Cleveland-Cliffs Inc. reported a revenue increase of 6% for the second quarter of 2026, reaching $5.226 billion compared to $4.934 billion in the same period last year. The company's net loss attributable to shareholders was $145 million, or $(0.25) per share, a significant improvement from a net loss of $486 million, or $(0.98) per share, in the second quarter of 2025. For the first half of 2026, revenues also rose to $10.148 billion from $9.563 billion in the prior year, while the net loss narrowed to $382 million from $984 million.
The financial performance was bolstered by higher steel prices, particularly for hot-rolled steel, which saw an average selling price increase to $1,124 per net ton. The company benefited from a favorable sales mix following the conclusion of a contract for semi-finished steel slabs, allowing a shift towards higher-margin products. However, overall steel product shipment volumes decreased by 6% in the second quarter, contributing to a $270 million decline in revenue from steel product sales.
Cleveland-Cliffs has made strategic moves to optimize its operations, including idling certain facilities to enhance efficiency. The company has also entered a multi-year partnership with Palantir Technologies to leverage artificial intelligence for improving operational efficiency. This partnership aims to enhance real-time visibility into production and inventory levels, which is expected to reduce costs and improve yields.
Operationally, Cleveland-Cliffs employed approximately 25,000 people across its U.S. and Canadian operations, with a significant portion of its workforce represented by unions. The company reported a total of 4.025 million net tons of steel shipments in the second quarter, down from 4.290 million tons in the same period last year. The steelmaking segment remains the primary focus, contributing the majority of revenues, with automotive and infrastructure markets being key drivers of demand.
Looking ahead, Cleveland-Cliffs anticipates continued growth in domestic steel demand, supported by tariffs on imports and a recovering automotive sector. The company expects to generate healthy free cash flow, which will be used to reduce debt and invest in operations. The outlook remains cautiously optimistic, with management emphasizing the importance of maintaining financial flexibility to navigate market volatility and capitalize on strategic opportunities.
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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