secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2026-10-19T10:52:29+00:00
Accession:  0000764065-26-000112
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406526000112/0000764065-26-000112-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406526000112/clf-20261019.htm
  HTML page:      https://secwatch.observer/filing/0000764065-26-000112

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer