Cleveland-Cliffs Shares Rise 12% After Q3 Profit Rebound

Cleveland-Cliffs shares climbed 12.39% to $13.65 in premarket trading Monday, Oct. 19, after the steelmaker returned to quarterly profit and reported higher revenue, shipments and average selling prices.

The company posted $5.6 billion in third-quarter revenue, up from $5.2 billion in the second quarter. Net income was $165 million, compared with a $134 million loss in the prior quarter. Diluted earnings were $0.26 per share, reversing a $0.25 per-share loss.

Adjusted EBITDA reached $612 million, topping the company’s $575 million target. Steel product shipments were 4.15 million net tons, compared with 4.03 million in the second quarter. Average selling prices increased to $1,177 per ton from $1,124.

Cleveland-Cliffs forecast about $715 million in fourth-quarter adjusted EBITDA. It expects adjusted EBITDA to exceed $4 billion in 2027, based on signed customer contracts and prevailing steel price forecasts.

The company ended the third quarter with $3.2 billion in liquidity and is targeting net debt below 2.5 times EBITDA by mid-2027.