Cleveland-Cliffs swung to a third-quarter profit as sales rose, as the company sold more steel products and at higher prices.

Chief Executive Lourenco Goncalves called the results the steel producer's strongest quarter in three years, and said the company's 2027 outlook has improved in recent months.

The stock gained 11% to $13.47 in premarket trading.

Cleveland-Cliffs swung to a third-quarter profit of $152 million, or 26 cents a share, from a loss of $251 million, or 51 cents a share, a year earlier.

Adjusted earnings per share were 28 cents, compared with analyst estimates of 21 cents, according to FactSet.

Revenue rose to $5.61 billion from $4.73 billion a year ago. Analysts had forecast $5.7 billion.

Cleveland-Cliffs sold more steel products and at higher prices, with external sales volume of steel products of 4.2 million net tons, up from 4 million net tons a year ago, and average net selling price per net ton of steel products rising to $1,177 from $1,032.

For the current fourth quarter, Cleveland-Cliffs forecasts adjusted earnings before interest, taxes, depreciation and amortization of about $715 million.

Looking ahead to 2027, the company expects adjusted EBITDA of more than $4 billion for the full year.

Goncalves said the company's 2027 outlook has improved since its earnings call in July. Several growth drivers that the company identified have progressed more favorably than it had initially expected, he said.

"The trade environment continues to support a healthy American steel industry. Imports remain well below historical levels, lead times are extended, and our customers increasingly recognize the value of a reliable domestic supply chain," Goncalves said.