US based steelmaker Cleveland-Cliffs Inc. announced that it posted a net income of $165 million in the third quarter of 2026, compared to a net loss of $134 million in the second quarter of 2026 and a net loss of $234 million in the third quarter of 2025. Revenue amounted to $5.6 billion in the third quarter, up 7.4 percent from $5.2 billion in the previous quarter and up 18.5 percent from $4.7 billion in the same quarter of 2025.
The company's adjusted EBITDA came in at $612 million in the quarter, up from $286 million in the second quarter and $143 million in the third quarter of last year, and above the company's previous guidance of $575 million.
In the given quarter, steel shipments totaled 4.15 million net tons, up 3.1 percent quarter on quarter and up 3.0 percent same quarter of 2025. Still, the company's average net selling price for steel products stood at $1,177/nt in the third quarter, up from $1,124/nt in the second quarter and $1,032/nt in the third quarter of 2025.
Notably, Cleveland-Cliffs addressed in its announcement reasoning behind its decision to indefinitely idle its galvanizing lines at Stelco in Canada. Chief executive officer Lourenco Gonclaves said in the statement that though third quarter was Stelco's strongest quarter since they acquired the company, and the hot rolled market has improved turning Stelco into a positive EBITDA contributor, “more needs to be done by the Canadian government to correct a clearly oversupplied market for galvanized steel in Canada.” He then promised in conclusion, “…total production tonnage at Stelco will be maintained… and approximately 2,000 Canadian jobs [will be] preserved.”
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