Cleveland-Cliffs Shares Jump Over Earnings Beat and $400M Defense Contract

Cleveland-Cliffs Inc. reported second‑quarter 2026 revenue of $5.2 billion, up $300 million from the prior quarter and roughly in line with Wall Street’s $5.18 billion estimate. The company posted a GAAP net loss of $134 million ($0.25 per diluted share) and an adjusted net loss of $0.20 per share, better than the $0.21 loss analysts had expected. Adjusted EBITDA rose to $286 million and operating cash flow reached $230 million, while liquidity stood at $3.1 billion as of June 30.

In addition, Cleveland-Cliffs secured a sole‑source, five‑year contract with the Defense Logistics Agency worth up to $400 million to supply grain‑oriented electrical steel to U.S. military branches through 2030. CEO Lourenço Gonçalves highlighted strong domestic demand, improving automotive volumes, positive free cash flow and ongoing debt reduction, noting that the domestic market remains robust amid global tensions.

The earnings beat and the defense deal drove the stock higher than 20%, trading around $11.35 per share.