Cleveland Cliffs : Earnings Presentation Q1 2026

Published: 2026-04-20 06:04:10 ET CLF

Published on 04/20/2026 at 06:04 am EDT

First-Quarter 2026 Earnings Presentation

April 20, 2026

Revenues

$4.9 Billion

$116 million improvement in quarter-over-quarter Adj. EBITDA

Steel Shipments

4.1 Million

(net tons)

$274 million improvement in year-over-year Adj. EBITDA

Steel shipments increased 338k net tons from prior quarter

Adj. EBITDA1

$95 Million

Average selling price $55 per ton higher than prior quarter

Liquidity

$3.1 Billion

Weather-related negative impacts on unit costs

Meaningfully improved Adj.

EBITDA expected from Q1 to Q2

1Reconciliation for Adjusted EBITDA can be found on last page of this presentation and in the earnings release published April 20, 2026

Slabs

11%

Steel Producers

29%

Infrastructure & Manufacturing

End Market Mix (Revenue)

31%

29%

Direct Automotive

44%

Hot-Rolled

Plate

Product Mix (Shipments)

29%

Coated

(primarily galvanized)

15%

Cold-Rolled

Distributors & Converters

Stainless & Electrical

Highlights

Shipments increased 338k net tons from Q4 primarily driven by increase in direct automotive and service center shipments

Final slab shipments to Calvert occurred during Q1 2026 as we fulfilled final contract requirements

Mix expected to continue to shift to higher-margin business in Q2

Volumes expected to increase from Q1 to Q2 as demand continues to improve

Note: Based on Q1 2026 Steelmaking Results - Product Mix includes steel products shipments

Contract Mix Has Evolved Following Expiration of Slab Contract and Added Automotive Volume

Fixed Price

43%

U.S. Spot

12%

Percent of Volume Estimated 16.5-17mt

Stelco (Spot)

15%

U.S. Index Linked -Quarter Lag

Fixed-price contracts higher following gaining back automotive market share

Fixed-price contracts include automotive, manufacturing, stainless, electrical and plate

Realizations on lagged contracts extended in current environment

Slab sales replaced largely with fixed-price contracts

U.S. Index Linked - Month Lag

23%

CURRENT GLOBAL STEEL INDUSTRY

Recent Global Tensions

The war with Iran along with other global tensions has further disrupted the global steel industry

Higher Global Steel Costs

Global steel producers are experiencing higher energy and other costs

Rising Freight Costs And Logistics Issues

Oil and gas prices have risen, and key global shipping routes have been disrupted

Imported Steel Less Attractive

U.S. Imports are less attractive due to higher global steel and freight

costs, ongoing logistics disruptions, and tariffs

Stronger Domestic Steel Demand

Reduced import competitiveness has increased demand for domestically produced steel

Higher U.S. Prices

Increased domestic demand, higher global steel costs and lower imports have supported the U.S. HRC price

Signed Memorandum of Understanding on September 17, 2025 with POSCO, Korea's largest and a top ten global steelmaker

Reflects rising interest in Cliffs amid the resurgence of

U.S. manufacturing

Partnership

POSCO seeking to support and grow their established customer base in the desirable U.S. market

Enables smooth onboarding for downstream industrial clients moving production from South Korea to the United States

Goals

Must be strategic and accretive for our shareholders

Aligned with U.S. policy goals to strengthen domestic industry and attract foreign investment

Impact

Q1 Update: Discussions remain constructive, Cliffs will only proceed at full and fair value to shareholders

UBS is acting as financial advisor to Cleveland-Cliffs for the transaction

Highlights

Accomplishments to date

Assets that are well-positioned

Under contract,

closed, or agreements in principle for 8 non-EBITDA

contributing assets

Total Value

~$425 million

(~$70 million received)

geographically with infrastructure in place and access to power and water

100% of net cash proceeds of any sale is expected to be used to pay down debt

1GW+ of Powered Land Currently Idled

Fire at domestic plant supplied ~40% of

U.S. automotive aluminum sheet

Steel offers greater domestic availability and security

Cost gap continues to widen as aluminum prices surge to 4-year highs

Automakers now have proven steel substitution with Cliffs' successful trial

Strait of Hormuz is a critical route for

~8-9% of global aluminum output

Multiple overseas aluminum facilities have been struck in air attacks

"An aluminum plant that caught fire disrupting automaker's supply, catches fire again"

Trump Administration's Continued Focus on Strengthening Domestic Steel

Top 10 Importing

Countries

2024

Imports

(Thousand Net Tons)

2025

Imports

(Thousand Net Tons)

