Cleveland-Cliffs Inc. Earnings Recaps
Q1 2026
Apr 20, 2026
Cleveland-Cliffs posted a positive Q1 2026, signaling ongoing margin expansion driven by stronger demand, disciplined operations, and benefiting from elevated tariffs and trade policies.
Key takeaways
- Strong order book and rising lead times reflect robust OEM steel demand, with pricing lag gradually catching up to market strength.
- US steel imports hitting lowest levels since 2009 affirm the effectiveness of Section 232 tariffs, bolstering domestic capacity utilization.
- Market shift from aluminum to steel in automotive, building, and appliances sectors enhances Cliffs’ growth prospects and market share.
- Successful quality recognition from Toyota underscores operational excellence and reinforces high-value client relationships.
- Strategic investments, including the Butler and Middletown expansions and footprint optimization, position Cliffs for sustained efficiency and competitiveness.
Q3 2025
Oct 21, 2025
Cleveland-Cliffs reported strong third-quarter performance driven by a resurgence in domestic steel demand, particularly in the automotive sector, marking their best auto steel shipment quarter since early 2024.
Key takeaways
- Achieved multi-year agreements with major automotive OEMs, securing stable demand and favorable pricing through 2027/2028.
- Demonstrated operational readiness with nine automotive-grade galvanized steel plants fully operational, poised for the anticipated 2026 demand surge.
- Notable shift back to steel from aluminum by several OEMs following supply chain challenges, indicating strengthening demand for Cleveland-Cliffs’ products.
- Successfully advanced sales of non-core properties, expecting to generate $425 million in proceeds for debt reduction.
- Continued challenges in the Canadian market with significant steel import penetration, impacting sales from Stelco.