Daily newsletter · Tue 20 Oct 2026
Cleveland-Cliffs rose 16.34% after its strongest quarter in three years
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.
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.
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.
General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.