AI Earnings Predictions for Cleveland-Cliffs Inc. (CLF)

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EXHIBIT 99.1

NEWS RELEASE

Cleveland-Cliffs Reports Second-Quarter 2026 Results

CLEVELAND—July 23, 2026—Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2026.

Second-Quarter Consolidated Results

•Revenues of $5.2 billion, a $300 million increase from the prior quarter

•Operating cash flow of $230 million

•GAAP net loss of $134 million and adjusted net loss1 of $115 million

•Adjusted EBITDA2 of $286 million, a $191 million increase from the prior quarter

•GAAP net loss of $0.25 per diluted share and adjusted net loss1 of $0.20 per diluted share

•Liquidity of $3.1 billion as of June 30, 2026

Second-quarter 2026 consolidated revenues were $5.2 billion, compared to $4.9 billion in the first quarter of 2026.

For the second quarter of 2026, the Company recorded a GAAP net loss of $134 million, or $0.25 per diluted share, with an adjusted net loss1 of $0.20 per diluted share. This compares to a first quarter 2026 GAAP net loss of $229 million, or $0.42 per diluted share, with an adjusted net loss1 of $0.40 per diluted share.

For the second quarter of 2026, the Company reported Adjusted EBITDA2 of $286 million, a $191 million improvement compared to Adjusted EBITDA2 of $95 million recorded in the first quarter of 2026.

Cliffs’ Chairman and CEO, Lourenco Goncalves, said: “The second quarter marked another step in returning to the earnings power this company is capable of and has demonstrated in the past. Even with extended maintenance outages in April and May, our second quarter adjusted EBITDA tripled from the Q1 level and Q3 adjusted EBITDA is expected to more than double Q2. As previously foreshadowed, we returned to positive free cash flow during Q2 and have begun reducing our debt, a trend that will continue in a more meaningful way for the foreseeable future."

Mr. Goncalves added: "The domestic market remains strong as ongoing global tensions continue to underscore the importance of having a thriving domestic steel industry. Demand continues to improve, imports remain subdued, and lead times are extending further. Our automotive volumes remained strong

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during the quarter and will increase further in Q3, helping to further absorb fixed costs as our finishing lines operate at higher utilization rates. In addition, we are beginning to see meaningful improvement in the Canadian market, positioning Stelco to return to generating significant earnings."

Mr. Goncalves concluded: "Looking ahead, we have clear visibility into the continuous earnings improvement that began during the first half of the year. With average selling prices, volumes, and costs all moving in the right direction, our second-half earnings performance should be our strongest since 2021 as Q4 EBITDA is currently expected to even further exceed our Q3 guidance. We expect to finish the year on a positive note and enter 2027 with significant momentum and additional opportunities for upside, including the higher reset of fixed price contracts and much improved profits in Canada. With where our outlook stands today, we would expect to reach our leverage target of under 2.5x debt to EBITDA by this time next year."

Steelmaking Segment Results

Three Months Ended June 30,Six Months Ended June 30,Three Months Ended

2026202520262025Mar. 31, 2026

External Sales Volumes - In Thousands

Steel Products (net tons)4,025 4,290 8,133 8,430 4,108

Selling Price - Per Net Ton

Average net selling price per net ton of steel products$1,124 $1,015 $1,086 $998 $1,048

Operating Results - In Millions

Revenues$5,052 $4,771 $9,809 $9,238 $4,757

Cash cost of goods sold(4,703)(4,633)(9,324)(9,249)(4,621)

Cash margin349 138 485 (11)136

Depreciation, depletion, and amortization(236)(366)(467)(622)(231)

Gross margin$113 $(228)$18 $(633)$(95)

Second-quarter 2026 steel product sales volumes of 4.0 million net tons consisted of 45% hot-rolled, 31% coated, 15% cold-rolled, 4% plate, 4% stainless and electrical, and 1% other.

Steelmaking revenues of $5.1 billion included $1.6 billion, or 33%, of sales to the distributors and converters market; $1.5 billion, or 29%, of direct sales to the automotive market; $1.4 billion, or 28%, of sales to the infrastructure and manufacturing market; and $526 million, or 10%, of sales to steel producers.

Liquidity

As of June 30, 2026, the Company had $3.1 billion in total liquidity.

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Outlook

The Company expects third-quarter 2026 adjusted EBITDA2 to be approximately $575 million. Additional outlook details can be found on page 10 of the earnings presentation published this morning on clevelandcliffs.com/investors.

Additionally, 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

•Capital expenditures maintained at approximately $700 million

•Selling, general and administrative expe

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EXHIBIT 99.1

NEWS RELEASE

Cleveland-Cliffs Reports First-Quarter 2026 Results

CLEVELAND—April 20, 2026—Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2026.

