Cleveland-Cliffs: 3 Key Takeaways for Long-Term Investors

Cleveland-Cliffs reported Q3 2026 adjusted EBITDA more than doubled to $612 million, driven by domestic trade protections and strong steel pricing. The company secured multiyear supply contracts expected to generate $1 billion in incremental EBITDA, postponed a furnace maintenance outage to preserve 500,000 tons of production, and committed all free cash flow to debt reduction. Management projects over $4 billion in EBITDA for 2027 under similar market conditions.