Cleveland-Cliffs Inc (CLF) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen. My name is Donna, and I am your conference facilitator today. I would like to welcome everyone to Cleveland-Cliffs' third quarter 2026 earnings conference call. (Operator Instructions)

各位女士、各位先生，早安。我叫 Donna，今天由我擔任本次會議的主持人。歡迎各位參加 Cleveland-Cliffs 2026 年第三季財報電話會議。（接線員指示）

The company reminds you that certain comments made on today's call will include predictive statements that are intended to be made as forward-looking within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause results to differ materially are set forth in reports on Forms 10-K and 10-Q and news releases filed with the SEC, which are available on the company website.

公司提醒各位，今天電話會議中的部分評論將包含預測性陳述，並意圖在 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港保護下，構成前瞻性陳述。儘管公司相信其前瞻性陳述係基於合理假設，但此類陳述仍受風險與不確定性影響，可能導致實際結果出現重大差異。可能導致結果出現重大差異的重要因素，已載於向美國證券交易委員會（SEC）提交的 10-K 與 10-Q 表格報告及新聞稿中，相關文件可於公司網站取得。

Today's conference call is also being broadcast at clevelandcliffs.com. At the conclusion of the call, it will be archived on the website and available for replay. The company will also discuss results excluding certain special items. Reconciliations for Regulation G purposes can be found in the earnings release, which was published this morning.

今天的電話會議也將於 clevelandcliffs.com 進行網路直播。會議結束後，內容將在網站上封存並提供重播。公司亦將討論排除若干特殊項目後的業績結果。

At this time, I would like to introduce Lourenco Goncalves, Chairman and Chief Executive Officer. Please go ahead.

現在，我想介紹董事長兼執行長 Lourenco Goncalves。請開始。

Thank you, Donna. And good morning, everyone.

謝謝你，Donna。各位早安。

Three months ago, we told you that the earnings recovery at Cleveland-Cliffs was becoming visible. Today, the recovery is firmly underway. Our Q3 adjusted EBITDA was $612 million, more than double the $286 million we generated in Q2. All three of our major profit drivers improved. Shipments increased. Selling prices rose in line with our expectations, and costs performed better than we had guided.

三個月前，我們告訴各位 Cleveland-Cliffs 的獲利復甦已逐漸可見。今天，復甦已確實展開。我們第三季調整後 EBITDA 為 6.12 億美元，較第二季的 2.86 億美元增加逾一倍。

One thing that has become very clear over the past year is that a healthy domestic steel industry happens when trade laws are enforced and when foreign producers are no longer allowed to dump steel into our markets without consequences. Today, the United States has a much more rational trade environment, and the result is exactly what you would expect.

過去一年有一點已非常清楚：當貿易法規得到執行、且外國生產商不再被允許在沒有後果的情況下向我們市場傾銷鋼材時，國內鋼鐵產業才會健康運作。如今，美國的貿易環境更為理性，其結果也正如各位所預期。

Stronger domestic production, higher utilization rates, more investment in steel facilities, and more confidence from both steel producers and steel consumers. Every conversation about reshoring manufacturing, rebuilding infrastructure, expanding energy production, strengthening the electrical grid, or supporting national defense starts with steel. At Cleveland-Cliffs, we mine iron ore, produce pellets, and also produce HBI. We produce steel from scratch with a 25,000-person workforce that spans some of the most important industrial communities in the United States.

國內產量更強、產能利用率更高、對鋼鐵設施的投資更多，且鋼鐵生產商與鋼鐵消費者的信心更足。無論是製造業回流、重建基礎建設、擴大能源生產、強化電網，或支持國防，每一場對話都從鋼鐵開始。在 Cleveland-Cliffs，我們開採鐵礦、製造球團，並生產 HBI。

The trade policies of the Trump administration are helping create the conditions needed for companies like ours to continue investing in those communities and expanding domestic production. What the Trump administration has done on trade is not just good for Cleveland-Cliffs, it's good for America. As a consequence of the renaissance of manufacturing in the US, we are currently selling steel under the best price environment in three years, and these are the prices we need to run a thriving business that grows employment, pays its workers well, reinvests in people and equipment, and protects our critical supply chains and national defense.

