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Cleveland-Cliffs Shares Surge on Second-Quarter Beat, Upbeat Outlook
Wire

Cleveland-Cliffs Shares Surge on Second-Quarter Beat, Upbeat Outlook

Cleveland-Cliffs' (CLF) second-quarter results surpassed Wall Street's views, while the steelmaker issued an upbeat outlook, sending its shares soaring Thursday.Adjusted loss narrowed to $0.20 a share for the June quarter from $0.51 a year earlier, topping the FactSet-polled consensus for a $0.21 loss. Revenue increased to $5.23 billion from $4.93 billion, exceeding the Street's $5.15 billion estimate.The company's shares were up nearly 19% intraday. So far this year, the stock has lost 16% in value.Cleveland-Cliffs expects third-quarter adjusted earnings before interest, taxes, depreciation and amortization of about $575 million, with further improvement projected for the next quarter, Chief Executive Lourenco Goncalves said in an earnings release. Second-quarter adjusted EBITDA climbed to $286 million from $94 million a year earlier."The second quarter marked another step in returning to the earnings power this company is capable of," Goncalves said. "Even with extended maintenance outages in April and May, our second-quarter adjusted EBITDA tripled from the (first-quarter) level."The domestic steel market "remains strong," with demand continuing to improve, imports remaining "subdued" and lead times "extending further," the CEO said.The company expects automotive volumes to further increase in the third quarter, helping absorb fixed costs as its finishing lines operate at higher utilization rates. "We returned to positive free cash flow during (the second quarter) and have begun reducing our debt, a trend that will continue in a more meaningful way for the foreseeable future," Goncalves said.Earlier this week, B. Riley Securities said in a note to clients that Cleveland-Cliffs' investors were likely to be focused on the company's earnings potential in the third quarter, which should better reflect the rise in hot rolled coil pricing.Cleveland-Cliffs continues to expect steel shipment volumes of about 16.5 million net tons to 17 million net tons for the 2026 full year. Second-quarter steel product sales volume declined to 4.03 million net tons from 4.29 million net tons a year earlier. Steelmaking revenue climbed to $5.05 billion from $4.77 billion."With average selling prices, volumes, and costs all moving in the right direction, our second-half earnings performance should be our strongest since 2021," Goncalves said. "We expect to finish the year on a positive note and enter 2027 with significant momentum and additional opportunities for upside, including the higher reset of fixed-price contracts and much improved profits in Canada."On Monday, Steel Dynamics (STLD) logged better-than-expected second-quarter results amid higher steel prices and said it saw strong demand for steel and aluminum through the rest of the year and into the next one.Price: $11.34, Change: $+1.89, Percent Change: +20.00%

$CLF$STLD
Wire

BofA Securities Adjusts Price Target on Cleveland-Cliffs to $11.50 From $14, Maintains Neutral Rating

Cleveland-Cliffs (CLF) has an average rating of hold and mean price target of $11.69, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $9.24, Change: $-0.30, Percent Change: -3.14%

$CLF
Wire

Cleveland-Cliffs Shares Fall After Morgan Stanley Downgrade

Cleveland-Cliffs (CLF) shares fell 3.7% on Monday after Morgan Stanley downgraded the stock to equalweight from overweight and adjusted its price target to $12.50 per share from $12.Trading volume stood at nearly 9.3 million shares compared with a daily average of over 17.8 million.Price: $11.83, Change: $-0.46, Percent Change: -3.71%

$CLF
Research

Morgan Stanley Downgrades Cleveland-Cliffs to Equalweight From Overweight, Adjusts PT to $12.50 From $12

Cleveland-Cliffs (CLF) has an average rating of hold and mean price target of $12, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CLF
Research

Barclays Initiates Coverage on Cleveland-Cliffs With Underweight

Cleveland-Cliffs (CLF) has an average rating of Hold and mean price target of $10.37, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CLF
Research

