Cleveland-cliffs Inc. · NYSE:CLF
Cleveland-cliffs — Q2 2026 Earnings Presentation
23 slides from Cleveland-cliffs's earnings presentation, Jul 23, 2026
Slide 1: Second-Quarter 2026 Earnings Presentation
CLEVELAND-CLIFFS INC. Second-Quarter 2026 Earnings Presentation July 23, 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: Second-Quarter 2026
SECOND-QUARTER 2026 Revenues $191 million improvement in quarter-over-quarter Adj. EBITDA $5.2 Billion $192 million improvement in year-over-year Adj. EBITDA Free Cash Flow Highest Adjusted EBITDA in 2 $73 million years Average selling price $76 per ton Adj. EBITDA higher than prior quarter $286 Mil
Slide 4: Q2 2026 End Market and Product Overview
Q2 2026 END MARKET AND PRODUCT OVERVIEW 1% 4% Other 10% Plate Steel Producers 31% 29% Direct Coated End Automotive Product (primarily galvanized) Market 45% Hot-Rolled Mix 28% Mix (Shipments) Infrastructure & (Revenue) Manufacturing 15% Cold-Rolled 33% Distributors & 4% Converters Stainless & Electr
Slide 5: Results Trend
RESULTS TREND Steelmaking External Sales Volumes Adjusted EBITDA $286 4,290 4,108 4,029 4,025 Net Tons (Thousands) 3,770 $143 Millions $94 $95 ($21) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Steelmaking Average Selling Price Liquidity $1,124 $3,270 $3,128 $3,141
Slide 6: Contract Mix for 2026
CONTRACT MIX FOR 2026 Contract Mix Has Evolved Following Expiration of Slab Contract and Added Automotive Volume U.S. Spot Fixed Price 12% Fixed-price percentage is 43% higher following gaining back automotive market share Stelco (Spot) 15% Fixed-price contracts include automotive, manufacturing, Co
Slide 7: 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 have risen, and key global tensions has further disrupted experiencing higher energy and other glo
Slide 8: Palantir Partnership
PALANTIR PARTNERSHIP Formed Multi-Year Partnership with Palantir to Leverage Artificial Intelligence to Improve Efficiency Modernize operational systems Improve real-time visibility into material flows and inventory Optimize production planning Improve coordination across facilities Reduce costs, im
Slide 9: Opportunities for Upside Heading into 2027
OPPORTUNITIES FOR UPSIDE HEADING INTO 2027 Canadian market for hot-rolled is showing $500M signs of significant improvement Expected EBITDA Average selling price, volumes and costs all Improvement directionally positive Expiration of Non-Auto Fixed $500M Current contracts were signed in a much weake
Slide 10: 2027 Earnings Potential
2027 EARNINGS POTENTIAL Illustrative Bridge to 2027 Adjusted EBITDA and Free Cash Flow $3,300 $500 $500 ($1,600) $2,300 Expected EBITDA Dollars in Millions Fixed Price Improvement Resets 4x $1,700 $575 Q3 26E Adj. EBITDA Q3 26E Annualized 2027 Non-Auto Fixed Stelco Expected 2027E Adj. EBITDA Interes
Slide 11: Q3 2026 Outlook
Q3 2026 OUTLOOK Q3 2026 Adjusted EBITDA expected to be ~$575 million Q2 to Q3 Trends Highlights Average Selling Expected to Q2 2026 was highest quarterly average HRC Price increase price since Q2 2022 which will benefit Q3 2026 (per net ton) ~$55/net ton Expected to Shipments to increase as maintena
Slide 12: 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 ~$425 million water (~$100 million received) contributing assets 100% of net cash pr
Slide 13: 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 14: 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. 717 724 712 711 ~750K 57% Lower 656 Section 232 tariffs 619 620 Thousand Net Tons reinstated 564 554 465 504 453 437 413 326 398 361 341 340 324 270 278 261 2024 Avg. 2025 Avg. 20
Slide 15: 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 2009-2024 Avg. 7.6 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 16: 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 Units in Thousands 28% Lower 506 2024 Avg. 2025 Avg. 2026 YTD Avg. 16 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. Source: USITC, YTD though April 2026
Slide 17: Recent Automotive Supplier Recognition
RECENT AUTOMOTIVE SUPPLIER RECOGNITION Toyota Quality Excellence Award GM 2025 Supplier of the Year Awarded Toyota Quality Excellence Award by Toyota Awarded 2025 Supplier of the Year from General Motor North America product quality group Motors Represents exceptional product quality performan
Slide 18: Well-Positioned Balance Sheet
WELL-POSITIONED BALANCE SHEET Liquidity Leverage Commitment to (As of June 30, 2026) Target utilize 100% of $3.1 (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 in next 12 months Debt reduction
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 $4.0 billion reduction in pension/OPEB net liabilities since AM USA acquisition Historical Net Pension and OPEB Liabilities $4,207 96% Reduction $2,872 Net Liabilities in $ Millions $813 $586 $416 $299 $176 2020 2021 2022 2023 2024 2025 Current 20 © 2026 Clevelan
Slide 21: Electrical Steel Federal Government Contract
ELECTRICAL STEEL FEDERAL GOVERNMENT CONTRACT Awarded Department of War contract worth up to $400 million Highlights $400M • Defense Logistics Agency (DLA) awarded Potential Contract Value a fixed price contract to Cleveland-Cliffs • 5-year ordering period for Domain Refined 50K+ Grain Oriented Elect
Slide 22: Cleveland-Cliffs' Non-GAAP Reconciliation
CLEVELAND-CLIFFS’ NON-GAAP RECONCILIATION Three Months Ended June 30, March 31, December 31, September 30, June 30, ($ in millions) 2026 2026 2025 2025 2025 Net loss $(134) $(229) $(235) $(234) $(473) Less: Interest expense, net (156) (148) (152) (153) (149) Income tax benefit 20 81 206 78 148 Depre
Slide 23: © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
© 2026 Cleveland-Cliffs Inc. All Rights Reserved.