川普政府的貿易政策正在協助創造必要條件，使像我們這樣的公司能持續投資於這些社區並擴大國內產能。川普政府在貿易方面所做的不僅對 Cleveland-Cliffs 有利，也對美國有利。隨著美國製造業復興，我們目前在近三年最佳的價格環境下銷售鋼材；而這些價格正是我們經營蓬勃成長的企業所需要的，能夠增加就業、提供員工良好薪酬、再投資於人才與設備，並保護我們關鍵供應鏈與國防。

The most important and positive development for Cleveland-Cliffs since our last call has been the strength of our 2027 round of contract negotiations with our clients. The largest portion of our steel volume consists of tons sold to service centers and end users under annual fixed price or index-linked contracts. These agreements cover every segment of light flat rolled steel consumption outside automotive. All these contracts reset on January 1 of next year, and nearly all of these customers want more steel under contract in 2027 than in 2026. Suffice to say that we have been very successful in renewing these contracts.

自上次電話會議以來，對 Cleveland-Cliffs 最重要且最正面的發展，是我們與客戶進行 2027 年度合約談判的強勁態勢。我們鋼材銷量中最大的一部分，是以年度固定價格或與指數連動的合約，銷售給服務中心與終端用戶的噸數。這些協議涵蓋汽車以外、輕型平軋鋼消費的各個領域。所有這些合約都將於明年 1 月 1 日重新設定，而幾乎所有客戶都希望在 2027 年的合約量高於 2026 年。簡而言之，我們在續約方面非常成功。

In aggregate, the improvements should generate more than $1 billion of year-over-year EBITDA improvement before even contemplating changes of the underlying pricing index. More importantly, our customers are not fleeing to imported steel. Actually, we are finally operating within the US with a fair commercial structure that is critical to sustaining a healthy business, allowing us to reinvest in our facilities and in our people. The strong contract renewal environment and the good health of our well-maintained equipment have created a compelling opportunity to maximize the value of our existing asset base.

整體而言，這些改善在尚未考慮基礎定價指數變動之前，就應可帶來超過 10 億美元的年對年 EBITDA 改善。更重要的是，我們的客戶並未轉向進口鋼材。事實上，我們終於能在美國以公平的商業結構運作，這對維持健康的業務至關重要，並使我們得以再投資於設施與員工。強勁的合約續約環境，以及我們維護良好的設備所展現的良好狀態，為我們最大化既有資產基礎價值創造了極具吸引力的機會。

With that, we are postponing the Burns Harbor C blast furnace reline from mid-2027 to April 2028. Our President and Chief Financial Officer, Celso Goncalves, will be talking about that in his prepared remarks. We have several other similar ongoing projects, bigger and smaller, the most critical being the modernization of Middletown Works. This past quarter, we officially completed the re-scoping of our $1 billion modernization project for Middletown. This revised project was commemorated with a visit by Vice President JD Vance to his hometown of Middletown, Ohio, and to our flagship automotive grade steel plant, Middletown Works.

因此，我們將 Burns Harbor C 高爐大修（reline）從 2027 年年中延後至 2028 年 4 月。我們的總裁兼財務長 Celso Goncalves 將在其事先準備的發言中談到此事。我們還有數個類似的在建專案，規模有大有小，其中最關鍵的是 Middletown Works 的現代化改造。在本季，我們正式完成了對 Middletown 10 億美元現代化專案的重新範疇界定（re-scoping）。此一修訂後的專案，並由副總統 JD Vance 造訪其家鄉俄亥俄州米德爾敦（Middletown）以及我們的旗艦級汽車用鋼廠 Middletown Works 以示紀念。

The new scope entails a $1 billion investment, including $500 million of support from the Department of Energy, and will modernize one of the most important steelmaking facilities in the country while maintaining uninterrupted production throughout the construction period. The project includes a state-of-the-art blast furnace rebuild, advanced material handling infrastructure, artificial intelligence-enabled process controls, and a new cogeneration facility that will capture blast furnace gas and convert this off gas into electricity and steam for on-site use.

