Cleveland-Cliffs Narrows Q1 Loss as Revenue Climbs to $4.9 Billion

Cleveland-Cliffs Inc. (CLF) has posted improved financial results for the first quarter of 2026, reporting a narrowed GAAP net loss of $229 million, or $0.42 per diluted share. This represents a substantial improvement over the $486 million loss, or $1.01 per share, recorded during the same period last year. The results highlight a recovery in operational efficiency and top-line growth, with consolidated revenues rising to $4.9 billion from $4.6 billion year-over-year. The company's ability to reduce losses amid volatile energy markets suggests a strengthening of its core steel operations. Adjusted EBITDA reached $95 million, a sharp turnaround from the $179 million loss reported in the prior year's first quarter. This figure was achieved despite an $80 million negative one-time impact caused by a spike in energy prices driven by severe cold weather. In terms of volume, the company reported steel shipments of 4.1 million net tons for the quarter. Management has reaffirmed its full-year 2026 guidance, expecting total steel shipment volumes to remain between 16.5 million and 17.0 million net tons. Investors reacted positively to the narrowed losses and revenue growth, with shares trading up 2.16% to $10.16 in pre-market activity following the announcement.