Cleveland-Cliffs Inc. reported a significant increase in financial performance for the third quarter of 2026, with revenues reaching $5.612 billion, a 19% increase from $4.734 billion in the same period last year. The company's net income attributable to shareholders was $152 million, compared to a loss of $251 million in the prior year. This improvement was driven by higher steel pricing, particularly for hot-rolled steel, which saw an average selling price of $1,177 per net ton, up from $1,032 per ton in the previous year. The company also reported an operating income of $311 million, a notable recovery from a loss of $204 million in the third quarter of 2025.
In terms of operational metrics, Cleveland-Cliffs experienced a 3% increase in overall steel product shipments, totaling 4.15 million net tons for the quarter. The automotive sector remained a key market, with direct automotive revenues increasing by 14% to $1.541 billion. The company also noted a favorable sales mix, shifting towards higher-margin products following the conclusion of a less profitable contract for semi-finished steel slabs. This strategic shift contributed to a gross margin increase of $510 million compared to the prior year.
Cleveland-Cliffs has made strategic decisions to optimize its operations, including the indefinite idling of the finishing operations at its Hamilton Works facility due to weak demand for value-added sheet products in Canada. The company continues to focus on enhancing its integrated steelmaking footprint, which includes investments in advanced technologies and artificial intelligence to improve operational efficiency. The partnership with Palantir Technologies aims to leverage AI for better production planning and inventory management.
The company reported a total asset value of $20.342 billion as of September 30, 2026, with total liabilities of $14.376 billion. Cash and cash equivalents increased to $77 million from $57 million at the end of 2025. Cleveland-Cliffs maintains a strong liquidity position with approximately $3.2 billion available under its Asset-Based Revolving Credit Agreement (ABL Facility). The company anticipates continued growth in domestic steel demand, supported by favorable market conditions and strategic initiatives, while also navigating challenges such as rising costs and global supply chain disruptions.
Looking ahead, Cleveland-Cliffs expects to benefit from ongoing improvements in the steel market, driven by higher domestic demand and tariffs that protect U.S. steel producers. The company remains committed to reducing its debt and enhancing shareholder value while investing in sustainable practices and technologies to maintain its competitive edge in the steel industry.
About CLEVELAND-CLIFFS INC.
Cleveland-Cliffs Inc. is a leading North American integrated steel producer specializing in value-added flat-rolled steel products, primarily for the automotive industry. Its vertically integrated operations span iron ore mining, pellet production, steelmaking, and downstream finishing, stamping, tooling, and tubing. The company serves automotive, infrastructure, manufacturing, distributors, and steel producers markets, leveraging domestic raw materials and advanced R&D to deliver high-quality, technologically advanced steel solutions with stable supply and cost advantages.
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