Cleveland-Cliffs raises 2027 outlook after first quarterly profit in two years
Cleveland-Cliffs lifted its 2027 adjusted EBITDA forecast above $4 billion, and its shares jumped after the first quarterly profit in two years.
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what happened
Cleveland-Cliffs raised its 2027 adjusted profit forecast, Reuters reported. The steelmaker posted its first quarterly profit in more than two years, helped by stronger prices and lower costs. Adjusted earnings per share were 28 cents in the third quarter, against a loss of 45 cents a year earlier and an LSEG-compiled analyst estimate of 19 cents.
The company now expects 2027 adjusted EBITDA of more than $4 billion, up from its earlier $3.3 billion forecast. CEO Lourenco Goncalves said customers wanted more steel under contract for 2027 than for 2026. Shares rose as much as 14% in premarket trading and were up 15% in morning trading.
why it matters
The news matters for the US steel market: the company says prices are the best in three years, and favorable trade policies are supporting domestic steelmakers. A strong report and a higher outlook may draw investor attention to US steel producers, although one quarter does not show the trend for the whole industry.
market impact
US steel: higher prices and contracts support producers' profits and CLF shares
tags
instruments
sources
- Cleveland-Cliffs shares jump on raising 2027 outlook, first quarterly profit in 2 years — Reuters, 19 October 2026 at 13:20 UTC
- Cleveland-Cliffs shares jump on raising 2027 outlook, first quarterly profit in 2 years — Reuters, 19 October 2026 at 15:44 UTC
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