Cleveland-Cliffs Returns to Profit in Q3

Cleveland-Cliffs returned to profitability in the third quarter, earning $165 million after eight consecutive loss-making quarters, as revenue rose to $5.6 billion and steel shipments and average prices improved. Adjusted EBITDA was $612 million, above company guidance and its strongest level in three years, while adjusted earnings were 28 cents per share. The company forecast fourth-quarter adjusted EBITDA of about $715 million and said 2027 adjusted EBITDA could exceed $4 billion, citing contract changes and a tight steel market. Shares surged after the results and outlook, and the company said it expects to substantially reduce debt in the fourth quarter. To preserve capacity amid strong demand, Cleveland-Cliffs delayed a planned blast-furnace refurbishment at its Burns Harbor mill until 2028; its CEO said the idle Dearborn furnace could restart if automakers commit to buying more U.S.-made steel.