CLF Cleveland-Cliffs (CLF) Q2 FY26 earnings call
Cleveland-Cliffs reported a strong earnings recovery in Q2 FY26, driven by improved pricing, higher shipping volumes, and lower costs, particularly in the automotive sector. The company anticipates continued momentum into the second half of 2026 and 2027, supported by favorable trade policies and significant opportunities from fixed-price contract resets. Management is focused on deleveraging and optimizing operations, with key capital projects underway to enhance capabilities.
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CLF operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Shipments | 4.1M tons+First quarter shipments totaled just over 4.1 million tons, which represents a recovery of more than 300,000 tons sequentially.Source: earnings call transcript | 4M tons+Second quarter shipments were just over 4 million tons, down sequentially from the previous quarter due to the maintenance outages we underwent during the quarter as well as improved automotive demand, which comes with longer lead times.Source: earnings call transcript | 4.2M tonsSteel shipments were 4.2 million net tons, compared with 4 million net tons in the second quarter.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.