Cleveland-cliffs Inc. · NYSE:CLF
Cleveland-cliffs — Q3 2026 Earnings Presentation
22 slides from Cleveland-cliffs's earnings presentation, Oct 19, 2026
Slide 1: Third-Quarter 2026 Earnings Presentation
CLEVELAND-CLIFFS INC. Third-Quarter 2026 Earnings Presentation October 19, 2026 © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looki
Slide 3: Third-Quarter 2026
THIRD-QUARTER 2026 Revenues $326 million improvement in quarter-over-quarter Adj. EBITDA $5.6 Billion $469 million improvement in year-over-year Adj. EBITDA Adj. EBITDA $612 Million Highest Adj. EBITDA and Revenues in 3 years Average selling price $53 per ton Shipments higher than prior quarter 4.2
Slide 4: Q3 2026 End Market and Product Overview
Q3 2026 END MARKET AND PRODUCT OVERVIEW 4% 10% Plate Steel Producers 31% 28% Direct Coated End Automotive Product (primarily galvanized) Market 46% Hot-Rolled Mix 28% Mix (Shipments) Infrastructure & (Revenue) Manufacturing 15% Cold-Rolled 34% Distributors & 4% Converters Stainless & Electrical High
Slide 5: Results Trend
RESULTS TREND Steelmaking External Sales Volumes Adjusted EBITDA $612 4,108 4,150 4,029 4,025 Net Tons (Thousands) 3,770 $286 Millions $143 $95 ($21) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Steelmaking Average Selling Price Liquidity $1,177 $3,270 $3,246 $1,12
Slide 6: Contract Mix for 2026
CONTRACT MIX FOR 2026 Contract Mix Has Evolved Following Expiration of Slab Contract and Additonal Automotive Volume U.S. Spot Fixed Price 12% 43% Stelco (Spot) 15% Contract Mix Percent of Volume U.S. Index Linked - Quarter Lag 7% U.S. Index Linked - Month Lag 6 © 2026 Cleveland-Cliffs Inc. All Righ
Slide 7: Well-Positioned Balance Sheet
WELL-POSITIONED BALANCE SHEET Liquidity Leverage Commitment to (As of September 30, 2026) Target utilize 100% of $3.2 (Net debt / TTM Adj. cash flow EBITDA) towards debt billion 2.5x repayment 3-Year Note Maturities Leverage target Clear path to reach leverage target by Q2 2027 Debt reduction is #
Slide 8: Current Global Steel Industry
CURRENT GLOBAL STEEL INDUSTRY Recent Global Higher Global Steel Rising Freight Costs and Tensions Costs Logistics Issues The war with Iran along with other Global steel producers are Oil and gas prices remain elevated global tensions has further disrupted experiencing higher energy and other and key
Slide 9: Canadian HRC Market Continuing to Improve
CANADIAN HRC MARKET CONTINUING TO IMPROVE U.S. vs. Canadian HRC Pricing through 10/15/26 $1,300 U.S. HRC $1,259 Canadian HRC $1,200 $1,226 $1,100 U.S. Dollars Per Net Ton $1,000 $900 $800 $700 4/2/2026 4/30/2026 5/28/2026 6/25/2026 7/23/2026 8/20/2026 9/17/2026 10/15/2026 9 © 2026 Cleveland-Cliffs I
Slide 10: 2027 Earnings Potential
2027 EARNINGS POTENTIAL Illustrative Bridge to 2027 Adjusted EBITDA and Free Cash Flow ($250) ~$4,500 Cost Impact (Inflation and MRO) $1,100 Prevailing Price ($1,800) Forecasts $850 Dollars in Millions ~$2,700 ~$2,450 $350 Fixed Price Resets Lower Discounts 4x and Increased Extras on Index- Linked C
Slide 11: Reinvestments into Our Facilities
REINVESTMENTS INTO OUR FACILITIES Five Major Projects Through 2030 Middletown Works energy optimization project $500 million DOE grant Butler Works GOES expansion $75 million DOE grant Burns Harbor blast furnace reline Moved from mid-2027 to early 2028 Burns Harbor coke plant rebuild Improving effic
Slide 12: Re-Scoped Middletown Project
