CLF•Cleveland-Cliffs reported third-quarter adjusted EPS of 28 cents, beating analysts’ estimates of 19 cents, and said it expects 2027 adjusted EBITDA to exceed $4 billion. The company also announced a major debt reduction in the fourth quarter.
Cleveland-Cliffs shares rose 11.1% in premarket trading after the steelmaker reported third-quarter adjusted EPS of 28 cents, above analysts’ estimates of 19 cents. The company said higher steel prices, increased sales volumes and improved operating efficiency benefited the quarter, and expects 2027 adjusted EBITDA to exceed $4 billion.
The company announced a major debt reduction in the fourth quarter. The average rating of 16 analysts was “hold,” with a median price target of $12.50. The stock had fallen 8.7% year to date through the prior close.
