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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 overwhelmingly drives Cleveland‑Cliffs’ EBITDA, shifting from cyclical troughs into clear positive momentum in the most recent quarter; that recovery is the engine behind management’s deleveraging plan. Other Businesses supply a small, steady offset and corporate drag is immaterial. Management’s bullish Q3/Q4 path depends on continued HRC price gains, contract resets and cost cuts—real upside but still vulnerable to commodity cycles, OEM demand and timing of asset‑sale execution.
Date | Corporate & Eliminations | Steelmaking | Other Businesses |
|---|---|---|---|
Sep 30, 2026 | $2.00M | $601.00M | $13.00M |
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 |