新的範疇包含 10 億美元投資，其中包括能源部提供的 5 億美元支持，將在施工期間維持不中斷生產的同時，現代化全國最重要的煉鋼設施之一。該專案包括最先進的高爐重建、先進的物料搬運基礎設施、導入人工智慧的製程控制，以及一座新的熱電共生（cogeneration）設施，將回收高爐煤氣並把這些廢氣轉換為供廠內使用的電力與蒸汽。

Our work on this re-scoped project has already begun, and we expect to be completely done in the first quarter of 2030. Other notable projects on the agenda in the coming years that fit into our reinvestment master plan include the coke plant rebuild at Burns Harbor, a blast furnace stove rebuild at Stelco in Canada, and the grain-oriented electrical steel expansion at Butler Works.

我們對此重新範疇界定後的專案工作已經展開，並預期將於 2030 年第一季完全完成。未來幾年議程上其他值得注意、且符合我們再投資總體規劃的專案，包括 Burns Harbor 的焦化廠重建、加拿大 Stelco 的高爐熱風爐（stove）重建，以及 Butler Works 的取向電工鋼（grain-oriented electrical steel）擴產。

Two weeks ago, we hosted the Secretary of Energy, Chris Wright, the Assistant Secretary of Energy, Audrey Robertson, and the Undersecretary of Commerce, William Kimmitt, in Butler, Pennsylvania, where we discussed the importance of projects like these in supporting the manufacturing and energy dominance agenda of the Trump administration. They all recognize the importance of protection against unfair trade, and we are confident that they will not waver from this critical policy.

兩週前，我們在賓夕法尼亞州巴特勒（Butler）接待了能源部長 Chris Wright、能源部助理部長 Audrey Robertson，以及商務部次長 William Kimmitt，並討論此類專案在支持川普政府製造業與能源主導（energy dominance）議程方面的重要性。他們都認同防範不公平貿易保護措施的重要性，我們也有信心他們不會在這項關鍵政策上動搖。

We don't believe, and we don't anticipate that a surge of imports could be coming into the US anytime soon. Imports remain approximately 35% to 40% below the level that existed before the implementation of Section 232 national security steel tariffs of 50% for the product and derivative products.

我們不認為、也不預期短期內會有進口鋼材大量湧入美國。進口量仍較實施《232 條款》（Section 232）國家安全鋼鐵關稅（對產品及其衍生產品課徵 50%）之前的水準低約 35% 至 40%。

Besides the tariff itself, transportation expense, long lead times, currency exposure, and the risk that material will arrive into a different market than the one in which it was ordered are some of the problems to be faced by the brave that still try to import steel into the US. Those factors create a meaningful risk premium. None of our customers have revolted, and in fact, it's quite the opposite. Intelligent customers understand the operational cost of an unreliable supply chain.

除了關稅本身之外，運輸費用、較長的交期、匯率曝險，以及材料可能會到達與下單時不同的市場等風險，都是那些仍勇於嘗試將鋼材進口到美國的人必須面對的問題。這些因素會形成顯著的風險溢價。我們的客戶沒有任何人反彈，事實上恰恰相反。聰明的客戶理解不可靠供應鏈所帶來的營運成本。

A lower quoted price offered by a trading company has little value if the product arrives late, fails qualification, or cannot be replenished when production schedules change. We expect strong trade enforcement to remain a lasting feature of the American steel market, because the underlying problem has not changed. Global steelmaking overcapacity remains enormous, and state-subsidized production continues to seek an outlet.

