[Cleveland-Cliffs Q3 2026 Earnings Call] EBITDA More Than Doubles to $612 Million, 2027 Contract Resets to Add $1 Billion as CEO Goncalves Declares 'No Equity Raise, Full Stop'

• Q3 2026 adjusted EBITDA hit $612M, more than double Q2 and above $575M guidance • Over 55% of 2027 contracts signed with take-or-pay minimums, adding $1B+ EBITDA • Management guides Q4 EBITDA near $715M and sees 2027 EBITDA topping $4 billion Cleveland-Cliffs posted Q3 2026 adjusted EBITDA of $612 million, more than double Q2's $286 million and $37 million above its own guidance. The beat came from unit costs falling $17/ton (versus a guided $10 drop) and steel shipments rising to 4.2 million net tons at an average price of $1,177/ton. CEO Lourenco Goncalves credited 50% Section 232 tariffs for a 'much more rational trade environment,' keeping imports 35%-40% below pre-tariff levels. The biggest development: over 55-60% of 2027 contract renewals are already signed, now with take-or-pay minimums and index-based pricing replacing fixed prices, expected to add more than $1 billion in year-over-year EBITDA. In Canada, Stelco turned profitable as new TRQ import quotas lifted hot-rolled coil prices, though its Hamilton galvanized business remains weak. Management guided Q4 EBITDA to about $715 million and outlined a path to over $4 billion in 2027 EBITDA — the best since 2021 — helped by pushing the Burns Harbor C blast furnace reline to April 2028, preserving 500,000 tons of 2027 output. CFO Celso Goncalves and the CEO both ruled out an equity raise, with Goncalves stating: 'We are not going to issue stock. We don't need to, full stop.'