Steel Producer Cleveland-Cliffs Reports Q1 Loss Amid Energy Cost Shocks
Steel manufacturer Cleveland-Cliffs reported a first-quarter loss of $0.42 per share, hit by an $80 million energy cost impact from extreme winter weather and the ongoing Iran conflict's energy price surge. The company maintained its full-year guidance despite headwinds.
First-Quarter Results
Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2026. For the first quarter of 2026, the Company recorded a GAAP net loss of $229 million, or $0.42 per diluted share, with an adjusted net loss of $0.40 per diluted share.
Energy Cost Impact
Adjusted EBITDA of $95 million, inclusive of an $80 million one-time energy cost impact driven by extreme cold weather. This demonstrates how energy price shocks from the Iran conflict are directly impacting manufacturing profitability.
Revenue Performance
First-quarter 2026 consolidated revenues were $4.9 billion, compared to $4.6 billion in the first quarter of 2025 and $4.3 billion in the fourth quarter of 2025.
Maintained Full-Year Guidance
The Company maintains the following previously guided expectations for the full-year 2026, including: Steel shipment volumes maintained at approximately 16.5-17.0 million net tons and Capital expenditures maintained at approximately $700 million.