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Cleveland-Cliffs (CLF) guidance and outlook

Cleveland-Cliffs (CLF) reaffirmed its guidance on Oct 19, 2026: EBITDA $4.0B for FY2027; EBITDA $715M for Q4 2026. Cleveland-Cliffs' 10-Q filed Oct 20, 2026 makes 35 forward-looking statements, 4 of them new and 3 no longer said since the filing before.

Guidance and outlook

Latest guidance

From the earnings release filed Oct 19, 2026 (8-K on EDGAR).

Forward-looking statements, 10-Q filed Oct 20, 2026

• Looking forward, we expect domestic steel demand to grow, as implemented tariffs support demand for domestically produced steel, steel imports remain unattractive and other end-user demand continues to improve.
• As a leading American steel producer, we expect to benefit for years to come from President Trump's pro-manufacturing and America-first agenda, along with the implemented Section 232 tariffs, not only for steel but also for the automotive industry.
• We expect these tariff-rate quotas to help support a healthier Canadian steel industry for HRC and give Stelco the opportunity to generate improved margins for the remainder of 2026 and beyond.
• Furthermore, we expect the 25% tariff on imports of automobiles and certain automobile parts, which were implemented during 2025, to lead to increased demand for domestically produced vehicles that consume domestically made steel.
• As a leading supplier of automotive-grade steel in the U.S., we expect to benefit from improved domestic vehicle production over the coming years as we continue to be an established and reliable supplier.
• We expect rising domestic steel demand, along with lower imports, to support higher steel prices, which we would expect to more than offset any inflationary costs we experience as a result of the war with Iran.
• We expect the supply of busheling scrap to further tighten due to decreasing prime scrap generation from original equipment manufacturers and the growth of EAF capacity in the U.S., reduced metallics import availability, supply chain disruptions from global tensions, and a push for expanded scrap use globally.
• We continue to be an established and reliable supplier of automotive-grade steel and intend to bolster our position as an industry leader going forward.
• Demand for our automotive-grade steel is expected to be healthier in the coming years as a result of government support for domestically produced vehicles, the further shift away from other metals such as aluminum, low unemployment rate, and the replacement of older vehicles.
• As an established and reliable supplier of domestically produced automotive-grade steel, we expect customers to continue to look to us to serve increased demand in the coming years.
• The necessary resources that we have invested in our footprint are expected to keep our assets at an automotive-grade level of quality and reliability for years to come.
• We are a leading producer of electrical steels in the U.S., which we believe will be critical for the modernization of the electrical grid.

Cleveland-Cliffs' latest quarter

Questions

Did Cleveland-Cliffs raise or lower its guidance?

Cleveland-Cliffs (CLF) reaffirmed its guidance on Oct 19, 2026: EBITDA $4.0B for FY2027; EBITDA $715M for Q4 2026.

What does Cleveland-Cliffs expect?

The indefinite idle is not expected to have any impact on production as we shift mix further towards HRC, which is more profitable under current market conditions. Additionally, we plan to construct an advanced cogeneration facility that will capture and utilize blast furnace gas to generate electricity and steam for on-site utilization, improving overall energy efficiency, reducing reliance on externally supplied electricity, and lowering operating costs. We anticipate total cash used for capital expenditures during the next 12 months to be appro ximately $1.0 billion, which includes sustaini

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.