Cleveland-Cliffs Reports Strong Q3 Earnings with Revenue Growth and Improved Profitability
Cleveland-Cliffs (CLF) reported strong financial results for the third quarter of 2026, driven by higher shipments and selling prices. Revenues reached $5.6 billion, up from $5.2 billion in Q2, while adjusted EBITDA hit a three-year high at $612 million—a significant improvement of $326 million sequentially due to favorable pricing and cost management. The company provided guidance for the fourth quarter with an expected adjusted EBITDA of approximately $715 million. For 2027, it anticipates over $4 billion in adjusted EBITDA based on current price forecasts and contract renewals that are projected to add more than $1 billion in year-over-year improvements. Cleveland-Cliffs also highlighted a substantial increase in steel product sales volumes (to 4.2 million net tons) and an average selling price of $1,177 per ton—up from the previous quarter. The company’s liquidity stood at $3.2 billion as of September 30.
Tickers: $CLF
Topics: adjusted_ebitda capital_expenditures revenue steel_sales