| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 4.9K | 6.3% |
| Total Income | 4.9K | 6.3% |
| Expenditure | 5.1K | 0.6% |
| PBT | -307.00 | 51.3% |
| Net Profit | -237.00 | 52.1% |
| OPM | -4.33% | 7.29pp |
| NPM | -4.82% | 5.88pp |
| EPS | -0.42 |
Cleveland-Cliffs Reports Q1 2026 Results
20 Apr 2026 · 20 Apr, 4:17 pm
Summary
Cleveland-Cliffs Inc. reported first-quarter 2026 results, with revenues of $4.9 billion compared to $4.6 billion in the first quarter of 2025. The company recorded a GAAP net loss of $229 million, or $0.42 per diluted share. Adjusted EBITDA was $95 million, which included an $80 million negative one-time impact due to cold weather. The company maintains its full-year 2026 expectations, including steel shipment volumes of approximately 16.5-17.0 million net tons.
Key Highlights
- 1
Cleveland-Cliffs reported steel shipments of 4.1 million net tons in Q1 2026, an increase of 338,000 from the prior quarter.
- 2
The company's revenues for Q1 2026 were $4.9 billion, a $600 million increase from the prior quarter.
- 3
Cleveland-Cliffs recorded a GAAP net loss of $229 million, or $0.42 per diluted share, for Q1 2026.
- 4
Adjusted EBITDA for Q1 2026 was $95 million, inclusive of an $80 million one-time energy cost impact.
- 5
As of March 31, 2026, Cleveland-Cliffs had a liquidity of $3.1 billion.
- 6
Steelmaking revenues of $4.8 billion included $1.5 billion in sales to the distributors and converters market.
Management Comments
Lourenco Goncalves
Q1 results reflected the impact of short-term headwinds like energy prices and price realization lags. As we move through the year, each quarter is expected to improve sequentially, as the momentum already visible in both our order book and pricing continues to translate into earnings and cash flow. Importantly, we expect to generate healthy positive free cash flow in the second quarter, marking a return to the earnings and cash-generation profile this company is capable of delivering.
Lourenco Goncalves
Trade enforcement in the United States is working exactly as intended, with steel imports at their lowest levels since the global financial crisis. Recent actions related to derivative products have brought needed clarity to the market, supporting manufacturing in the United States and creating new jobs for American workers. Additionally, we continue to request the Canadian government to further enhance its own defenses toward the achievement of what we call both in Canada and the United States 'Fortress North America.' At this point we feel encouraged by the level of understanding demonstrated by key Canadian officials to the urgency of resolving the problem and preserving Canadian jobs currently at risk.
Lourenco Goncalves
Ongoing disruption in the Middle East has made Cliffs' competitive position stronger and underscores why global steel producers want to partner with Cleveland-Cliffs. While the current situation has not helped the timeline of a potential deal with POSCO, we continue to negotiate in good faith within the framework of our MoU toward a transaction that is accretive for our shareholders and fully reflects the value of our assets, our market position, and the strength of the U.S. steel demand.
Informational and educational content only. Not investment advice.