Cleveland-Cliffs Reports Third-Quarter 2026 Results
CLEVELAND, October 19, 2026--Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2026.
Third-Quarter Consolidated Results
Revenues of $5.6 billion
Steel shipments of 4.2 million net tons
GAAP net income of $165 million
Adjusted EBITDA2 of $612 million
GAAP net income of $0.26 per diluted share and adjusted net income1 of $0.28 per diluted share
Liquidity of $3.2 billion as of September 30, 2026
Third-quarter 2026 consolidated revenues were $5.6 billion, compared to $5.2 billion in the second quarter of 2026.
For the third quarter of 2026, the Company recorded GAAP net income of $165 million, or $0.26 per diluted share, with an adjusted net income1 of $0.28 per diluted share. This compares to a second quarter 2026 GAAP net loss of $134 million, or $0.25 per diluted share, with an adjusted net loss1 of $0.20 per diluted share.
For the third quarter of 2026, the Company reported Adjusted EBITDA2 of $612 million, a $326 million improvement compared to Adjusted EBITDA2 of $286 million recorded in the second quarter of 2026.
Cliffs' Chairman and CEO, Lourenco Goncalves, said: "Third quarter was our strongest quarter in three years, with adjusted EBITDA of $612 million, a number above the $575 million guidance we provided three months ago. Average selling price, sales volumes, and unit costs all moved in the right direction relative to Q2 performance. We expect fourth quarter adjusted EBITDA to further increase, even with typical fourth-quarter seasonality and planned maintenance outages. We continued to reduce debt in Q3 and, with amplified free cash flow in Q4 and property sale proceeds, we expect a major debt reduction in the fourth quarter. With all that, we remain on track to reach our leverage target of under 2.5x net debt to EBITDA by the middle of next year."
Mr. Goncalves added: "The trade environment continues to support a healthy American steel industry. Imports remain well below historical levels, lead times are extended, and our customers increasingly recognize the value of a reliable domestic supply chain. As a result, our 2027 outlook has improved materially since our last earnings call, as several of the initiatives we identified as drivers of future earnings growth are developing more favorably than originally expected. Based on the new contracts we have already signed with our clients and prevailing index price forecasts, we would expect our 2027 adjusted EBITDA to exceed $4 billion."
Mr. Goncalves concluded: "Third quarter was Stelco's strongest quarter since we acquired the company two years ago. The Canadian hot-rolled market has improved substantially, turning Stelco into a positive contributor to EBITDA in Q3. However, more needs to be done by the Canadian government to correct a clearly oversupplied market for galvanized steel in Canada. As we haven't seen, and do not anticipate, any action aimed at improving the unsustainable situation for galvanized steel, we made the difficult but necessary decision to indefinitely idle our galvanizing lines at Stelco. The employees impacted by this will be brought back to work as soon as the current situation improves. In the meantime, as we concentrate on hot rolled products that actually have a market, total production tonnage at Stelco will be maintained, Stelco's contribution to Cliffs' EBITDA will further increase, and approximately 2,000 Canadian jobs are preserved."