Cleveland-Cliffs (CLF) news that moved the stock

What happened

Steel Dynamics (STLD) reported third-quarter profit of $756 million, or $5.26 a share, up from $403.7 million ($2.74 a share) a year earlier, and revenue of $6.51 billion versus $4.83 billion a year ago. But EPS missed the FactSet consensus of $5.48, and adjusted EBITDA also came in below the average analyst estimate, sending shares down 6.5% to $229.25 in after-hours trading on Monday. The company shipped a record 3.8 million tons of steel, and the average external steel selling price rose $102 quarter-over-quarter to $1,400 a ton. Charges and start-up issues at its new aluminum mill operations weighed on the bottom line.

What happened

Cleveland-Cliffs reported third-quarter results Monday morning, October 19, 2026, swinging to a profit of $152 million ($0.26 per diluted share) from a loss of $251 million ($0.51 per share) a year earlier. Adjusted EPS was $0.28, beating analyst estimates of $0.21-$0.24, and adjusted EBITDA hit $612 million — above management's $575 million forecast and Wall Street's $601 million, and the company's strongest quarter in three years. Revenue rose to $5.61 billion from $4.73 billion a year ago (analysts expected $5.7 billion), on 4.2 million net tons shipped (up from 4.0 million) at an average net selling price of $1,177 per ton (up from $1,032). For Q4, Cliffs forecast adjusted EBITDA of about $715 million versus Wall Street's $697.5 million, and guided 2027 adjusted EBITDA above $4 billion — far above the roughly $2.5 billion Wall Street had projected — citing new customer contracts and prevailing index price forecasts. Shares jumped 11-14% in premarket trading to around $13.55-$13.76.