Cleveland-Cliffs (NYSE: CLF) Reports Strong Q3 Earnings Amidst Revenue Miss

• Adjusted earnings per share (EPS) of $0.28 surpassed analyst estimates of $0.21.
• Quarterly revenue reached $5.61 billion, falling short of the $5.69 billion estimate.
• Cleveland-Cliffs shares surged 14% following an optimistic outlook for 2027, bolstered by tariffs.

Cleveland-Cliffs (NYSE: CLF) is a leading U.S. steelmaker that supplies steel products to diverse manufacturers. The company reported its Q3 earnings report before the market opened on October 19, 2026. Adjusted earnings per share (EPS) came in at $0.28 per share, surpassing the $0.21 estimate, while quarterly revenue of $5.61 billion fell short of the $5.69 billion estimate.

Cleveland-Cliffs reported steel shipments volume of 4.2 million net tons. Revenue rose as the company sold more steel products at higher prices, as highlighted by The Wall Street Journal. The steelmaker also returned to a quarterly profit, with net income under standard accounting rules reaching $165 million, or $0.26 per diluted share.

Adjusted EBITDA reached $612 million, exceeding Wall Street’s estimate of about $601 million. EBITDA measures earnings before interest, taxes, depreciation, and amortization, though it does not show all cash costs. Cleveland-Cliffs maintained a strong liquidity position of $3.2 billion as of September 30, 2026, representing cash and other funds available to meet its operational needs.

Cleveland-Cliffs shares rose 14% after the steelmaker expressed expectations for 2027 to be a very strong year, significantly aided by tariffs, as highlighted by Barron’s. This strong earnings beat occurred despite quarterly revenue falling short of analyst expectations.