Cleveland-Cliffs Inc. announced its financial results for the first quarter ending March 31, 2026, reporting revenues of $4.9 billion for the period. The company’s steel shipments reached 4.1 million net tons, indicating an increase of 338,000 tons compared to the previous quarter. Revenues also increased by $600 million over the same period, rising to $4.9 billion, compared to $4.6 billion in the first quarter of 2025 and $4.3 billion in the fourth quarter of 2025.
However, the company reported a net loss of $229 million in the first quarter of 2026, with a loss per share of $0.42. Adjusted net loss was recorded at $0.40 per share. These results show an improvement compared to the net loss of $486 million in the same period of 2025 and the $235 million loss in the fourth quarter of 2025.
The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was reported at $95 million, with a one-time energy cost of $80 million caused by extremely cold weather conditions affecting the result. In the first quarter of 2025, EBITDA was a loss of $179 million, and in the fourth quarter it was a loss of $21 million.
As of March 31, 2026, the company’s total liquidity was reported at $3.1 billion.
Lourenco Goncalves stated that first-quarter results were affected by short-term pressures such as energy costs and pricing lags, but that the increase in the order book would positively impact earnings and cash flow as the year progresses. Goncalves also noted that they expect positive free cash flow in the second quarter.
In the company’s product mix, steel sales consisted of 44% hot-rolled, 29% coated, 15% cold-rolled, 5% plate, 3% stainless and electrical steel, and 4% other products. Of the $4.8 billion in revenue generated from steel production, 31% came from distributors and converters, 29% from infrastructure and manufacturing, 29% from the automotive sector, and 11% from steel producers.
The company also announced that it maintains its 2026 guidance of 16.5–17 million tons of steel shipments, approximately $700 million in capital expenditures, $575 million in SG&A expenses, $1.1 billion in depreciation, and $125 million in pension expenses.
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