
• Reported GAAP EPS of -$0.42 up 58.00% YoY • Reported revenue of $4.92B up 6.33% YoY • Cleveland-Cliffs maintains full-year 2026 expectations, including steel shipment volumes at 16.5-17.0 million net tons, capital expenditures at $700 million, and SG&A at $575 million.
Bullish
Cleveland-Cliffs saw steel shipments and revenues increase, with Adjusted EBITDA improving from prior losses. The company expects sequential quarterly improvements and benefits from effective U.S. trade enforcement.
Bearish
Cleveland-Cliffs reported a $229 million GAAP net loss and $95 million Adjusted EBITDA, which included an $80 million energy cost impact, while Mideast disruptions delayed a potential POSCO deal.