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Adjusted EBITDA by Segment
Reports operating profitability after adjustments for each business unit (for example, iron ore, steelmaking, downstream finishing), exposing which segments drive cash flow and which are margin-constrained. Segment-level EBITDA helps assess how commodity prices, operating efficiency and vertical integration impact overall earnings quality.Steelmaking is the clear swing factor for Cleveland‑Cliffs’ profitability—large volatility historically but a visible inflection toward recovery in recent quarters as pricing and shipments improve. Corporate is a small, noisy drag while Other Businesses provide a steady, modest tailwind. Management’s guidance that Q2 should be the best quarter in nearly two years and that free cash flow turns positive underscores that further upside depends on sustained price realization and shipment momentum; energy spikes, Stelco’s discount and outage timing remain the main near‑term downside risks.
Date | Corporate & Eliminations | Steelmaking | Other Businesses |
|---|---|---|---|
Jun 30, 2026 | $0.00 | $268.00M | $18.00M |
Mar 31, 2026 | $0.00 | $80.00M | $15.00M |
Dec 31, 2025 | $0.00 | -$44.00M | $15.00M |
Sep 30, 2025 | $2.00M | $129.00M | $12.00M |
Jun 30, 2025 | -$2.00M | $83.00M | $16.00M |
Mar 31, 2025 | $0.00 | -$184.00M | $10.00M |
Dec 31, 2024 | $1.00M | -$92.00M | $10.00M |
Sep 30, 2024 | $3.00M | $113.00M | $8.00M |
Jun 30, 2024 | -$1.00M | $306.00M | $18.00M |
Mar 31, 2024 | $2.00M | $395.00M | $17.00M |