CLF Cleveland-Cliffs (CLF) Q3 FY26 earnings call
Cleveland-Cliffs reported a strong Q3 FY26, with adjusted EBITDA more than doubling sequentially, driven by improved pricing, volumes, and cost performance. The company is benefiting from robust domestic demand and effective trade policies, leading to highly favorable 2027 contract renewals with new take-or-pay terms. Strategic capital projects are underway, and the company is focused on deleveraging while navigating specific challenges in the Canadian galvanized steel market and optimizing automotive supply chain dynamics.
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CLF operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call 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.