# Cleveland-Cliffs Q3 Earnings Beat

> Cleveland-Cliffs reports $612M Q3 adjusted EBITDA, highest in 3 years, with $715M Q4 guidance and $4B 2027 EBITDA target.
- Title: Cleveland-Cliffs Q3 Earnings Beat · The Motley Fool | Shortify
- Summary: Cleveland-Cliffs reports $612M Q3 adjusted EBITDA, highest in 3 years, with $715M Q4 guidance and $4B 2027 EBITDA target. Cleveland-Cliffs achieved $612M Q3…
- Keywords: cleveland-cliffs, cliffs, earnings, ebitda, steel, automotive, infrastructure, trading, steelmaking, finance, money, Beat
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/10/19/cliffs-clf-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-10-19T16:53:25+00:00
- Read time: 1 min
- Topics: cleveland-cliffs, cliffs, q3, earnings, ebitda, steel, automotive, infrastructure, trading, steelmaking, finance, money
## Q3 Earnings Results
Cleveland-Cliffs reported $5.6 billion revenue, up from $5.2 billion in previous quarter.
## Strong Q3 Profitability
Adjusted EBITDA reached $612 million, the strongest quarterly result in three years.
## Q4 EBITDA Guidance
Fourth-quarter adjusted EBITDA guidance of approximately $715 million.
## 2027 EBITDA Target
2027 adjusted EBITDA guidance of over $4 billion based on current price forecasts.
## Steel Sales Volumes
Steel product sales volumes increased to 4.2 million net tons from 4 million net tons in Q2.
## Price Improvements
Average net selling price rose to $1,177 per net ton, up $53 per ton sequentially.
## Cost Performance
Unit cost declined $17 per net ton, exceeding previous guidance due to high facility utilization.
## Net Income
GAAP net income of $165 million, or $0.26 per diluted share for Q3.
## Liquidity Position
Total liquidity stood at $3.2 billion as of September 30, 2026.
## Stelco Acquisition
Stelco acquisition cost $3.4 billion Canadian dollars completed less than two years ago.
## Middletown Modernization
Middletown Works modernization project costs $1 billion with $500 million from Department of Energy.
## 2027 Capital Expenditures
2027 capital expenditures expected to exceed $1 billion for strategic projects.
## Burns Harbor Delay
Postponing Burns Harbor C-blast furnace reline to April 2028 to increase cash generation.
## Grain-Oriented Steel
Grain-oriented electrical steel production increasing 25% at Butler Works to support grid demand.
## Contract Renewals
Expected to generate over $1 billion in year-over-year EBITDA improvement from contract renewals.
## USW Negotiations
USW negotiations extended past original deadline but remain 'professional respectful and productive'.
## Key takeaway

Cleveland-Cliffs achieved $612M Q3 adjusted EBITDA, up from $286M Q2, with $715M Q4 guidance and $4B 2027 EBITDA target.