Cleveland‑Cliffs reports Q3 adjusted EBITDA of $612 M and projects over $4 B in 2027
Cleveland‑Cliffs announced adjusted EBITDA of $612 million for the third quarter of 2026, more than double the prior quarter. Management guided to exceed $4 billion of adjusted EBITDA in 2027 if market conditions resemble the third‑quarter pricing environment. The company also disclosed a 12‑month operating loss of $797 million, negative free cash flow of $857 million, and highlighted contract renegotiations that could add more than $1 billion of EBITDA. It warned that global overcapacity could reverse the recent price recovery.
Why it matters
The firm’s high debt level—$7.7 billion, or 98.8% of market value—combined with negative cash flow raises leverage concerns for investors. The 2027 EBITDA guidance depends on steel price stability, so a price decline could impair the company’s ability to meet its debt‑reduction targets.
Key facts
- 1Adjusted EBITDA for Q3 2026 was $612 million, up from Q2 2026. finance.yahoo.com
- 2Management projects adjusted EBITDA of more than $4 billion for 2027 assuming similar market conditions. finance.yahoo.com
- 3Operating loss for the trailing twelve months was $797 million. finance.yahoo.com
- 4Free cash flow for the trailing twelve months was negative $857 million. finance.yahoo.com
- 5Total debt at the end of June 2026 was $7.7 billion, equal to 98.8% of market value. finance.yahoo.com
- 6Guidance for Q4 2026 EBITDA was $715 million with higher average prices. news.metal.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.