Today, Oct. 19, 2026, the flat-rolled steel producer's adjusted EBITDA more than doubled from the prior quarter, signaling durable pricing momentum.
19, 2026, the flat-rolled steel producer's adjusted EBITDA more than doubled from the prior quarter, signaling durable pricing momentum.
$14.10+$1.98 (+16.34%)
NYSE · As of 4:00 PM ET 10/19/26
Cleveland-Cliffs (CLF +16.34%), a North American flat-rolled steel producer, closed at $14.10, up 16.34%.The stock rose after stronger third-quarter results and a higher EBITDA outlook. Investors are watching whether steel pricing and signed contracts can support the updated 2027 target.Trading volume reached 84.1 million shares, coming in about 324% above its three-month average of 19.9 million shares.
How the markets moved today
The S&P 500 (^GSPC +0.41%) rose 0.42% to 7,691, while the Nasdaq Composite (^IXIC +1.11%) advanced 1.11% to 26,431. Among steel manufacturing and flat-rolled iron/steel production peers, Nucor closed at $260.75, up 1.74%, and Steel Dynamics closed at $245.17, up 1.92%, as investors read the group through stronger pricing and earnings momentum.
What this means for investors
Cleveland-Cliffs said adjusted EBITDA reached $612 million, more than double the prior quarter, and the stock jumped on the stronger margin recovery. Management expects robust steel pricing and demand to continue, predicting that adjusted EBITDA will exceed $4 billion in 2027.
Earnings per share beat estimates, and the results boosted other domestic steel stocks. Even with strong sector tailwinds, investors will need to watch for company-specific issues.
After the bell, Steel Dynamics reported record steel shipments, but shares sank after earnings missed estimates. Charges and start-up issues from that company's new aluminum mill operations weighed on the bottom line.
Averytin News Financial update.