Cleveland-Cliffs Inc. returned to profit in the third quarter, with adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $612 million, beating its $575 million goal.
The company reported the results in an earnings release furnished with its Oct. 19 filing with the Securities and Exchange Commission (SEC). Net income was $165 million after a $134 million loss in the second quarter. Revenue reached $5.6 billion, up from $5.2 billion. Adjusted EBITDA was $286 million in the prior quarter.
Steel shipments totaled 4.15 million net tons, and the average selling price was $1,177 per ton. The second-quarter figures were 4.03 million tons and $1,124 per ton, respectively.
Cleveland-Cliffs projects about $715 million in adjusted EBITDA for the fourth quarter. For 2027, the company sees adjusted EBITDA topping $4 billion, based on customer contracts and its current outlook for steel prices.
The company also plans to idle galvanizing lines at its Stelco business in Canada, a move covered in EconoTimes' earlier report on the profit and Stelco plans.
Quarter-end liquidity stood at $3.2 billion. Cleveland-Cliffs aims to bring net debt below 2.5 times EBITDA by mid-2027.
