Cleveland-Cliffs said third-quarter EBITDA doubled, helped by tariffs that have cut steel imports by 35% to 40% from levels before Section 232. Management called the trade environment "rational" and said mills ran at full utilisation, pushing unit costs $17 per ton below guidance. The company expects adjusted EBITDA of more than $4 billion in 2027, assuming current market conditions. Capital expenditure should rise from $700 million in 2026 to just over $1 billion in 2027. Free cash flow will go first to debt reduction, with leverage targeted below the 2.0x-2.5x range by mid-2027. Management ruled out issuing stock. Over 55% of clients have signed 2027 contracts, with "take-or-pay" clauses becoming the norm. The Burns Harbor furnace reline is delayed to April 2028 to meet demand.

Cleveland-Cliffs said third-quarter adjusted EBITDA more than doubled to $612 million from $286 million in the second quarter. Higher shipments, stronger selling prices and lower unit costs drove the result, which beat the company's $575 million outlook. The steelmaker expects fourth-quarter adjusted EBITDA of about $715 million. It sees a path to more than $4 billion in adjusted EBITDA in 2027, helped by contract renewals, firmer pricing and a bigger contribution from Stelco. Cleveland-Cliffs postponed the Burns Harbor C blast furnace reline to April 2028, preserving about 500,000 tons of 2027 production. It aims to cut leverage below 2.5 times by mid-2027 using operating cash flow and asset-sale proceeds, and does not plan to issue stock.

Cleveland-Cliffs Inc. reported third-quarter profit of $152 million on Monday, or 26 cents per share. Adjusted for non-recurring costs and discontinued operations, earnings were 28 cents per share. The results beat Wall Street expectations. Five analysts surveyed by Zacks Investment Research had forecast earnings of 24 cents per share. The Cleveland-based mining company posted revenue of $5.61 billion, also ahead of the $5.58 billion analysts expected.