Research Alert: CFRA Maintains Hold Opinion On Shares Of Cleveland-cliffs Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target by $2 to $10, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, below CLF's three-year avg. fwd EV/EBITDA of 8.6x and below peers' avg. of 8.8x. We keep our 2026 estimate at a loss per share of $0.39 and we lower our 2027 EPS forecast by $0.26 to $0.55. We forecast sequential improvement through 2026 as trade enforcement supports domestic steel pricing and demand strengthens, particularly in automotive. We anticipate positive free cash flow generation starting in Q2 2026, with Q3 representing the company's full earnings power given minimal outages. Key tailwinds include steel import volumes at post-financial crisis lows, aluminum-to-steel substitution gaining momentum across automotive and other sectors, and extended lead times reflecting healthy market conditions. However, we remain cautious on CLF's elevated leverage (net debt of $7.7 billion) and execution risk on the pending POSCO transaction. We think a Hold rating is appropriate until CLF demonstrates sustained EBITDA growth.

$CLF
US Markets

Cleveland-Cliffs Beats First-Quarter Forecasts as Loss Narrows; CEO Signals Profit Ahead

Cleveland-Cliffs (CLF) first-quarter loss narrowed more than expected with revenue exceeding market estimates, while CEO Lourenco Goncalves said the steel producer anticipates a return to profit in the second quarter.The company said Monday its adjusted loss narrowed to $0.40 a share in the March quarter from the loss of $0.93 a year earlier, compared with the consensus on FactSet for a loss of $0.43. Revenue rose to $4.92 billion from $4.63 billion, topping the Street's view for $4.81 billion.First-quarter results "reflected the impact of short-term headwinds like energy prices and price realization lags," Goncalves said in a statement. "As we move through the year, each quarter is expected to improve sequentially, as the momentum already visible in both our order book and pricing continues to translate into earnings and cash flow."The company expects to "generate healthy positive free cash flow" in the second quarter, marking a return to earnings, Goncalves added.Steel product sales volume fell to 4.11 million net tons in the first quarter from 4.14 million a year earlier. Steelmaking revenue climbed to $4.76 billion from $4.47 billion.The conflict in the Middle East has strengthened Cleveland-Cliffs' "competitive position," Goncalves said, though it hasn't improved the timeline for a potential deal with South Korean steelmaker POSCO In October, Cleveland-Cliffs announced a memorandum of understanding with POSCO to explore a partnership focusing on US steel production."We continue to negotiate in good faith within the framework of our MOU toward a transaction that is accretive for our shareholders and fully reflects the value of our assets, our market position, and the strength of the US steel demand," Goncalves said.In 2026, Cleveland-Cliffs continues to expect steel shipment volumes of about 16.5 to 17 million net tons.The stock fell 4.7% in Monday trading. The shares have declined 29% this year.Price: $9.48, Change: $-0.47, Percent Change: -4.68%

$CLF
Wire

Update: Cleveland-Cliffs Shares Fall After Company Reports Q1 Results

(Updates with the latest stock move in the headline and in the first paragraph, capital expenditure outlook in the sixth paragraph)Cleveland-Cliffs (CLF) shares were down 6.9% in early Monday trading after the steel producer reported its first-quarter results.The company posted a quarterly adjusted net loss of $0.40 per diluted share, narrowing from a loss of $0.93 a year earlier.Analysts polled by FactSet expected a loss of $0.43.Revenue for the quarter ended March 31 was $4.92 billion, up from $4.63 billion a year earlier.Analysts surveyed by FactSet expected $4.81 billion.The company said it maintained its expectation for 2026 capital expenditures of about $700 million. Four analysts polled by FactSet expect $705 million.Price: $9.20, Change: $-0.74, Percent Change: -7.44%

$CLF
Research

Research Alert: Cleveland-cliffs Q1 Beat On Sales And Eps Despite Negative Weather Impact

