US steelmaker Cleveland-Cliffs reported net income of $165 million in the third quarter of 2026. The company had posted a $134 million loss in the second quarter and a $234 million loss a year earlier.
Revenue rose 7.4% from the previous quarter to $5.6 billion. Adjusted EBITDA reached $612 million, up from $286 million in the second quarter and above the company’s earlier guidance of $575 million.
Steel shipments totaled 4.15 million net tons, up 3.1% quarter on quarter. The average net selling price rose to $1,177 per net ton, from $1,124 in the second quarter and $1,032 a year earlier.
Cleveland-Cliffs also explained its decision to indefinitely idle the galvanizing lines at its Canadian Stelco operation. CEO Lourenco Goncalves said the third quarter was Stelco’s strongest since its acquisition and that an improved hot-rolled steel market helped the company become a positive EBITDA contributor. He added that the Canadian government needed to do more to address an oversupplied galvanized steel market.
“Total production tonnage at Stelco will be maintained, and approximately 2,000 Canadian jobs preserved,” Goncalves said.
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