Cleveland-Cliffs Inc. (CLF) Earnings Call Transcripts

Cleveland-Cliffs Inc.'s Latest Earnings Call - Q1 FY2026

Cleveland-Cliffs Inc. reported its Q1 2026 earnings, highlighting a $95 million adjusted EBITDA, a $274 million increase from the previous year, driven by improved pricing and demand. Revenue was bolstered by increased shipments totaling over 4.1 million tons, reflecting a recovery of more than 300,000 tons sequentially. Management emphasized a positive outlook with strong order books and extended lead times, indicating robust future performance. The company maintained its full-year guidance, with expectations for significant free cash flow improvements in Q2. Management noted that Q2 should be their best quarter in nearly two years, with further improvements anticipated in Q3.

Reported metrics

Guidance from management

Management maintained full-year guidance, expecting significant free cash flow improvements in Q2 and further operational efficiencies in Q3.

What management said

Thanks, Celso. In closing, -- what's fundamentally different today is that trade enforcement is working. Our customers are engaged and our order book is full. This company spent the last couple of years fixing what needed to be fixed. That work is largely behind us. The footprint has been rightsized and we finally have the platform to perform and deliver. From here, the focus is on execution, running reliable opera...

Carlos, that's Lorenzo here. Let me answer the slab first and then Celso address the previous portion of your question. We had a tale of shipments on these labs. That is not tonnage-wise, is not really meaningful, but it's still a drag. It was 175,000 tons of slabs that are still in the tail end of shipments. But it's over. It's done. And now they do not have any labs from us. ArcelorMittal covered is on their own ...

What analysts pressed on

Analysts expressed concerns about the impact of energy costs and the timing of working capital releases. Questions also focused on the details of ongoing negotiations with POSCO and the potential impact on asset sales.

Main topics on the call

• Energy Cost Impact — The quarter was negatively impacted by a spike in energy costs, which drove an $80 million negative impact to EBITDA. Management noted, 'The day that gas was locked for the month of February was the highest price in 3 ye...
• Automotive Demand — Automotive OEMs are increasingly booking steel from Cleveland-Cliffs, with production schedules tight and lead times extended. Management stated, 'Our order book is full and the automotive OEMs are booking more and more ...
• Steel vs. Aluminum — There is a notable shift from aluminum to steel, particularly in the automotive sector. Management highlighted, 'I have never seen so much momentum in substituting aluminum with steel.'
• Trade and Tariffs — Management praised the effectiveness of trade enforcement, noting that 'steel imports into the United States are at their lowest levels since 2009.'

Read the full Cleveland-Cliffs Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 36 Cleveland-Cliffs Inc. earnings call transcripts on record, spanning February 20, 2020 to July 23, 2026. Based on this history, Cleveland-Cliffs Inc. reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CLF

Exchange

NYSE

Country

US

Sector

Materials

Industry

Metals and Mining

Calls on record

36

First call

February 20, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly