Cleveland-Cliffs Reports $165 Million Net Profit for Q3 2026

U.S. steelmaker Cleveland-Cliffs recorded net income of $165 million in the third quarter of 2026, reversing a net loss in the same period a year earlier, according to SteelOrbis. Revenue totaled $5.61 billion, while adjusted EBITDA reached $612 million.

The return to profit marks an improvement in the company's bottom line compared with the year-earlier quarter. However, that comparison alone does not establish whether the improvement came from stronger sales, lower costs or other factors. Revenue and adjusted EBITDA provide additional context for the quarter, but neither figure on its own explains the earnings reversal.

For readers assessing the results, the distinction between net income and adjusted EBITDA matters. The two measures reflect different aspects of financial performance, and adjusted EBITDA should not be treated as cash available for spending. A profitable quarter therefore offers a clearer signal of improved earnings than of any specific change in liquidity or investment capacity.

The next question is whether Cleveland-Cliffs can sustain that profitability. Subsequent financial disclosures on shipment volumes, realized selling prices, operating costs and cash flow would help show how durable the improvement is. The reported results alone do not establish a broader recovery in steel demand or a change in the company's pricing and supply decisions.