Cleveland-Cliffs reports Q3 adjusted EPS (45c), consensus (45c)

Reports Q3 revenue $4.7B, consensus $4.9B. Cliffs’ Chairman, President and CEO, Lourenco Goncalves, said: “Our third quarter results marked a clear sign of demand recovery for automotive-grade steel made in the USA, and that is a direct consequence of the new trade environment implemented and enforced by the Trump Administration. As a result of this new trade environment, we have won new and growing supply arrangements with all major automotive OEMs, locking in multi-year agreements that reflect the reliability of our well-established supply chains anchored by our nine galvanizing plants dedicated to automotive-grade steels, with five of these plants specialized in exposed parts. Our Q3 results show a richer sales mix and improved pricing, further bolstered by our continued execution on costs. With the end of the slab supply contract to ArcelorMittal in early December, we expect this trend to accelerate into 2026.”