% Change

Jan. 20, 2025

Status

Mar. 12, 2025

Status

Current

Canada

6,557

4,524

(31%)

Exempt

25% Tariff

50% Tariff

Brazil

4,498

4,126

(8%)

Quota

25% Tariff

50% Tariff

Mexico

3,517

2,823

(20%)

Exempt

25% Tariff

50% Tariff

South Korea

2,810

2,662

(5%)

Quota

25% Tariff

50% Tariff

Vietnam

1,364

869

(36%)

25% Tariff

50% Tariff

Japan

1,180

1,075

(9%)

Quota

25% Tariff

50% Tariff

Germany

1,074

1,128

Quota

25% Tariff

50% Tariff

Taiwan

1,011

1,093

25% Tariff

50% Tariff

Netherlands

614

526

(14%)

Quota

25% Tariff

50% Tariff

China

508

442

(13%)

25% Tariff

50% Tariff

Total Flat-Rolled Imports

(HRC, CRC, Coated)

Imports as a Percent of Finished Steel Market Share

794

865

842

821

750755

770

2024 Avg.

25%

656

717

724

711

712

~750K

22%

21%

20%20%

19%

18%

16%

15%

15%15%

14%

14%14%

Section 232 tariffs

Thousand Net Tons

619

620

564

554

504

reinstated

437

453

398

413

341 340

270

Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26

261

278

Total Quarterly U.S. Steel Imports

9.4

9.0

8.6

8.2

7.9

7.6

Steel Imports in United States have reached lowest level since 2009

Million Net Tons

6.8

6.9

7.1

6.7

6.9

6.6

6.3

6.9

6.4

6.5

6.3

6.0

6.2

6.0

6.1

6.26.2

6.3

6.0

5.8

5.7

5.9

5.6 5.6

5.8

5.4

5.5

5.3

5.5

5.0

4.8

4.9

4.8

4.9

5.0

5.1

4.8

5.0

4.8

4.3

2.8

4.0

3.2

4.0

3.6 3.6

4.1

3.4

2.6

Q1 2009

Q3 2009

Q1 2010

Q3 2010

Q1 2011

Q3 2011

Q1 2012

Q3 2012

Q1 2013

Q3 2013

Q1 2014

Q3 2014

Q1 2015

Q3 2015

Q1 2016

Q3 2016

Q1 2017

Q3 2017

Q1 2018

Q3 2018

Q1 2019

Q3 2019

Q1 2020

Q3 2020

Q1 2021

Q3 2021

Q1 2022

Q3 2022

Q1 2023

Q3 2023

Q1 2024

Q3 2024

Q1 2025

Q3 2025

Toyota Quality Excellence Award

Awarded Toyota Quality Excellence Award by Toyota Motor North America product quality group

Represents exceptional product quality performance

Reflects deep alignment with Toyota's quality philosophy

Demonstrates consistent execution and disciplined processes

Further strengthens long-term partnership

Liquidity

(As of March 31, 2026)

$3.1

billion

Leverage Target

(Net debt / TTM Adj.

EBITDA)

2.5x

Commitment to utilize 100% of cash flow towards debt repayment

Capital Allocation Priorities

Debt reduction is #1 priority

Maintain ample liquidity above $2.0 billion

Continue to extend debt maturities and keep a manageable stack

Keep flexible capital structure to navigate all economic environments

3-Year Note Maturities

Zero note maturities from 2026-2028 following October 2025 redemptions

2026 2027 2028

Total Capital Expenditures

Note: All years inclusive of Stelco

$1,093

$893

$791 $800

$700

$ in millions

$561

2021 Pro Forma 2022 Pro Forma 2023 Pro Forma 2024 Pro Forma 2025 2026E

$4.0 billion reduction in pension/OPEB net liabilities since AM USA acquisition

$4,207

Historical Net Pension and OPEB Liabilities

95%

Reduction

Net Liabilities in $ Millions

$2,872

$813

$586

$416 $299

$222

2020 2021 2022 2023 2024 2025 Current

Three Months

Ended

($ in millions) March 31,

2026

Net loss

($229)

Less:

Interest expense, net

(148)

Income tax benefit

Depreciation, depletion and amortization

(259)

Total EBITDA

$97

Less:

EBITDA from noncontrolling interests

$15

Idled facilities credits

Currency exchange

(14)

Changes in fair value of derivatives, net

(10)

Gain on disposal of assts, net

Other, net

(6)

Total Adjusted EBITDA

$95

-+A" CLI FFS

THE AMERICAN IRON AND STEEL COMPANY

Disclaimer

Cleveland-Cliffs Inc. published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 20, 2026 at 10:03 UTC.