Cleveland‑Cliffs Rally on Bold Q3 Profit Forecast After Q2 Turnaround

Overview

• Cleveland‑Cliffs reported second‑quarter adjusted EBITDA of $286 million and an adjusted loss of $0.20 per share on $5.2 billion of revenue, results the company disclosed on Thursday, July 23, 2026.
• Management set Q3 adjusted EBITDA guidance of about $575 million, more than double Q2 and well above analyst expectations, triggering a roughly 7% pre‑market rise and bigger intraday gains in the stock.
• The company reaffirmed full‑year steel shipment guidance of 16.5–17.0 million net tons, said Q2 shipments were 4.0 million net tons, and reported average net selling prices rose to $1,124 per ton from $1,048 in Q1.
• Cleveland‑Cliffs reported $3.1 billion of liquidity as of June 30, 2026 and laid out a goal to reduce leverage to below 2.5x debt‑to‑EBITDA within 12 months.
• Management linked the improvement to firmer U.S. demand, subdued imports and longer lead times, and promoted CFO Celso Goncalves to president and the board to formalize succession as the company pursues steadier earnings and lower debt.