Cleveland‑Cliffs stock jumps on DOE‑backed steel expansion and upgraded EBITDA guidance
Cleveland‑Cliffs Inc. saw its shares rise over 7% after announcing a $200 million Grain Oriented Electrical Steel expansion at its Butler Works plant, supported by a $75 million U.S. Department of Energy award. Management reiterated guidance for Q3 2026 adjusted EBITDA of $575 million, more than double the $286 million reported in the prior quarter. Analysts GLJ Research and Wells Fargo responded by raising their price targets to $17.48 and $14 respectively.
Why it matters
The upgraded EBITDA outlook and DOE‑backed expansion prompted analyst target hikes, suggesting further upside potential for investors if the company meets its guidance. The higher targets may also attract additional buying pressure ahead of the Q3 earnings release scheduled for 2026‑10‑19.
Key facts
- 1Cleveland‑Cliffs stock rose 7.1% on the news. timothysykes.com
- 2The company is expanding Grain Oriented Electrical Steel production with a $200 million investment. timothysykes.com
- 3The expansion is supported by a $75 million U.S. Department of Energy award. timothysykes.com
- 4Management reiterated Q3 2026 adjusted EBITDA guidance of $575 million, up from $286 million in the prior quarter. timothysykes.com
- 5GLJ Research raised its price target for CLF to $17.48. timothysykes.com
- 6Wells Fargo upgraded CLF to Overweight and raised its price target to $14. timothysykes.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.