Cleveland-Cliffs Q3扭亏为盈、上调2027年EBITDA展望至超40亿美元，股价盘中已大涨约16%

Cleveland-Cliffs ( CLF ) surged 15.7% in Monday's trading after the steel producer posted what it said was its strongest quarterly performance in three years, helped by tariffs and high prices. For Q3 , GAAP net income swung to a profit of $152M, or $0.26/share, from a loss of $251M, or $0.51/share, in the year-earlier quarter, while revenue rose 18.5% Y/Y to $5.61B, slightly below analyst consensus expectations, from $4.73B a year ago. The top-line growth was driven by increases in both volume and selling prices, the company said, as it sold 4.2M net tons of steel products in the quarter, up from 4M net tons a year ago, at an average net selling price of $1,177/net ton, up from $1,032/ton a year earlier. For the current quarter, Cleveland-Cliffs ( CLF ) guided for adjusted EBITDA of ~$715M, above the Wall Street consensus of $697.5M. For FY 2027, the company forecast its best year since 2021, with adjusted EBITDA expected to exceed $4B for the full year, based on new contracts it has signed and index price forecasts. "Imports remain well below historical levels, lead times are extended, and our customers increasingly recognize the value of a reliable domestic supply chain," CEO Lourenco Goncalves said on Cleveland-Cliffs' ( CLF ) earnings conference call, according to Bloomberg. "As a result, our 2027 outlook has improved materially since our last earnings call, as several of the initiatives we identified as drivers of future earnings growth are developing more favorably than originally expected," the CEO said. "What the Trump administration has done on trade is not just good for Cleveland-Cliffs; it's good for America," Goncalves also said on the call. "As a consequence of the renaissance of manufacturing in the United States, we are currently selling steel under the best price environment in three years." Goncalves also blamed Canada's government as the driving force behind the company's plans to lay off hundreds of Stelco steel workers in Ontario. Canada's domestic market for galvanized steel is not big enough for producers Stelco and ArcelorMittal, as well as the "avalanche of imports" that has not been adequately reduced by the country's tariff-rate quota system, the CEO said. "The last piece of the puzzle to be addressed by the Canadian government is galvanized steel," Goncalves said on the call. "And then we would be able to bring the workers back and restart production at the galvanized department in Hamilton, Ontario."