若產品延遲到貨、未能通過認證，或在生產排程變動時無法補貨，交易公司所報的較低價格幾乎沒有價值。我們預期強力的貿易執法將會持續成為美國鋼鐵市場的長期特徵，因為根本問題並未改變。全球煉鋼產能過剩仍然極為龐大，而由國家補貼的產量仍持續尋找出路。

Moving to Canada, the improvement in the hot-rolled market for Stelco that I discussed on last quarter's call has accelerated. It took the US market roughly 12 months to see a $400 improvement to the spot price of hot-rolled coil. It took the Canadian market only four months to see a similar improvement. The significant improvement we have experienced in our hot-rolled business was a direct consequence of the TRQ system implemented by the Canadian government.

轉到加拿大，我在上一季電話會議中提到 Stelco 熱軋市場的改善已經加速。美國市場大約花了 12 個月，熱軋捲現貨價格才上漲了 400 美元。加拿大市場只花了四個月就出現了類似的改善。我們在熱軋業務上所經歷的顯著改善，直接是加拿大政府實施 TRQ 制度的結果。

The Canadian domestic market, without protection, is a lot more exposed than any other country in the world, and that's the reason we have been advising the Canadian government on what we believe needs to be done to finish what they have successfully started. The Galvanneal steel business in Hamilton, Ontario, which represented less than 20% of our Stelco output, is still at risk. We met in person in Ottawa a number of times to explain the Fortress North America solution, supported by the entire Canadian steel industry, not only by Stelco, but we were not successful. Three months ago, in our Q2 investors' conference call, we spoke about possible negative consequences of inaction, potentially putting at risk the jobs of Stelco workers in case the Canadian government continued to ignore our requests. Unfortunately, we were not heard.

加拿大國內市場若沒有保護，其暴露程度比世界上任何其他國家都更高，這也是我們一直向加拿大政府建言、我們認為需要採取哪些措施來完成他們已成功啟動之工作的原因。安大略省漢密爾頓的 Galvanneal 鋼業務（其產量占我們 Stelco 產出不到 20%）仍然面臨風險。我們多次親赴渥太華會面，說明「北美堡壘」（Fortress North America）方案；該方案獲得整個加拿大鋼鐵產業支持，不僅是 Stelco 支持，但我們並未成功。三個月前，在我們第二季投資人電話會議中，我們談到不作為可能帶來的負面後果；若加拿大政府持續忽視我們的訴求，可能會使 Stelco 員工的工作面臨風險。不幸的是，我們的聲音沒有被聽見。

Instead of a real solution, at the very last minute, the Canadian government offered us what they called financial support, but that's not what Stelco needs. What Stelco and Stelco workers really need is a market to sell Galvanneal steel, and government money cannot buy a market for Galvanneal steel. On the other hand, if the Canadian government uses the power they already have, they have the ability to unilaterally block or severely reduce imports of Galvanneal steel into the Canadian market, Stelco can immediately bring back all the temporarily laid-off workers because that would immediately give us a market to sell and the ability to produce Galvanneal steel. One more time.

加拿大政府沒有提出真正的解決方案，而是在最後一刻向我們提供他們所稱的財務支持，但那並不是 Stelco 所需要的。Stelco 以及 Stelco 員工真正需要的是一個可以銷售 Galvanneal 鋼的市場，而政府資金無法替 Galvanneal 鋼買到市場。另一方面，如果加拿大政府運用其既有權力，他們有能力單方面阻擋或大幅減少 Galvanneal 鋼進口到加拿大市場；如此一來，Stelco 就能立即召回所有暫時被裁減工時的員工，因為那會立刻給我們一個可銷售的市場，以及生產 Galvanneal 鋼的能力。再說一次。

The domestic market for Galvanneal steel in Canada is not big enough to accommodate two Canadian producers of Galvanneal steel, Stelco and ArcelorMittal Dofasco, and also an avalanche of imports that have not been adequately reduced by Canada's tariff rate quota system. Cleveland-Cliffs invested CAD 3.4 billion less than two years ago to acquire Stelco, and Stelco was supposed to be an immediately accretive investment for Cleveland-Cliffs.

