$Cleveland Cliffs(CLF.US)

Here's a simple interpretation: the adjusted net loss was -0.43. This is better than the market's expectation of -0.62. Although still in the red, the loss is smaller than everyone feared. Moreover, the biggest highlight of this earnings report is not the past, but the guidance for 2026:

Sales guidance: Steel shipments are expected to reach 16.5 to 17 million tons in 2026;

Cost reduction: The loss-making slab supply contract is ending, and the company expects steel cost per ton to drop by another $10 in '26;

Strategic premium: The acquisition of Stelco completed at the end of '24 will contribute more synergies in '26. The strategic cooperation with Korea's POSCO is progressing, and that goes without saying.