Cleveland-Cliffs Inc. reported its third-quarter financial results for the period ended September 30, 2026, filing an -K with the SEC on October 19, 2026. The company reported consolidated revenues of $5.6 billion for the quarter, a slight increase from the $5.2 billion recorded in the second quarter of 2026.
For the three months ended September 30, 2026, the company recorded GAAP net income of $165 million, or $0.26 per diluted share. This compares to a GAAP net loss of $134 million, or $0.25 per diluted share, reported in the prior quarter. Adjusted net income for Q3 2026 was $0.28 per diluted share.
Adjusted EBITDA for the third quarter was reported at $612 million. This figure represents a $326 million improvement compared to the $286 million Adjusted EBITDA recorded in the second quarter of 2026. The company noted that this quarter marked the strongest quarter for the company in three years.
The company reported total liquidity of $3.2 billion as of September 30, 2026. Regarding its outlook, Cleveland-Cliffs expects fourth-quarter 2026 adjusted EBITDA to be approximately $715 million. The company also provided guidance for 2027, stating that based on new contracts and prevailing price forecasts, it expects 2027 adjusted EBITDA to exceed $4 billion.
In a separate operational update regarding its Stelco subsidiary in Canada, the company announced that it has indefinitely idled its galvanizing lines due to an oversupplied market for galvanized steel. The company stated that approximately 2,000 Canadian jobs are preserved as a result of this decision, with employees to be brought back to work if market conditions improve.
