Cleveland-Cliffs Raises 2027 Outlook as Q3 EBITDA More Than Doubles

Cleveland-Cliffs reported stronger-than-expected third-quarter 2026 results on Monday, October 19, with adjusted EBITDA more than doubling from the prior quarter. The flat-rolled steel producer also raised its 2027 EBITDA outlook, pointing to durable pricing in its core markets. What stood out to analysts was the balance-sheet decision behind the numbers: management is committing all free cash flow to further debt reduction even though the company has already hit its leverage target. That choice signals confidence that the current pricing environment will hold rather than fade, since a company expecting weaker margins ahead would typically prioritize buybacks or dividends once leverage targets are met. What remains unresolved is how long steel pricing stays this strong. The raised 2027 guidance assumes pricing momentum persists well into next year, a bet that depends on demand and import dynamics the company does not fully control.