RE-SCOPED MIDDLETOWN PROJECT $500M $500M 2,300 2030 Net Capital Cost Department of Jobs Preserved Expected Completion Energy Award MODERNIZING MIDDLETOWN THROUGH ADVANCED EQUIPMENT AND AI-ENABLED CONTROLS Material Handling AI-Enabled Process Improved Efficiency Blast Furnace Upgrades Infrastructure
Slide 13: Butler Works GOES Expansion
BUTLER WORKS GOES EXPANSION Hosted U.S. Secretary of Energy Chris Wright and Other Government Officials at Butler Works Showcased our $200 million investment at our Butler Works facility Grain Oriented Electrical Steel expansion project supported by $75 million award from the U.S. Department of Ener
Slide 14: Asset Sales Process
ASSET SALES PROCESS Accomplishments to date Highlights Assets that are well-positioned geographically with infrastructure Under contract or Total Value in place and access to power and closed on all major non-EBITDA ~$500 million water (~$130 million received) contributing assets 100% of net cash pr
Slide 15: Trade and Tariffs
TRADE AND TARIFFS Trump Administration’s Continued Focus on Strengthening Domestic Steel Top 10 Importing 2024 2025 Imports Imports % Change Jan. 20, 2025 Mar. 12, 2025 Current Countries (Thousand Net Tons) (Thousand Net Tons) Status Status Canada 6,557 4,524 (31%) Exempt 25% Tariff 50% Tariff Brazi
Slide 16: Effectiveness of Tariffs for Steel
EFFECTIVENESS OF TARIFFS FOR STEEL Total Flat-Rolled Imports (HRC, CRC, Coated) 865 842 750 821 794 770 750755 2024 Avg. 717 724 711 712 ~750K 53% Lower 656 Section 232 tariffs 619 620 Thousand Net Tons reinstated 564 554 465 504 437 453 352 430 413 398 385 361 341 340 350 324 270 278 261 2024 Avg.
Slide 17: Steel Import Level Since 2009
STEEL IMPORT LEVEL SINCE 2009 Total Quarterly U.S. Steel Imports 9.4 9.0 8.6 8.2 7.9 7.9 7.6 2009-2024 Avg. 5.8 million net tons 7.1 6.9 6.9 6.9 6.8 Million Net Tons 6.7 6.7 6.6 6.5 6.3 6.4 6.3 6.3 6.3 6.2 6.2 6.0 6.1 6.2 6.0 6.0 5.8 5.8 5.9 5.9 5.9 5.8 5.7 5.4 5.4 5.6 5.6 5.5 5.5 5.4 5.4 5.4 5.3 5.
Slide 18: Effectiveness of Tariffs for Autos
EFFECTIVENESS OF TARIFFS FOR AUTOS U.S. Production and Investment U.S. Monthly Imports of Cars and Light Trucks Announcements 700 564 25% Lower Units in Thousands 527 2024 Avg. 2025 Avg. 2026 YTD Avg. 18 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. Source: USITC, YTD through July 2026
Slide 19: Capex Discipline
CAPEX DISCIPLINE Total Capital Expenditures Note: All years inclusive of Stelco $1,093 $893 $791 $800 $700 $ in millions $561 2021 Pro Forma 2022 Pro Forma 2023 Pro Forma 2024 Pro Forma 2025 2026E 19 © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
Slide 20: Pension and OPEB Liability Reduction
PENSION AND OPEB LIABILITY REDUCTION $4.1 billion reduction in pension/OPEB net liabilities since AM USA acquisition Historical Net Pension and OPEB Liabilities $4,207 97% Reduction $2,872 Net Liabilities in $ Millions $813 $586 $416 $299 $110 2020 2021 2022 2023 2024 2025 Current 20 © 2026 Clevelan
Slide 21: Cleveland-Cliffs' Non-GAAP Reconciliation
CLEVELAND-CLIFFS’ NON-GAAP RECONCILIATION Three Months Ended September 30, June 30, March 31, December 31, September 30, ($ in millions) 2026 2026 2026 2025 2025 Net income (loss) $165 $(134) $(229) $(235) $(234) Less: Interest expense, net (148) (156) (148) (152) (153) Income tax benefit (expense)
Slide 22: © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
© 2026 Cleveland-Cliffs Inc. All Rights Reserved.