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# Cleveland-Cliffs rose 16.34% after its strongest quarter in three years
- URL: https://www.sharespective.com/stories/cleveland-cliffs-rose-16-34-strongest-2026-10-20/
- Published: 2026-10-19T21:15:00.000Z
- Updated: 2026-10-20T02:50:33.000Z
- Description: Cleveland-Cliffs rose 16.34% on Monday to US$14.10. The American steelmaker's adjusted EBITDA, its profit before interest, tax and depreciation, came to US$612 million in the September quarter, against US$143 million a year earlier.
- Author: Shaun Botha
- Tags: Materials, #story, #group-other

Cleveland-Cliffs rose 16.34% on Monday to US$14.10\. The American steelmaker's adjusted EBITDA, its profit before interest, tax and depreciation, came to US$612 million in the September quarter, against US$143 million a year earlier.

**The forecast is what moved the shares.** Cliffs expects that figure to top US$4 billion in 2027\. For the December quarter it expects about US$715 million.

Prices did most of the work. Cliffs sold its steel for an average of US$1,177 a ton, up from US$1,032 a year earlier. Shipments rose only slightly, to 4.2 million tons.

[![Chart: US steel prices rose every month this year. US producer price index for steel mill products, monthly from January 2020: 388.6 in September 2026, against 304.6 a year earlier. All US mills, not just Cliffs.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/10/chart-cleveland-producer-price-index-2026-10-20-wide-light.jpg)](https://www.sharespective.com/chart-cleveland-producer-price-index-2026-10-20/) 

This story’s chart of the day: the numbers, the dark version and the animated version are on its own page. [The chart’s page →](https://www.sharespective.com/chart-cleveland-producer-price-index-2026-10-20/)

Tariffs on imported steel sit behind those prices. Washington has used national-security powers, known as Section 232, to tax steel coming into the country. Chief executive Lourenco Goncalves said imports remain well below their usual levels and lead times are long.

The open question 

how much of this is the business and how much is the tariff wall around it. Cliffs carries US$7.6 billion of long-term debt against a market value of about US$8 billion. A forecast built on trade policy can change with one announcement from the White House.

[ This story ran in The Dip Buyers Return Tuesday 20 October’s edition, with the market snapshot, the other two stories, the numbers and the week ahead. Read the whole edition → ](https://www.sharespective.com/sharespective-2026-10-20/)