Cleveland-Cliffs surged 8.9% on Friday to close at $11.93, extending a two-day rally after its second-quarter 2026 earnings report, even though the company posted a GAAP net loss of $134 million. Revenue rose to $5.2 billion, up $300 million from the first quarter, but adjusted net loss was $115 million, or $0.25 per share. The market focused on the forecast, with management guiding for third-quarter adjusted EBITDA of about $575 million, the strongest in three years, and expecting further improvement in the fourth quarter. The company also flagged a reset of expiring fixed-price contracts worth an estimated $500 million a year in added EBITDA, aiming to cut leverage below 2.5 times within about a year. The broader steel sector moved only modestly, with Nucor and Steel Dynamics each adding 2.7%, underscoring that the jump was driven by Cleveland-Cliffs' own outlook rather than a rising steel-price tide.
Cleveland-Cliffs IncStrong Q3 EBITDA guidance and contract reset boosting outlook
Commercial Metals Company