First-Quarter Consolidated Results

•Steel shipments of 4.1 million net tons, a 338,000 increase from the prior quarter

•Revenues of $4.9 billion, a $600 million increase from the prior quarter

•GAAP net loss of $229 million, or $0.42 per diluted share

•Adjusted EBITDA2 of $95 million, inclusive of an $80 million one‑time energy cost impact driven by extreme cold weather

•Liquidity of $3.1 billion as of March 31, 2026

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.

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 loss1 of $0.40 per diluted share. This compares to a first quarter 2025 GAAP net loss of $486 million, or $1.01 per diluted share, with an adjusted net loss1 of $0.93 per diluted share; and a fourth quarter 2025 GAAP net loss of $235 million, or $0.44 per diluted share, with an adjusted net loss1 of $0.43 per diluted share.

For the first quarter of 2026, the Company reported Adjusted EBITDA2 of $95 million, which included an $80 million negative one-time impact due to a cold-weather driven energy price spike. This compares to an Adjusted EBITDA2 loss of $179 million and $21 million recorded in the first and fourth quarter of 2025, respectively.

Cliffs’ Chairman, President and CEO, Lourenco Goncalves, said: “Q1 results reflected the impact of short-term headwinds like energy prices and price realization lags. As we move through the year, each quarter is expected to improve sequentially, as the momentum already visible in both our order book and pricing continues to translate into earnings and cash flow. Importantly, we expect to generate healthy positive free cash flow in the second quarter, marking a return to the earnings and cash-generation profile this company is capable of delivering."

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Mr. Goncalves added: "Trade enforcement in the United States is working exactly as intended, with steel imports at their lowest levels since the global financial crisis. Recent actions related to derivative products have brought needed clarity to the market, supporting manufacturing in the United States and creating new jobs for American workers. Additionally, we continue to request the Canadian government to further enhance its own defenses toward the achievement of what we call both in Canada and the United States 'Fortress North America.' At this point we feel encouraged by the level of understanding demonstrated by key Canadian officials to the urgency of resolving the problem and preserving Canadian jobs currently at risk."

Mr. Goncalves concluded: "Ongoing disruption in the Middle East has made Cliffs' competitive position stronger and underscores why global steel producers want to partner with Cleveland-Cliffs. While the current situation has not helped the timeline of a potential deal with POSCO, we continue to negotiate in good faith within the framework of our MoU toward a transaction that is accretive for our shareholders and fully reflects the value of our assets, our market position, and the strength of the U.S. steel demand."

Steelmaking Segment Results

Three Months Ended March 31,Three Months Ended

20262025Dec. 31, 2025

External Sales Volumes - In Thousands

Steel Products (net tons)4,108 4,140 3,770

Selling Price - Per Net Ton

Average net selling price per net ton of steel products$1,048 $980 $993

Operating Results - In Millions

Revenues$4,757 $4,467 $4,154

Cash cost of goods sold(4,621)(4,616)(4,129)

Cash margin136 (149)25

Depreciation, depletion, and amortization(231)(256)(245)

Gross margin$(95)$(405)$(220)

First-quarter 2026 steel product sales volumes of 4.1 million net tons consisted of 44% hot-rolled, 29% coated, 15% cold-rolled, 5% plate, 3% stainless and electrical, and 4% other, including slabs.

Steelmaking revenues of $4.8 billion included $1.5 billion, or 31%, of sales to the distributors and converters market; $1.4 billion, or 29%, of sales to the infrastructure and manufacturing market; $1.4 billion, or 29%, of direct sales to the automotive market; and $552 million, or 11%, of sales to steel producers.

Liquidity

As of March 31, 2026, the Company had $3.1 billion in total liquidity.

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Outlook

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

•Capital expenditures maintained at approximately $700 million

•Selling, general and administrative expenses maintained at approximately $575 million

•Depreciation, depletion and amortization maintained at approximately $1.

clf-202602090000764065false00007640652026-02-092026-02-09

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 9, 2026

CLEVELAND-CLIFFS INC.

(Exact name of registrant as specified in its charter)

Ohio1-894434-1464672 (State or Other Jurisdiction of Incorporation or Organization)(Commission File Number)(I.R.S. Employer Identification No.)

200 Public Square, Cleveland,Ohio44114-2315 (Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: (216) 694-5700

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered: Common Shares, par value $0.125 per shareCLFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).

Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

On February 9, 2026, Cleveland-Cliffs Inc. issued a news release announcing the fourth-quarter and full-year financial results for the period ended December 31, 2025. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, unless such subsequent filing specifically references this Form 8-K.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits.

Exhibit NumberDescription

99.1 Cleveland-Cliffs Inc. published a news release on February 9, 2026 captioned, “Cleveland-Cliffs Reports Full-Year and Fourth-Quarter 2025 Results.” 101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CLEVELAND-CLIFFS INC.

Date:February 9, 2026By:/s/ James D. Graham Name: James D. Graham Title: Executive Vice President, Chief Legal and Administrative Officer & Secretary