Management forecasts that 2027 adjusted EBITDA will exceed $4 billion based on newly signed client contracts and index price projections. To address an oversupplied galvanized steel market in Canada, the company will indefinitely idle galvanizing lines at Stelco, while shifting focus to hot rolled products to preserve 2,000 jobs. Cleveland-Cliffs also intends to reduce leverage to under 2.5x net debt to EBITDA by mid-2027 using property sale proceeds and free cash flow.
Tuesday, October 20, 2026
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Cleveland-Cliffs Forecasts $4B EBITDA for 2027 After Strongest Q3 in 3 Years
Earnings2 days ago
The company's adjusted EBITDA for the third quarter reached $612 million, topping the $594 million market expectation and a $575 million internal target. Earnings per share were $0.26, beating the $0.19 consensus, although revenue of $5.61 billion fell short of the $5.72 billion analyst estimate. Cleveland-Cliffs shipped 4.2 million net tons of steel at an average selling price of $1,177 per ton and now guides for fourth quarter adjusted EBITDA of approximately $715 million.
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