Company expects Q3 2026 adjusted EBITDA of approximately $575 mln
Cleveland-Cliffs maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons
Company expects second-half 2026 earnings to be strongest since 2021
Analyst coverage and valuation
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 13 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the iron & steel peer group is "buy"
Wall Street's median 12-month price target for Cleveland-Cliffs Inc is $10.75, about 13.8% above its July 22 closing price of $9.45
Demand and pricing improved results
AUTOMOTIVE DEMAND - Co said strong and increasing automotive volumes helped absorb fixed costs and improve results
SELLING PRICES - Co cited higher average selling prices per net ton as a driver for improved results
DOMESTIC MARKET CONDITIONS - Co said demand continues to improve, imports remain subdued, and lead times are extending further
Quarterly results beat revenue expectations
US steel producer's Q2 revenue rose slightly, beating analyst expectations
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