Cleveland‑Cliffs posts Q3 earnings beat, raises 2027 EBITDA outlook and idles Canadian galvanizing lines
+1 new source since this summary was written
Cleveland‑Cliffs reported third‑quarter 2026 revenue of $5.6 billion, GAAP net income of $165 million and adjusted EBITDA of $612 million, surpassing its $575 million guidance. The company forecast adjusted EBITDA of about $715 million for Q4 2026 and said 2027 adjusted EBITDA will exceed $4 billion. It also announced the indefinite idling of Stelco’s galvanizing lines in Canada, preserving roughly 2,000 jobs.
Why it matters
The higher‑than‑expected earnings and upgraded EBITDA guidance suggest stronger cash flow, supporting the company’s plan to cut net‑debt to below 2.5× EBITDA by mid‑2027 (the company said this in its earnings release). The idling of galvanizing lines reduces capacity in an oversupplied market while retaining the workforce, limiting immediate restructuring costs.
Key facts
- 1Q3 2026 revenue was $5.6 billion. stocktitan.net
- 2GAAP net income for the quarter was $165 million. stocktitan.net
- 3Adjusted EBITDA for Q3 2026 was $612 million, above the $575 million guidance. tradingview.com
- 4The company expects Q4 2026 adjusted EBITDA of approximately $715 million. recorder.ca
- 5Management projects 2027 adjusted EBITDA to exceed $4 billion. recorder.ca
- 6Stelco’s galvanizing lines will be idled indefinitely, preserving about 2,000 Canadian jobs. recorder.ca
Summary written by AlphAI AI Desk from 20 of 24 sources. Not investment advice. Figures are as stated by the linked sources.