Cleveland-Cliffs (CLF) shares skyrocketed 17.46% in intraday trading, driven by a wave of positive sentiment following the release of its second-quarter 2026 financial results. The steel producer's performance was buoyed by a top-line beat and an optimistic outlook that signaled a significant recovery in its business.

The company reported Q2 revenue of $5.20 billion, surpassing analyst estimates of $5.19 billion. While Cleveland-Cliffs posted a net loss of $134 million, its adjusted loss per share of $0.20 met expectations, and the results represented a substantial narrowing of losses compared to the previous quarter. Management attributed the improvement to higher automotive volumes, increased average selling prices per net ton, and improving domestic market conditions where demand is rising and imports remain subdued.

Investor optimism was further fueled by the company's forward guidance. Cleveland-Cliffs expects third-quarter 2026 adjusted EBITDA to reach approximately $575 million, a dramatic increase from the $286 million reported in Q2. CEO Lourenco Goncalves projected that second-half earnings would be the strongest since 2021, reinforcing confidence in a sustained recovery. The promotion of CFO Celso Goncalves to the additional role of president was also announced alongside the results.