Cleveland-Cliffs Q3 2026 net income $165M; adjusted EBITDA $612M tops $575M guidance

CLEVELAND-CLIFFS INC.

Revenue $5.6B vs $5.2B in Q2 2026; steel shipments 4.2M net tons; GAAP EPS $0.26 and adjusted EPS $0.28.
Adjusted EBITDA $612M, up $326M from Q2's $286M and above $575M guidance; Q3 GAAP net income $165M vs Q2 net loss $134M.
Q4 2026 adjusted EBITDA guided to ~$715M; 2027 adjusted EBITDA expected to exceed $4B on new contracts and price forecasts.
Indefinitely idling Stelco galvanizing lines due oversupplied Canadian galvanized market; hot-rolled production maintained and ~2,000 Canadian jobs preserved.
Liquidity $3.2B at Sept 30, 2026; targets under 2.5x net debt/EBITDA by mid-2027 and expects major Q4 debt reduction.

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