The steel producer’s earnings are expected to more than double in the coming months as steel prices climb and tariffs tighten supply.
Cleveland-Cliffs projects Q3 EBITDA of $575M (2x Q2) as Section 232 tariffs push steel to $1,124/ton and auto demand strengthens. Tariff-driven capital reallocation to U.S. manufacturing is reshaping supply chain economics and tech infrastructure sourcing.
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The steel producer’s earnings are expected to more than double in the coming months as steel prices climb and tariffs tighten supply.
Published July 24, 2026
Cleveland-Cliffs headquarters in West Chester, Ohio. The company is expecting its adjusted EBITDA to more than double in the third quarter amid a highly favorable market backdrop influenced by Section 232 tariffs.
Cleveland-Cliffs shares jump over 20% after Q2 earnings, positive free cash flow return, and a leadership upgrade.
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