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AI brief of an SEC Form 8-K · Cleveland-Cliffs (CLF)

Cleveland-Cliffs Q3 net income $165 million; sees 2027 adjusted EBITDA above $4 billion

Positive Impact 4 of 5 earnings

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.

Key points

  • 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

The filing

CompanyCleveland-Cliffs (CLF)
Form8-K, current report
Filed with the SECOct 19, 2026, 6:52 AM ET
Accession number0000764065-26-000112

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 7, 2026, 11:18 PM ET, from this filing only.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.