic producers and improve long-term outlooks for U.S. steel companies. The positive earnings report also suggests potential benefits for other major steel firms like Nucor and Steel Dynamics. Investors are encouraged to consider these peers, which have lower debt levels and stand to gain from continued strong pricing in the sector.
Topics: adjusted EBITDA steel industry stock performance
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