Cleveland-Cliffs Q2 FY26 adjusted EBITDA more than doubled to $286 million; revenue rises to $5.2 billion
CLF•Volumes, pricing and outlook
Steel product sales volumes were 4,025,000 net tons; average net selling price was $1,124 per net ton.
Q3 adjusted EBITDA is expected to be about $575 million; CEO Lourenco Goncalves sees further earnings improvement into Q4.
Q2 results improve on higher revenue and EBITDA
Cleveland-Cliffs posted a Q2 2026 GAAP net loss of $134 million, narrowing from a $229 million loss in Q1.
Revenue rose to $5.2 billion, up $300 million from Q1; adjusted EBITDA climbed to $286 million, up $191 million.
Operating cash flow improved to $230 million; liquidity totaled $3.1 billion at June 30.
