Cleveland-Cliffs Publishes Q3 2026 Earnings Call Transcript

• Cleveland-Cliffs expects adjusted EBITDA above $4 billion in 2027 under prevailing market conditions, supported by stronger contract pricing.
• Third-quarter adjusted EBITDA reached $612 million, exceeding $575 million guidance; fourth-quarter adjusted EBITDA is projected at $715 million.
• Contract renewals should generate more than $1 billion in annual EBITDA improvement before underlying index-price changes; minimum volumes are becoming take-or-pay commitments.
• The Burns Harbor C blast furnace reline moves from mid-2027 to April 2028, preserving approximately 500,000 tons of planned production.
• Chairman and CEO Lourenco Goncalves and President and CFO Celso Goncalves attended the October 19, 2026, third-quarter earnings call.

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