Cleveland‑Cliffs Inc. reported second-quarter 2026 results with revenue of $5226M and a net loss attributable to Cliffs shareholders of $145M (diluted EPS $(0.25)), an improvement versus the year-ago quarter when the company posted $4934M of revenue and a net loss of $486M (EPS $(0.98)).
Financial Highlights
- Revenue: $5,226M for Q2 2026, up from $4,934M in Q2 2025 (6% YoY).
- Net income: Net loss attributable to Cliffs shareholders of $(145)M for Q2 2026, improved from a net loss of $(486)M in Q2 2025 (loss narrowed YoY).
- Diluted EPS: $(0.25) for Q2 2026, improved from $(0.98) in Q2 2025 (YoY improvement).
Business Highlights
- Revenue growth was driven by roughly 19% higher hot‑rolled coil (HRC) pricing and average selling prices (ASPs) rising to $1,124 per net ton, which supported gross margin and adjusted EBITDA expansion.
- Sales mix shifted toward higher‑margin hot‑rolled and coated products as slab contract volumes wound down, improving overall margins.
- Operational moves continued, including idling and closing underperforming sites and consolidating plate mills to boost utilization and footprint efficiency.
- Automotive positioning strengthened with awards from Toyota and GM and multi‑year fixed contracts covering about 40–45% of shipments, supporting demand visibility.
- Vertical integration—ownership of iron ore, pellets and HBI—along with lower coal and alloy costs provided a competitive cost advantage amid tight scrap markets.
Original SEC Filing:
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