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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%

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Steel Dynamics Second-Quarter Results Top Street Views Amid Higher Steel Prices
US Markets

Steel Dynamics Second-Quarter Results Top Street Views Amid Higher Steel Prices

Steel Dynamics (STLD) reported better-than-expected second-quarter results amid higher steel prices, while the company sees strong steel and aluminum demand through the rest of 2026 and into 2027.The steel producer's diluted earnings came in at $3.69 a share for the quarter ended June, up from $2.01 the year before, it said late Monday. The consensus on FactSet was for $3.63. Sales rose to $6.09 billion from $4.57 billion, topping the Street's view for $5.56 billion."During the second quarter 2026 steel pricing continued to improve resulting in strong performance across our steel platform, driving a sequential quarterly increase in consolidated operating income of $162 million, or 30%," Chief Executive Mark Millett said in a statement. "Our metals recycling, steel fabrication, and aluminum teams also had a solid performance."Steel Dynamics shares rose 2.6% in the most recent premarket activity.The average external product selling price for the company's steel operations rose to $1,298 per ton from $1,134 the year before and increased by $105 on a sequential basis. Overall shipments amounted to 3.7 million tons, compared with 3.3 million tons in the 2025 quarter."We remain confident that market conditions are in place to support strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027," according to Millett. "Customer sentiment, order entry activity, and pricing have continued to improve across our businesses."Operating income in the steel operations jumped 30% to $720.9 million, buoyed by shipments and metal spread expansion across the platform, as steel pricing improved more than ferrous scrap costs, the company said.In the steel fabrication business, operating income declined to $84.6 million from $93.1 million last year. The order backlog, however, was nearly 45% higher than a year earlier.The metals recycling division saw operating income advance to $47.8 million, up from $21.3 million, supported by higher volumes despite lower pricing. In the aluminum segment, the steel producer's operating loss narrowed to $33.4 million from $40.6 million."Steel fundamentals continued to strengthen during the second quarter, as pricing improved, demand remained solid, and customer inventory levels declined, remaining lower than historical norms," Millett said. "We continue to see an improved steel market environment, supported by domestic trade actions, manufacturing reshoring, infrastructure program funding, and the increasing regionalization of supply chains within the US."

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Wire

BofA Securities Adjusts Price Target on Steel Dynamics to $260 From $280, Maintains Neutral Rating

Steel Dynamics (STLD) has an average rating of overweight and mean price target of $276.45, 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: $228.58, Change: $-1.05, Percent Change: -0.46%

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Wire

Update: Steel Dynamics Shares Fall After Issuing Downbeat Q2 Earnings Outlook

(Updates with the latest stock movement in the first paragraph and headline.)Steel Dynamics (STLD) shares were down 7.3% in Thursday afternoon trading after the company said late Wednesday it expects fiscal Q2 EPS between $3.51 and $3.55.Analysts polled by FactSet are looking for $4.16.The company said Q2 earnings were trimmed by $16 million due to asset write-downs related to the relocation of its satellite aluminum recycled slab center from Arizona to Columbus.So far in the quarter, the company has repurchased $170 million of its common stock, it added.Price: $250.35, Change: $-19.78, Percent Change: -7.32%

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Insider Trading

Steel Dynamics Insider Sold Shares Worth $2,687,030, According to a Recent SEC Filing

James Stanley Anderson, Senior Vice President, on June 05, 2026, sold 10,000 shares in Steel Dynamics (STLD) for $2,687,030. Following the Form 4 filing with the SEC, Anderson has control over a total of 102,837 common shares of the company, with 102,837 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1022671/000102267126000129/xslF345X05/form4.xml

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Insider Trading

Steel Dynamics Insider Sold Shares Worth $538,453, According to a Recent SEC Filing

