Cleveland-Cliffs Reports Strong Q1 Steel Shipments

By Chris Stiles • Monday, April 20 16:21 • Permanent Link

Cleveland-Cliffs reported first-quarter 2026 steel shipments of 4.1 million net tons, up 338,000 from the fourth quarter of 2025, while revenues rose to $4.9 billion from $4.3 billion in the prior quarter and $4.6 billion a year earlier.

The company posted a GAAP net loss of $229 million, or 42 cents per diluted share, narrowing from a $235 million loss, or 44 cents, in the fourth quarter of 2025 and from a $486 million loss, or $1.01 per diluted share, in the first quarter of 2025.

Adjusted EBITDA came in at $95 million, compared with an adjusted EBITDA loss of $21 million in the fourth quarter of 2025 and a loss of $179 million in the first quarter of 2025. The quarter included an $80 million one-time energy cost hit tied to extreme cold weather.

Average net selling price per net ton of steel products increased to $1,048 from $993 in the fourth quarter of 2025 and $980 in the first quarter of 2025.

Steelmaking revenues were $4.757 billion, up from $4.154 billion in the fourth quarter of 2025 and $4.467 billion in the first quarter of 2025. Cash cost of goods sold increased slightly to $4.621 billion from $4.616 billion in the prior quarter and $4.129 billion a year earlier.

Gross margin improved to a loss of $95 million from a loss of $220 million in the fourth quarter of 2025 and a loss of $405 million in the first quarter of 2025.

By market, first-quarter steelmaking sales included $1.5 billion to distributors and converters, $1.4 billion to infrastructure and manufacturing, $1.4 billion to automotive, and $552 million to steel producers.

Liquidity stood at $3.1 billion at March 31, 2026.

For full-year 2026, Cleveland-Cliffs left unchanged its guidance for steel shipments of 16.5 million to 17.0 million net tons, capital expenditures of about $700 million, SG&A of about $575 million, depreciation, depletion and amortization of about $1.1 billion, and cash pension and OPEB payments and contributions of about $125 million. Following these announcements, the company's shares moved -0.58%, and are now trading at a price of $8.49. For more information, read the company's full 8-K submission here.

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