Cleveland-Cliffs Shares Rise Over 7% as Third-Quarter Earnings Exceed Expectations

Cleveland-Cliffs Inc. (NYSE:CLF) reported third-quarter 2026 adjusted earnings above analyst expectations on Monday, supported by higher steel prices and increased revenue compared with the previous year.

Shares in the US steel producer rose more than 7% in premarket trading following the publication of its financial results.

The company reported adjusted earnings per share of $0.28, compared with analysts' consensus estimate of $0.22. Revenue reached $5.6 billion, slightly below market expectations of $5.71 billion.

Cleveland-Cliffs also reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $612 million, exceeding the $575 million guidance issued three months earlier.

Third-Quarter Revenue Increases 18% Year on Year

Cleveland-Cliffs generated third-quarter revenue of $5.6 billion, representing an 18% increase from the $4.7 billion reported in the corresponding period of 2025.

The company shipped 4.2 million net tonnes of steel during the quarter, with an average selling price of $1,177 per net tonne.

This compared with an average selling price of $1,032 per net tonne in the third quarter of 2025, representing an increase of approximately 14%.

The higher average selling price contributed to the year-on-year increase in revenue.

Adjusted EBITDA reached $612 million, exceeding the company's previous quarterly forecast by $37 million.

The results also reflected changes in sales volumes and unit production costs compared with the second quarter.

Cleveland-Cliffs Chairman and Chief Executive Officer Lourenco Goncalves said the company's third-quarter performance exceeded the guidance provided earlier in the year.

"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," Goncalves said.

"Average selling price, sales volumes, and unit costs all moved in the right direction relative to Q2 performance."

The company's financial results indicate that higher steel selling prices contributed to the improvement in quarterly earnings.

Management also identified changes in shipment volumes and unit costs as factors affecting performance relative to the preceding quarter.

Fourth-Quarter EBITDA Forecast at Approximately $715 Million

Cleveland-Cliffs expects adjusted EBITDA of approximately $715 million for the fourth quarter of 2026.

The forecast represents an increase of approximately $103 million from the third-quarter result of $612 million.