Cleveland-Cliffs — Jul 23, 2026 release

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 1 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