Cleveland-Cliffs Sees Earnings Momentum Accelerate as EBITDA Outlook Surges
Cleveland-Cliffs (NYSE:CLF) delivered a significantly stronger second quarter, signaling that the steelmaker's turnaround may be gaining traction as pricing, volumes, and operational performance continue improving. While the company remained unprofitable on a GAAP basis, key operating metrics moved sharply higher, with revenue rising to $5.2 billion, adjusted EBITDA climbing to $286 million, more than triple the prior quarter, and operating cash flow reaching $230 million. Management also reported a return to positive free cash flow and said debt reduction has already begun.