US Stock Market Movement: Cleveland-Cliffs surges on October 19 - turns profit in Q3, EBITDA increases, and steel growth

Cleveland-Cliffs October 19 Surge Analysis

Keywords: Turnaround in Q3, EBITDA growth, Steel

1. On October 19, the company announced its third quarter 2026 financial results: adjusted earnings per share of $0.28, compared to a loss of $0.45 in the same period last year; GAAP net profit of $165 million, or $0.26 per share; revenue of $5.612 billion, up from $4.734 billion in the same period last year, representing a year-on-year increase of 18.55%; steel shipments totaled 4.2 million net tons.

2. On October 19, the company disclosed its third quarter adjusted EBITDA of $612 million, an increase of $326 million from the second quarter's $286 million. Liquidity as of September 30, 2026, stood at $3.2 billion. The company projects adjusted EBITDA for the fourth quarter to be around $715 million and stated that the third quarter was the strongest quarter in three years, with improvements in average price, sales volume, and unit cost compared to Q2.

3. On October 19, the company stated that it continued to reduce debt in the third quarter and expects significant debt reduction in the fourth quarter due to increased free cash flow and proceeds from asset sales. The target is to bring net debt/EBITDA below 2.5 times by mid-next year.

(Disclaimer: This content is generated by AI technology using publicly available information for summary purposes only and does not constitute investment advice.)