Cleveland-Cliffs stock gains as DOE-backed Middletown project lifts EBITDA outlook

Cleveland-Cliffs stock is trading higher as investors focus on a U.S. Department of Energy backed optimization project at Middletown Works and a sharp improvement in 2026 EBITDA guidance. The positioning of Cleveland-Cliffs stock near the upper half of its 52-week range underscores the shift in sentiment.

Cleveland-Cliffs Inc. (ISIN US1858991011) stock is trading around 12.35 USD as of September 3, 2026, keeping most of its recent 7.6 percent advance and sitting within a 52-week range between 7.73 USD and 16.70 USD, according to data compiled by GuruFocus and TradingView.

DOE-backed Middletown project shapes 2026 outlook

Investor attention around September 3, 2026 is centered on Cleveland-Cliffs’ plan to upgrade its Middletown Works steel plant in Ohio under a U.S. Department of Energy framework that turns an earlier 500 million USD grant into a 1.00 billion USD optimization project, funded on a 50-50 basis over roughly four years, as summarized by Simply Wall St.

The planned investment includes an upgraded blast furnace, AI-enabled process controls and a new cogeneration facility that captures blast furnace gas for on-site power and steam, positioning Middletown Works as a test case for combining traditional integrated steelmaking with improved energy efficiency and lower operating costs, according to the same Simply Wall St overview.

EBITDA guidance signals stronger 2026 trajectory

While the Middletown project is multi-year, the clearest short-term signal for 2026 comes from Cleveland-Cliffs’ adjusted EBITDA trajectory. According to a Zacks analysis published on September 3, 2026, the company generated adjusted EBITDA of 381 million USD in the first six months of 2026, compared with a loss of 85 million USD in the prior-year period, marking a swing of 466 million USD in less than a year.

The same Zacks piece reports that Cleveland-Cliffs expects adjusted EBITDA of 575 million USD in the third quarter of 2026, more than double the second-quarter level, which implies a sequential jump of over 100 percent and signals that management anticipates materially improved margins and utilization in the core flat-rolled steel business.

For investors, that guidance matters because it frames 2026 as a year of earnings recovery rather than mere stabilization, especially with Middletown’s planned optimizations aimed at lowering future operating costs. The combination of a large DOE-backed project with a forecast for more than doubling quarter-on-quarter adjusted EBITDA gives Cleveland-Cliffs a more defined path to higher cash flow.

Labor talks add a negotiation layer

Alongside the investment and earnings story, labor relations remain an important dimension for Cleveland-Cliffs. According to a report by ScrapMonster dated September 3, 2026, existing collective bargaining agreements between the United Steelworkers and both U.S. Steel and Cleveland-Cliffs expired on September 1, 2026 but have been extended by one month while negotiations continue.

The temporary extension means current contract provisions remain in force into early October 2026, giving the union and management time to agree new pacts or face the risk that talks break down. For a producer of iron ore pellets and flat-rolled steel, contract terms on wages, benefits and working conditions can materially influence future cost structures and operating flexibility.

Representative product and customer base

A representative product for Cleveland-Cliffs is flat-rolled steel supplied to automotive manufacturers in North America, including hot-rolled, cold-rolled and coated sheet used in vehicle bodies and structural components. The company is a major supplier to car producers, and the combination of its raw material assets and downstream finishing capabilities allows it to serve high-specification automotive and industrial applications with steel grades tailored to safety and lightweighting requirements.

Stock price level and investor perspective

Market data from GuruFocus as of September 2, 2026 indicates that Cleveland-Cliffs stock traded at 12.42 USD, within a 52-week range between 7.73 USD and 16.70 USD, leaving the current price roughly mid-way between the low and the high. A TradingView snapshot on September 3, 2026 shows an intraday quotation of 12.35 USD, down 0.07 USD or 0.56 percent on the day, suggesting only a modest pullback after the recent 7.6 percent move higher reported in the same GuruFocus analysis.

Cleveland-Cliffs stock at a glance

• Company: Cleveland-Cliffs Inc.
• ISIN: US1858991011
• Ticker: CLF
• Trading venue: NYSE
• Price (as of September 3, 2026): 12.35 USD
• Market capitalization: based on sources, in the billions of USD (as of early September 2026)
• Sector / Industry: Materials / Steel
• Index membership: component of major U.S. equity indexes tracking steel and basic materials