Investing.com -- Cleveland-Cliffs Inc. (NYSE: CLF) reported its third-quarter results before the open on Monday, sending shares up more than 7% in premarket trading.

Adjusted earnings per share of $0.28, beating analyst estimates of $0.22, though revenue of $5.6 billion fell slightly short of the $5.71 billion consensus.

The steelmaker's revenue rose 18% YoY from $4.7 billion in the third quarter of 2025. The company posted adjusted EBITDA of $612 million, exceeding its own guidance of $575 million provided three months earlier. Steel shipments totaled 4.2 million net tons during the quarter, with an average selling price of $1,177 per net ton, up from $1,032 per net ton in the prior year period.

For the fourth quarter of 2026, Cleveland-Cliffs expects adjusted EBITDA of approximately $715 million, representing an increase from the third quarter driven by higher pricing, partially offset by seasonality and increased maintenance outages. Looking further ahead, the company projects 2027 adjusted EBITDA to exceed $4 billion based on new customer contracts and prevailing price forecasts.

"Third quarter was our strongest quarter in three years, with adjusted EBITDA of $612 million, a number above the $575 million guidance we provided three months ago," said Chairman and CEO Lourenco Goncalves. "Average selling price, sales volumes, and unit costs all moved in the right direction relative to Q2 performance."

The company reported liquidity of $3.2 billion as of September 30, 2026. Cleveland-Cliffs said it remains on track to reach its leverage target of under 2.5x net debt to EBITDA by mid-2027.

Original Article