Cleveland Cliffs has announced the steel manufacture had an improved quarter and expect the rest of the year to see continued growth.
While on an earnings call in July, CEO Lourenco Goncalves announced during the last quarter Cleveland-Cliffs saw an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $286 million and returned to a positive free cash flow.
This brings the total EBITDA for the year to $575 million.
And Goncalves expects the second half of this year to be better than the first half.
“At the current curve for steel, we expect the fourth quarter to further outperform the third quarter in adjusted EBITDA, with even more improvements to come in 2027.”