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Cleveland-Cliffs reports profit surge and postpones furnace maintenance
Cleveland-Cliffs reported a significant financial turnaround in its third quarter of 2026, posting net earnings of $152 million compared to a loss in the previous year. The company's adjusted EBITDA more than doubled sequentially to $612 million, driven by increased shipment volumes and price realization aided by domestic trade protections.
To capitalize on favorable market conditions, Cleveland-Cliffs has postponed the scheduled reline of its C blast furnace at the Burns Harbor mill in Indiana from 2027 to April 2028. This delay is intended to preserve 500,000 tons of production capacity during a period of high demand. Additionally, the company expects to drive $1 billion in EBITDA expansion through renewed multiyear steel supply agreements.
In Canada, Stelco—a subsidiary of Cleveland-Cliffs—recorded its best quarterly results since its acquisition two years ago. However, the company is proceeding with layoffs of up to 500 employees at its Ontario locations. CEO Lourenco Goncalves attributed the labor reductions to an influx of imports and overproduction in the Canadian galvanized steel market, suggesting that stricter import restrictions could allow for the immediate reintegration of displaced workers.
Entities
ArcelorMittal Dofasco · Burns Harbor · Cleveland-Cliffs · Lourenco Goncalves · Stelco
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Cleveland-Cliffs' third-quarter adjusted EBITDA more than doubled sequentially to $612 million. www.fool.com
- [○ 1 SOURCE] CEO Lourenco Goncalves stated that the Canadian market faces overproduction and an influx of imports. www.lesaffaires.com
- [○ 1 SOURCE] Cleveland-Cliffs reported net earnings of $152 million for the third quarter of 2026. www.steelmarketupdate.com
- [○ 1 SOURCE] Stelco is proceeding with layoffs of up to 500 employees at its Ontario sites. www.lesaffaires.com
- [○ 1 SOURCE] Renewed multiyear steel supply agreements are expected to drive $1 billion in EBITDA expansion. www.fool.com
- [● 2 SOURCES] The company rescheduled the reline of the C blast furnace at its Burns Harbor steel mill from mid-2027 to April 2028. www.fool.com · www.steelmarketupdate.com