Cleveland-Cliffs Inc.: Mixed — EPS $0.28, Revenue $5.61B
Mixed ResultQ3 2026 · Pre-market
@trystockwhiz
Did Cleveland-Cliffs Inc. (CLF) beat earnings today?
It was a mixed report for Q3 2026 — Cleveland-Cliffs Inc. (CLF) beat on EPS but missed on revenue.
Earnings Per Share+16.67% surprise
$0.28Actual
Expected: $0.24
vs. year ago +162.2%
Total Revenue-1.85% surprise
$5.61BActual
Expected: $5.72B
vs. year ago +18.5%
Released Oct 19 · 6:00 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $5.61B | $4.73B | +18.5% |
| Revenue detail — reported lines | |||
| └─Steelmaking | $5.45B | $4.56B | +19.4% |
| Net Income | $165.00M | $(234) million | - |
| GAAP Basic EPS | $0.27 | $(0.51) | - |
| GAAP Diluted EPS | $0.26 | $(0.51) | - |
| Adjusted Diluted EPS | $0.28 | $(0.45) | - |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook | 2027 Outlook |
|---|---|---|
| Adjusted EBITDA | ~$715M | >$4B |
Business Highlights
- ➤Steel product sales mix was 46% hot-rolled, 31% coated, 15% cold-rolled, 4% plate, and 4% stainless and electrical.
- ➤Stelco delivered its strongest quarter since Cliffs acquired the company two years ago.
- ➤Cliffs will indefinitely idle galvanizing lines at Stelco amid Canadian galvanized-steel oversupply.
- ➤Impacted Stelco employees will return to work when market conditions improve.
- ➤Stelco will concentrate on hot-rolled products while maintaining total production tonnage.
- ➤The Stelco actions preserve approximately 2,000 Canadian jobs.
- ➤Cliffs is vertically integrated from iron-ore mining through downstream finishing, stamping, tooling, and tubing.
- ➤The company focuses on value-added sheet products, particularly for the automotive industry.
Management Commentary
Lourenco Goncalves, Chairman and CEO
“Third quarter was our strongest quarter in three years, with adjusted EBITDA of $612 million, a number above the $575 million guidance we provided three months ago. Average selling price, sales volumes, and unit costs all moved in the right direction relative to Q2 performance. We expect fourth quarter adjusted EBITDA to further increase, even with typical fourth-quarter seasonality and planned maintenance outages. We continued to reduce debt in Q3 and, with amplified free cash flow in Q4 and property sale proceeds, we expect a major debt reduction in the fourth quarter. With all that, we remain on track to reach our leverage target of under 2.5x net debt to EBITDA by the middle of next year.”
Lourenco Goncalves, Chairman and CEO
“The trade environment continues to support a healthy American steel industry. Imports remain well below historical levels, lead times are extended, and our customers increasingly recognize the value of a reliable domestic supply chain. As a result, our 2027 outlook has improved materially since our last earnings call, as several of the initiatives we identified as drivers of future earnings growth are developing more favorably than originally expected. Based on the new contracts we have already signed with our clients and prevailing index price forecasts, we would expect our 2027 adjusted EBITDA to exceed $4 billion.”
Lourenco Goncalves, Chairman and CEO
“Third quarter was Stelco’s strongest quarter since we acquired the company two years ago. The Canadian hot-rolled market has improved substantially, turning Stelco into a positive contributor to EBITDA in Q3. However, more needs to be done by the Canadian government to correct a clearly oversupplied market for galvanized steel in Canada. As we haven’t seen, and do not anticipate, any action aimed at improving the unsustainable situation for galvanized steel, we made the difficult but necessary decision to indefinitely idle our galvanizing lines at Stelco. The employees impacted by this will be brought back to work as soon as the current situation improves. In the meantime, as we concentrate on hot rolled products that actually have a market, total production tonnage at Stelco will be maintained, Stelco’s contribution to Cliffs’ EBITDA will further increase, and approximately 2,000 Canadian jobs are preserved.”