Cleveland-Cliffs reported second-quarter 2026 revenues of $5.2 billion and an adjusted EBITDA of $286 million, a $191 million increase from the prior quarter. The company posted a GAAP net loss of $134 million, or $0.25 per diluted share, and an adjusted net loss of $0.20 per diluted share. Chairman and CEO Lourenco Goncalves stated that adjusted EBITDA tripled from the first quarter and is expected to more than double in the third quarter to approximately $575 million. Steel product sales volumes were 4.0 million net tons, with an average net selling price of $1,124 per net ton. Liquidity stood at $3.1 billion as of June 30, 2026.
Cleveland-Cliffs IncAdjusted EBITDA tripled QoQ and expected to more than double in Q3, indicating strong earnings improvement.