---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-26-000112"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2026-10-19T10:52:29+00:00"
generated_at: "2026-10-19T10:55:04.337434+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-26-000112
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2026-10-19T10:52:29+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406526000112/0000764065-26-000112-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406526000112/clf-20261019.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-26-000112
- JSON: https://secwatch.observer/filing/0000764065-26-000112.json
- Plain text: https://secwatch.observer/filing/0000764065-26-000112.txt

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