Cleveland-Cliffs Stock Jumps on Bumper 2027 Profit Forecast -- WSJ

By Bob Tita

Cleveland-Cliffs shares are rallying after the steelmaker predicted its 2027 profit will be the highest since 2021, thanks to a tight supply of steel that has caused prices to rise.

The company even postponed the refurbishment of a blast furnace planned for next spring at its Burns Harbor, Ind., mill until April 2028. That will avoid taking the furnace out of service at a time of high demand for steel.

Cliffs Chief Executive Lourenco Goncalves said he would start an idle blast furnace at the company's Dearborn, Mich., plant if automakers committed to using more U.S.-made steel.

Goncalves said he considers General Motors' continued production of vehicles in South Korea "a slap in the face to the United States," and called on Ford Motor to stop using aluminum for the body of the F-150 pickup truck, the nation's best-selling vehicle.

"We need to bring that car to steel," he told analysts during a conference call.

The company guided for adjusted earnings of more than $4 billion next year, compared with $37 million in 2025 and $773 million in 2024.

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(END) Dow Jones Newswires

October 19, 2026 10:28 ET (14:28 GMT)