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CLF posted Q1 adj. loss per share of $0.40 vs. $0.93 loss prior year, beating consensus by $0.02, with revenue of $4.92B up 6.3% Y/Y, beating consensus by 2.7%, led by higher steel shipments of 4.1M net tons and average selling prices of $1,048/ton. Steel operations returned to positive cash margins of $136M vs. $149M loss prior year, though $80M weather-related EBITDA impact masked underlying strength. Trade enforcement supports domestic pricing while POSCO negotiations remain ongoing as a strategic priority. Management reaffirmed full-year 2026 guidance for steel shipments of 16.5-17.0M net tons. We expect sequential quarterly improvement through 2026 with the $500M EBITDA benefit from slab contract termination and positive free cash flow anticipated in Q2. Key monitoring areas include Q2 cash generation, PKX partnership developments, and automotive volume progression under multiyear contracts, with $7.3B net debt requiring continued debt reduction focus as EBITDA improves.

$CLF
US Markets

Stocks Down Pre-Bell Amid Renewed US-Iran Tensions

The benchmark US stock measures were tracking in the red before the opening bell Monday amid renewed tensions between the US and Iran, while investors prepare for a busy week of corporate earnings.The S&P 500, the Dow Jones Industrial Average and the Nasdaq declined 0.5% each in premarket activity. The indexes finished Friday's trading session higher, with the Nasdaq achieving its longest winning streak since 1992.In a social media post on Sunday, President Donald Trump said the US navy intercepted and seized an Iranian-flagged cargo ship in the Gulf of Oman. The US Central Command confirmed in a statement that its forces disabled the Iranian vessel following its attempts to sail toward an Iranian port.Last week, the US enforced a blockade of all maritime traffic entering and exiting Iranian ports after peace talks between Washington and Tehran in Pakistan failed to materialize a conclusive deal.In a separate post on social media, Trump said Iran violated its ceasefire agreement with the US by firing bullets at a French ship and a British freighter in the crucial Strait of Hormuz. Trump urged Iran to accept a "very fair and reasonable deal" offered by the US."If they don't, the United States is going to knock out every single power plant, and every single bridge, in Iran," Trump wrote.Iran on Sunday denied it would participate in a fresh round of negotiations with the US in Pakistan this week, CNBC reported, citing Tehran's state news agency. Trump said his representatives will be in Pakistan on Monday for talks.Over the weekend, Iran reversed its earlier decision to reopen the Strait of Hormuz for all commercial vessels, citing Trump's decision to keep the blockade of Iranian ports.West Texas Intermediate crude oil increased 5.9% to $88.76 a barrel in recent premarket action, while Brent rose 6% to $87.48.Treasury yields were trending upwards before the open, with the two-year rate inclining 2.7 basis points to 3.73% and the 10-year rate adding 2.2 basis points to 4.27%.Several major companies are scheduled to release their latest quarterly results this week, including electric vehicle manufacturer Tesla (TSLA), health insurance giant UnitedHealth (UNH), chipmaker Intel (INTC) and consumer goods company Procter & Gamble (PG).Cleveland-Cliffs (CLF) and Bank of Hawaii (BOH) are expected to post their earnings pre-bell, among others. Steel Dynamics (STLD) and Alaska Air (ALK) report their results after the markets close.TopBuild's (BLD) shares jumped 18% before the bell as the company agreed to be acquired by QXO (QXO) in a deal worth about $17 billion. USA Rare Earth (USAR) rose 3.4% after it agreed to purchase Serra Verde, the owner of the Pela Ema rare earth mine and processing plant in Brazil, in a deal worth about $2.8 billion.With no major economic reports scheduled for Monday, traders will be awaiting last month's retail sales report on Tuesday.Gold fell 1.3% to $4,816 per troy ounce, while bitcoin nudged up 0.5% to $75,342.

Dow JonesNasdaq CompositeS&P 500$ALK$BLD$BOH$CLF$INTC$PG$QXO$STLD$TSLA$UNH$USAR

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