Cleveland-Cliffs Raises Outlook as EBITDA Surges in Third Quarter
Cleveland-Cliffs reported adjusted EPS of 28 cents, above the 19-cent estimate, while revenue of $5.612 billion missed the $5.724 billion consensus. Adjusted EBITDA rose to $612 million from $286 million in the second quarter, and the company expects about $715 million in fourth-quarter adjusted EBITDA.