US-based Cleveland-Cliffs Inc. has announced a net loss of $134 million for the second quarter of 2026, compared to a net loss of $229 million in the first quarter of 2026 and a net loss of $473 million in the second quarter of 2025. Revenues for the second quarter were $5.2 billion, compared to $4.9 billion in the first quarter of 2026 and $4.9 billion in the second quarter of 2025. The company's adjusted EBITDA was $286 million in the second quarter, a $191 million improvement quarter over quarter from $95 million in the first quarter of 2026, and up from $94 million in the second quarter of 2025.
Steel product sales volumes for the quarter were four million net tons, with an average net selling price of $1,124 per net ton, compared to $1,048 per net ton in the first quarter of 2026 and $1,015 per net ton in the second quarter of 2025. The steelmaking segment generated cash margin of $349 million in the second quarter, up from $136 million in the prior quarter.
For the third quarter of 2026, the company expects adjusted EBITDA of approximately $575 million, so, more than double the second quarter result. Full-year steel shipment volume guidance is maintained at approximately 16.5 to 17.0 million net tons.
Lourenco Goncalves, chairman and CEO, said, "The second quarter marked another step in returning to the earnings power this company is capable of and has demonstrated in the past. Even with extended maintenance outages in April and May, our second quarter adjusted EBITDA tripled from the first quarter level and third quarter adjusted EBITDA is expected to more than double the second quarter. As previously foreshadowed, we returned to positive free cash flow during the second quarter and have begun reducing our debt, a trend that will continue in a more meaningful way for the foreseeable future.
Mr. Goncalves concluded, "Looking ahead, we have clear visibility into the continuous earnings improvement that began during the first half of the year. With average selling prices, volumes, and costs all moving in the right direction, our second-half earnings performance should be our strongest since 2021 as the fourth quarter EBITDA is currently expected to even further exceed our third quarter guidance. We expect to finish the year on a positive note and enter 2027 with significant momentum and additional opportunities for upside, including the higher reset of fixed price contracts and much improved profits in Canada."
.jpg)