Cleveland-Cliffs shares jump on raising 2027 outlook, first quarterly profit in 2 years
US steelmaker Cleveland-Cliffs raised its 2027 core profit forecast on Monday, after stronger prices and lower costs helped it post its first quarterly profit in more than two years.
Shares of Cleveland were up 15% in morning trading and were on track for their biggest one-day jump since July.
CEO Lourenco Goncalves told investors that customers wanted more steel under contract in 2027 than in 2026.
"We are currently selling steel under the best price environment in three years," Goncalves added.
It posted an adjusted per-share profit of 28 cents in the third quarter, compared with a loss of 45 cents in the prior year.
Analysts had expected adjusted profit of 19 cents per share, according to data compiled by LSEG.
Cleveland-Cliffs now expects 2027 adjusted earnings before interest, taxes, depreciation and amortization of more than $4-billion, compared with its earlier forecast of $3.3-billion.
Better pricing and recently signed contracts prompted the company to raise its 2027 adjusted EBITDA forecast, Goncalves said.
US steelmakers are benefiting from firmer steel prices, supported by favorable trade policies.
It now expects fourth-quarter EBITDA of about $715-million.
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