Quarterly ResultJul 23, 2026, 06:31 AM
Cleveland-Cliffs Q2 Adjusted EBITDA $286M; Net Loss $134M
AI Summary
Cleveland-Cliffs Inc. reported second-quarter 2026 financial results, with revenues of $5.2 billion and an adjusted EBITDA of $286 million, marking a significant sequential improvement. Despite a GAAP net loss of $134 million, the company's CEO highlighted a return to positive free cash flow and initiated debt reduction. The outlook for the second half of 2026 is optimistic, with expectations for continuous earnings improvement, strong domestic market demand, and a projected Q3 adjusted EBITDA of $575 million.
Key Highlights
- Q2 2026 revenues reached $5.2 billion, up $300 million from Q1 2026.
- Reported a GAAP net loss of $134 million and an adjusted net loss of $115 million.
- Adjusted EBITDA was $286 million, a $191 million increase from the prior quarter.
- GAAP net loss per diluted share was $0.25, with an adjusted net loss of $0.20 per diluted share.
- Liquidity stood at $3.1 billion as of June 30, 2026.
- Steel product sales volumes were 4.0 million net tons, with an average selling price of $1,124 per net ton.
- Forecasts Q3 2026 adjusted EBITDA to be approximately $575 million.
- Maintains full-year 2026 steel shipment guidance of 16.5-17.0 million net tons.
Price Impact
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