Cleveland-Cliffs reports Q2 2026 results with tripled adjusted EBITDA and strong revenue

• Cleveland-Cliffs (NYSE:CLF) reported second-quarter 2026 consolidated revenues of $5.2 billion, a $300 million increase from the prior quarter.
• The company's adjusted EBITDA tripled sequentially to $286 million, representing a $191 million improvement from the first quarter.
• Management highlighted a return to positive free cash flow and initiated debt reduction despite extended maintenance outages.

Cleveland-Cliffs (NYSE:CLF) reported its second-quarter 2026 financial results, generating $5.2 billion in consolidated revenues, which represents a $300 million increase compared to the $4.9 billion recorded in the first quarter.

The steelmaking and mining company posted a GAAP net loss of $134 million, or $0.25 per diluted share, alongside an adjusted net loss of $115 million, or $0.20 per diluted share.

This marks an improvement from the first quarter, when the company recorded a GAAP net loss of $229 million and an adjusted net loss of $0.40 per diluted share.

Operationally, Cleveland-Cliffs achieved significant margin improvements, reporting an adjusted EBITDA of $286 million.

This figure tripled from the $95 million recorded in the prior quarter, driven by stronger performance despite extended maintenance outages throughout April and May.

Following the strong sequential growth and optimistic forward guidance, the Cleveland-Cliffs share price traded higher, approaching $9.46 in pre-market activity.

The organization maintained a solid liquidity position of $3.1 billion and generated robust operating cash flow of $230 million during the period.

Looking ahead, leadership expressed confidence in continued operational strength, projecting that third-quarter adjusted EBITDA is expected to more than double the results achieved in the second quarter.