Episode Details

Cleveland-Cliffs bounced back in Q1 2026, dodging a massive weather-driven cost spike while quietly winning major automakers back from the aluminum EV dream.

In ~10 minutes:

• Why automakers are retreating from aluminum to use high-strength steel.

• How an $80 million winter storm wrecked their un-hedged gas margins.

• Why the Canadian spot market is trading at a bizarre 40% discount.

• The absolute limit of Excel: upgrading mill sequencing to real-time AI.

Lourenco Goncalves is steering Cleveland-Cliffs through an incredibly noisy quarter. From freak storms masking a $95M EBITDA recovery to the realization that automakers can run advanced steel straight through their new aluminum stamping lines, the heavy industry giant is proving its resilience. Now, with cash flows set to pivot sharply into the green for Q2, management just needs geopolitics and un-hedged diesel to stay quiet.

Cleveland-Cliffs Inc. (CLF) | Q1 FY2026

AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.