Cleveland-Cliffs (CLF) Q3 2026 Earnings: Return to Profit and a $4 Billion Target for 2027

Cleveland-Cliffs reported third-quarter 2026 results on October 19. The release puts revenue at $5.6 billion, up from $5.2 billion in the second quarter, on steel shipments of 4.2 million net tons.

Back to profit#

Net income was $165 million, or $0.26 per diluted share, compared with a second-quarter loss of $134 million. Adjusted EBITDA was $612 million, up $326 million from the prior quarter and above the $575 million the company had guided to in July. Chief executive Lourenco Goncalves called it the strongest quarter in three years, with selling prices, volumes and unit costs all improving. Liquidity stood at $3.2 billion.

Outlook#

Management expects fourth-quarter adjusted EBITDA to increase despite seasonal factors and planned maintenance outages, and expects a major debt reduction in the fourth quarter helped by free cash flow and property sale proceeds, keeping it on track for net debt below 2.5 times EBITDA by mid-2027. Based on new customer contracts and prevailing price forecasts, the company said it would expect 2027 adjusted EBITDA to exceed $4 billion.

Stelco#

The quarter was the Canadian unit’s best since its 2024 acquisition, but Cliffs said it will indefinitely idle galvanized steel operations there, citing an oversupplied Canadian market and no sign of government action.

What to compare next#

For readers following CLF, the $4 billion figure for 2027 is a projection that depends on steel prices holding near current forecasts and on tariff policy staying in place. The debt-reduction progress in the fourth quarter is the nearer-term checkpoint.

Published October 21, 2026. Informational reporting, not investment advice. Figures come from the company's own release unless stated; forward-looking guidance is management's current forecast and can change.