0000764065-26-000067
SEC filingCleveland-Cliffs Inc. reported Q1 2026 revenues of $4.9 billion and GAAP net loss of $229 million, with Adjusted EBITDA of $95 million impacted by $80 million energy costs from extreme cold weather.
Cleveland-Cliffs Inc. announced first-quarter 2026 results showing sequential improvement across key metrics despite headwinds. Revenues climbed to $4.9 billion from $4.3 billion in Q4 2025, driven by steel shipments increasing 338,000 net tons to 4.1 million, reflecting stronger volumes amid recovering demand. The steelmaking segment posted $4.8 billion in revenues, with external sales volumes at 4,108 thousand net tons and average net selling price of $1,048 per ton, up from $993 prior quarter. Cash margin in steelmaking expanded to $136 million from $25 million, though gross margin remained negative at $(95) million due to high cash costs of $4.621 billion. Adjusted EBITDA turned positive at $95 million versus a $21 million profit prior quarter and $(179) million year-ago loss, but included an $80 million one-time energy cost spike from extreme cold weather. GAAP net loss narrowed slightly to $229 million ($0.42/share) from $235 million prior quarter. CEO Lourenco Goncalves highlighted short-term pressures from energy prices and pricing lags but expects sequential quarterly improvements, positive Q2 free cash flow, and sustained low steel imports supporting U.S. manufacturing. Sales mix included 31% to distributors/converters, 29% infrastructure/manufacturing, 29% automotive, and 11% steel producers. Full-year guidance unchanged at 16.5-17.0 million net ton shipments, $700 million capex, and $3.1 billion liquidity as of quarter-end provides stability. Ongoing POSCO talks and trade enforcement discussions underscore strategic positioning amid global disruptions.