Cleveland-Cliffs Sees Steel Prices Still Climbing, 2027 EBITDA Above $4B
CLF sits 78% above its 52-week low of $7.73 on elevated volume (4.5× avg).
Summary
CEO Lourenco Goncalves told Monday's earnings call he doesn't think U.S. steel prices have peaked, and management expects average selling prices to rise another $45-$55 per ton in Q4 after a $53/ton gain in Q3 to $1,177. The company guided Q4 adjusted EBITDA to about $715M, roughly $100M above Q3's $612M. The bigger item is 2027: management says renegotiated contracts covering most non-automotive flat-rolled business should add more than $1B of EBITDA starting Jan. 1, with a path to over $4B for the full year under current market conditions — the best since 2021. That follows Monday's Q3 beat (EPS $0.28 vs $0.19 consensus, EBITDA above its own $575M guide) that sent shares up 16%; the stock is giving back about 2% premarket. Watch Q4 shipments for holiday and maintenance drag, and whether index prices keep climbing into the 2027 contract resets.
At the time of this announcement, CLF was trading at $13.76 on NYSE in the Manufacturing sector, with a market capitalization of approximately $8B. The 52-week trading range was $7.73 to $16.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.