Oct 19, 6:52 AM ET
Cleveland-Cliffs reported third-quarter 2026 revenues of $5.6 billion, up from $5.2 billion in the second quarter, and GAAP net income of $165 million, or $0.26 per diluted share, compared with a second-quarter net loss of $134 million. The company also said it expects fourth-quarter adjusted EBITDA of about $715 million and 2027 adjusted EBITDA above $4 billion, and it will indefinitely idle its Stelco galvanizing lines.
- Q3 adjusted EBITDA was $612 million, up from $286 million in Q2 2026 and above the $575 million guidance given three months earlier
- Fourth-quarter 2026 adjusted EBITDA is expected to be approximately $715 million
- 2027 adjusted EBITDA is expected to exceed $4 billion, based on new contracts and prevailing index price forecasts
- Liquidity was $3.2 billion as of September 30, 2026; Stelco's galvanizing lines are idled indefinitely
Read the filing on SEC.gov ↗
Jul 24, 4:37 PM ET
Cleveland-Cliffs' Board appointed Executive Vice President and CFO Celso Goncalves as President and CFO, effective immediately, and added him to the Board. Chairman and CEO Lourenco Goncalves keeps his CEO role but gives up the title of President. Celso Goncalves is Lourenco Goncalves' son, and his base salary rises to $1,000,000 from $884,000.
- Celso Goncalves named President and Chief Financial Officer effective July 21, 2026, and appointed to the Board
- Lourenco Goncalves remains Chairman and CEO and no longer holds the title of President
- Base salary increased from $884,000 to $1,000,000; change-in-control severance continuation period raised from two to three years
- Celso Goncalves is the son of Chairman and CEO Lourenco Goncalves
Read the filing on SEC.gov ↗
Jul 23, 6:27 AM ET
Cleveland-Cliffs reported second-quarter 2026 results with revenue of $5.2 billion, up from $4.9 billion a year earlier and $4.9 billion in the first quarter. The company still posted a GAAP net loss of $134 million, or $0.25 per diluted share, though that was smaller than the $473 million loss in the year-earlier quarter and the $229 million loss in the first quarter of 2026. The company also expects third-quarter 2026 adjusted EBITDA of approximately $575 million.
- Q2 2026 adjusted EBITDA was $286 million, up from $95 million in Q1 2026.
- GAAP net loss was $134 million ($0.25 per diluted share); adjusted net loss was $115 million ($0.20 per diluted share).
- Third-quarter 2026 adjusted EBITDA is expected to be approximately $575 million.
- Full-year 2026 guidance for steel shipments, capital expenditures, SG&A, DD&A and pension payments was maintained; liquidity was $3.1 billion as of June 30, 2026.
Read the filing on SEC.gov ↗
Apr 20, 6:47 AM ET
Cleveland-Cliffs reported first-quarter 2026 results on April 20, 2026, with revenue of $4.9 billion and a GAAP net loss of $229 million, or $0.42 per diluted share. Both figures improved from the first quarter of 2025, but the company still posted a loss and cited an $80 million one-time energy cost from cold weather. The company maintained its previously guided full-year 2026 outlook.
- Revenue of $4.9 billion, up from $4.6 billion in Q1 2025 and $4.3 billion in Q4 2025
- GAAP net loss of $229 million, or $0.42 per diluted share, versus $486 million, or $1.01 per share, in Q1 2025
- Adjusted EBITDA of $95 million, including an $80 million negative one-time energy cost impact; Q1 2025 was a loss of $179 million
- Full-year 2026 outlook maintained, including steel shipments of 16.5-17.0 million net tons and capital expenditures of approximately $700 million
Read the filing on SEC.gov ↗
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