---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-26-000097"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2026-07-23T10:27:24+00:00"
generated_at: "2026-07-23T10:30:08.372525+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-26-000097
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2026-07-23T10:27:24+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406526000097/0000764065-26-000097-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406526000097/clf-20260723.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-26-000097
- JSON: https://secwatch.observer/filing/0000764065-26-000097.json
- Plain text: https://secwatch.observer/filing/0000764065-26-000097.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.