Cleveland-Cliffs Q2 net loss narrows to $0.25/sh; adj EBITDA $286M, Q3 guidance $575M

CLEVELAND-CLIFFS INC.

Revenues $5.2B, up $300M from Q1; GAAP net loss $134M ($0.25/sh) vs Q1 loss $229M ($0.42/sh).
Adjusted EBITDA $286M, tripled from Q1 $95M; Q3 guidance ~$575M (more than double Q2).
Steel product sales volumes 4.0M net tons; average selling price $1,124/ton.
Full-year 2026 guidance maintained: steel shipments 16.5-17.0M tons, capex ~$700M.
CEO expects to reach leverage target <2.5x debt/EBITDA by mid-2027; positive free cash flow in Q2.

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