Cleveland-Cliffs Inc

Latest Results (16.05.2026):

Cleveland-Cliffs Inc. reported results for the first quarter of 2026 (Q1 2026): consolidated revenues of $4.9 billion on steel shipments of 4.1 million net tons, a GAAP net loss of $229 million (‑$0.42 per diluted share) and Adjusted EBITDA of $95 million (which included an $80 million one‑time cold‑weather energy cost). Liquidity was $3.1 billion as of March 31, 2026. The company maintained full‑year 2026 guidance and expects sequential improvement with positive free cash flow in Q2.

Revenue and shipments

Consolidated revenues were $4.9 billion in Q1 2026, up roughly $600 million sequentially from Q4 2025. Steel shipments totaled 4.108 million net tons (up 338,000 tons from the prior quarter). Average selling price per net ton was $1,048.

Profitability and per‑share results

GAAP net loss for Q1 2026 was $229 million, or $0.42 per diluted share. Adjusted net loss attributable to Cliffs shareholders was about $228 million, or $0.40 per diluted share—improved vs. Q1 2025 (GAAP loss $486M, $1.01/sh) and roughly level with Q4 2025 (GAAP loss $235M, $0.44/sh).

Adjusted EBITDA and one‑time energy impact

Adjusted EBITDA was $95 million and included an $80 million negative one‑time impact from an extreme cold‑weather driven energy price spike. Excluding that cost, Adjusted EBITDA would be approximately $175 million. This is a major sequential and year‑over‑year improvement vs. a $179 million Adjusted EBITDA loss in Q1 2025 and $21 million in Q4 2025.

Steelmaking segment and mix

Steelmaking revenues were $4.757 billion. Q1 product mix: 44% hot‑rolled, 29% coated, 15% cold‑rolled, 5% plate, 3% stainless/electrical, and 4% other (including slabs). End‑market split: ~31% distributors/converters, 29% infrastructure/manufacturing, 29% automotive, and 11% sales to steel producers.

Liquidity, cash flow and capital spending

Total liquidity was $3.1 billion at quarter end, while cash and cash equivalents were $45 million. Net cash used by operating activities was $325 million; capital expenditures were $152 million in Q1. Financing activities provided $454 million (including ABL borrowings).

Balance sheet and leverage

Total assets were $20.115 billion and total equity $6.019 billion. Long‑term debt stood at $7.763 billion. Inventories were $4.591 billion and accounts receivable increased to $1.882 billion.

Outlook and management commentary

The company reaffirmed full‑year 2026 targets: steel shipments ~16.5–17.0 million net tons, capex ≈ $700 million, SG&A ≈ $575 million, depreciation ≈ $1.1 billion, and pension/OPEB cash payments ≈ $125 million. CEO Lourenco Goncalves highlighted trade enforcement benefits, ongoing POSCO discussions under the MoU, stronger competitive positioning due to geopolitical disruption, and expectation of improving quarterly results and Q2 free cash flow.