• Cleveland-Cliffs expects adjusted EBITDA above $4 billion in 2027 under prevailing market conditions, supported by stronger contract pricing.
• Third-quarter adjusted EBITDA reached $612 million, exceeding $575 million guidance; fourth-quarter adjusted EBITDA is projected at $715 million.
• Contract renewals should generate more than $1 billion in annual EBITDA improvement before underlying index-price changes; minimum volumes are becoming take-or-pay commitments.
• The Burns Harbor C blast furnace reline moves from mid-2027 to April 2028, preserving approximately 500,000 tons of planned production.
• Chairman and CEO Lourenco Goncalves and President and CFO Celso Goncalves attended the October 19, 2026, third-quarter earnings call.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Cleveland-Cliffs Inc. published the original content used to generate this news brief on October 20, 2026, and is solely responsible for the information contained therein.