Cleveland‑Cliffs Posts Q3 Turnaround With EBITDA Beat and Return to Profit

Stronger sales, higher prices, planned property sales are expected to supply cash to lower leverage by mid‑2027.

Overview

Cleveland‑Cliffs reported $5.6 billion in third‑quarter revenue and a net profit of $165 million after a prior quarter loss, driven by shipments of about 4.2 million net tons and higher selling prices.
Adjusted EBITDA rose to $612 million for the quarter, beating the company’s $575 million internal forecast and marking its strongest quarter in three years.
Management issued forward guidance that includes roughly $715 million of adjusted EBITDA for Q4 and a plan to exceed $4 billion of adjusted EBITDA in 2027.
The company ended the quarter with $3.2 billion in liquidity and said it will use operating cash flow and proceeds from planned property sales to materially reduce debt with a goal of cutting net leverage below 2.5 times EBITDA by mid‑2027.
Operational moves included indefinite idling of galvanizing lines and improved performance at Stelco in Canada, while the stock jumped sharply on the results, highlighting that future profit depends on steel prices, demand and execution of these plans.