Cleveland-Cliffs Q2 revenue slightly beats estimates, loss narrows on higher demand, prices

Cleveland-Cliffs

23/07/2026 11:09

    

    Overview
  
US steel producer's Q2 revenue rose slightly, beating analyst expectations
Adjusted loss per share for Q2 met analyst expectations
Adjusted EBITDA tripled from Q1, driven by higher automotive volumes and selling prices

    

    Outlook
  
Company expects Q3 2026 adjusted EBITDA of approximately $575 mln
Cleveland-Cliffs maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons
Company expects second-half 2026 earnings to be strongest since 2021

    

    Result Drivers
  
AUTOMOTIVE DEMAND - Co said strong and increasing automotive volumes helped absorb fixed costs and improve results
SELLING PRICES - Co cited higher average selling prices per net ton as a driver for improved results
DOMESTIC MARKET CONDITIONS - Co said demand continues to improve, imports remain subdued, and lead times are extending further

    
Company press release: ID:nBw5qxvLWa

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Revenue
Slight Beat*
$5.20 bln
$5.19 bln (9 Analysts)
Q2 Adjusted Loss Per Share
Meet
$0.20
$0.20 (10 Analysts)
Q2 Loss Per Share
 
$0.25
 
Q2 Net Loss
 
$134 mln
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

    

    Analyst Coverage
  
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 13 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the iron & steel peer group is "buy."
Wall Street's median 12-month price target for Cleveland-Cliffs Inc is $10.75, about 13.8% above its July 22 closing price of $9.45

    

    Reuters Recommended Reads
  
July 21 - GM beats Q2 revenue, adjusted EPS expectations, raises 2026 outlook
July 21 - Indian steelmakers pivot home as Europe tightens imports, China squeezes margins
July 20 - Thyssenkrupp eyes sales growth of more than 4% per year for materials trading unit

    
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)