Cleveland-Cliffs swung to a Q3 2026 net profit from a loss a year earlier

Cleveland-Cliffs, a US steel producer, earned a net profit of USD 152m in the third quarter of 2026 on revenue of USD 5.6bn. A year earlier it lost USD 251m. Revenue grew 18.5%. The operating result moved from a loss of USD 204m to a profit of USD 311m, so the turnaround is not confined to the bottom line. EBITDA, which is operating profit plus depreciation and amortisation, rose to USD 570m from USD 84.0m, and the operating margin improved by 9.9 pp.

A swing like this in steel usually comes from higher prices or volumes meeting a cost base that barely moves. Furnaces and mills carry heavy fixed costs, so extra revenue falls through to profit quickly, and the same effect works in reverse. One quarter does not show whether the gain repeats or leans on a single item. The balance sheet moved less: the equity ratio is 28.0%, up from 26.9%, and cash stands at USD 77.0m. I would watch the next quarter before treating this level as the base.