Overview

• US steel producer's Q2 revenue rose slightly, beating analyst expectations

• Adjusted loss per share for Q2 met analyst expectations

• Adjusted EBITDA tripled from Q1, driven by higher automotive volumes and selling prices

Outlook

• Company expects Q3 2026 adjusted EBITDA of approximately $575 mln

• Cleveland-Cliffs maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons

• Company expects second-half 2026 earnings to be strongest since 2021

Result Drivers

• AUTOMOTIVE DEMAND - Co said strong and increasing automotive volumes helped absorb fixed costs and improve results

• SELLING PRICES - Co cited higher average selling prices per net ton as a driver for improved results

• DOMESTIC MARKET CONDITIONS - Co said demand continues to improve, imports remain subdued, and lead times are extending further

Company press release: ID:nBw5qxvLWa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Slight Beat*	$5.20 bln	$5.19 bln (9 Analysts)
Q2 Adjusted Loss Per Share	Meet	$0.20	$0.20 (10 Analysts)
Q2 Loss Per Share		$0.25
Q2 Net Loss		$134 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 13 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the iron & steel peer group is "buy."

• Wall Street's median 12-month price target for Cleveland-Cliffs Inc is $10.75, about 13.8% above its July 22 closing price of $9.45

Reuters Recommended Reads

• July 21 - GM beats Q2 revenue, adjusted EPS expectations, raises 2026 outlook

• July 21 - Indian steelmakers pivot home as Europe tightens imports, China squeezes margins

• July 20 - Thyssenkrupp eyes sales growth of more than 4% per year for materials trading unit

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