Richard A Poinsatte, Senior Vice President, on May 12, 2026, sold 2,300 shares in Steel Dynamics (STLD) for $538,453. Following the Form 4 filing with the SEC, Poinsatte has control over a total of 28,618 common shares of the company, with 28,618 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1022671/000102267126000111/xslF345X05/form4.xmlPrice: $234.27, Change: $-2.81, Percent Change: -1.19%

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Insider Trading

Steel Dynamics Insider Sold Shares Worth $1,124,358, According to a Recent SEC Filing

Kenneth W. Cornew, Director, on April 23, 2026, sold 5,000 shares in Steel Dynamics (STLD) for $1,124,358. Following the Form 4 filing with the SEC, Cornew has control over a total of 31,299 common shares of the company, with 31,299 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1022671/000102267126000099/xslF345X05/form4.xmlPrice: $227.43, Change: $+2.38, Percent Change: +1.06%

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Insider Trading

Steel Dynamics Insider Sold Shares Worth $1,088,428, According to a Recent SEC Filing

Miguel Alvarez, Senior Vice President, on April 23, 2026, sold 4,825 shares in Steel Dynamics (STLD) for $1,088,428. Following the Form 4 filing with the SEC, Alvarez has control over a total of 122,257 common shares of the company, with 122,257 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1022671/000102267126000100/xslF345X05/form4.xmlPrice: $227.52, Change: $+2.47, Percent Change: +1.10%

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Research

Research Alert: CFRA Downgrades Recommendation On Shares Of Steel Dynamics To Sell From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target by $7 to $203, as we assume STLD will trade at an EV/EBITDA of 8.5x our 2027 EBITDA estimate, a premium to STLD's three-year average forward EV/EBITDA of 8.1x and above the peer-group average forward EV/EBITDA of 7.6x. We raise our 2026 EPS estimate by $0.82 to $14.78 and our 2027 EPS forecast by $1.12 to $16.73. STLD's Q1 results showcased record steel shipments of 3.6 million tons and improving pricing, yet we downgrade shares given valuation concerns, currently at a 25% premium to peers and near the peak of their three-year fwd EV/EBITDA range: 4.5x-10.8x. While the aluminum ramp-up presents a compelling long-term growth story with management targeting $650-$700 million in through-cycle EBITDA from aluminum operations near-term losses of $65 million in Q1 highlight execution risks. With shares trading near 52-week highs following a 35% gain over the past month, we see limited upside as the stock has priced in much of the aluminum opportunity and favorable steel fundamentals.

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Wire

Seaport Global Adjusts Price Target on Steel Dynamics to $245 From $195, Maintains Buy Rating

Steel Dynamics (STLD) has an average rating of overweight and mean price target of $230.50, 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: $227.23, Change: $-0.23, Percent Change: -0.10%

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Wire

BNP Paribas Adjusts Steel Dynamics Price Target to $238 From $218, Maintains Outperform Rating

Steel Dynamics (STLD) has an average rating of overweight and mean price target of $225.50, 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: $225.39, Change: $+5.17, Percent Change: +2.35%

$STLD
Research

Research Alert: Steel Dynamics Posts Q1 Sales Beat, Eps Miss; Aluminum Operations Drag

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:STLD delivered Q1 2026 EPS of $2.78 vs. $1.44 prior year (86% growth) but missed consensus by $0.01, driven by record steel shipments of 3.6M tons and expanding metal spreads of $64 per ton. Net sales advanced 19% Y/Y to $5.21B as steel operating income improved substantially to $557M from $275M, validating our thesis that 2H 2025 represented a cyclical trough with strengthening demand across energy, construction, automotive, and industrial sectors driving pricing power. Management expects sharp aluminum facility improvement beginning in Q2, targeting 90% utilization by year-end 2026 to achieve the $650M-$700M through-cycle EBITDA target as customer qualifications advance. The company maintained robust liquidity of $2.0B while increasing the dividend 6% to $0.53 per share and repurchasing $115M in shares. We expect free cash flow generation to inflect meaningfully as major growth capex declines to $600M and structural EBITDA improvements approach realization.

$STLD
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.

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