加拿大的 Galvanneal 鋼國內市場規模不足以同時容納兩家加拿大 Galvanneal 鋼生產商——Stelco 與 ArcelorMittal Dofasco——以及一波又一波未被加拿大關稅配額（TRQ）制度充分削減的進口量。不到兩年前，Cleveland-Cliffs 投資 34 億加幣收購 Stelco，而 Stelco 原本應該是 Cleveland-Cliffs 立即增厚獲利的投資。

A couple of months later, and for reasons clearly beyond our control or ability to predict, Stelco became a negative contributor to Cliffs' results, a situation that persisted for more than a year. Fast-forward, we found a way to steer Stelco out of trouble and into a profitable path, all while waiting as long as possible to avoid the idling of the Galvanneal line at a significant cost, because that business with insufficient volume was not profitable.

然而幾個月後，基於明顯超出我們控制或預測能力的原因，Stelco 轉而成為拖累 Cliffs 業績的負面貢獻者，且這種情況持續了一年多。時至今日，我們找到方法讓 Stelco 脫離困境並走上獲利軌道；同時，我們盡可能延後讓 Galvanneal 產線停工，以避免付出重大成本，因為該業務在產量不足的情況下並不具獲利性。

During the many months when Hamilton's galvanizing lines were unprofitable, we were aggressively advocating for stronger measures in Canada to bring about Fortress North America. Unfortunately, more restrictive quotas for Galvanneal steel never materialized, leading to these limited temporary layoffs at Stelco. Notwithstanding all the attention that Stelco's limited layoffs have drawn, it's important to emphasize that Stelco is finally profitable.

在漢密爾頓的鍍鋅產線連續多個月不具獲利性的期間，我們積極倡議加拿大採取更強力的措施，以促成「北美堡壘」。不幸的是，針對 Galvanneal 鋼更嚴格的配額始終未能落實，導致 Stelco 出現這些有限的暫時性裁員。儘管 Stelco 的有限裁員引發了大量關注，但重要的是要強調：Stelco 終於恢復獲利。

The enhanced TRQs implemented by the Canadian government in December 2025 and updated in June 2026, worked well for hot-rolled steel. But Stelco would be even more profitable if dumped Galvanneal steel imported into Canada would no longer be tolerated. The last piece of the puzzle to be addressed by the Canadian government is Galvanneal steel, and then we would be able to bring the workers back and restart production at the galvanizing department in Hamilton, Ontario. A final point to address today.

加拿大政府於 2025 年 12 月實施並在 2026 年 6 月更新的強化版 TRQ，對熱軋鋼運作良好。但如果加拿大不再容忍傾銷的 Galvanneal 鋼進口，Stelco 會更具獲利能力。加拿大政府需要補上的最後一塊拼圖是 Galvanneal 鋼；完成後，我們就能把員工召回，並在安大略省漢密爾頓的鍍鋅部門重啟生產。今天最後一點要說明。

Back in the US, our contract negotiations with the USW have extended past the original deadline, which is not uncommon. The negotiation remains professional, respectful, and productive, and I personally have a great deal of admiration for the union leadership and the workforce they represent.

回到美國，我們與美國鋼鐵工人聯合會（USW）的合約談判已延長至原定期限之後，這並不罕見。談判仍然保持專業、相互尊重且富有成效；我個人對工會領導層以及他們所代表的勞動力深感敬佩。

Our objective remains the same as it has always been: reach an agreement that recognizes our employees for their contributions while ensuring Cleveland-Cliffs remains strong, competitive, and well-positioned for long-term success. I have no doubt we'll get there, and our American employees, represented by the USW, will be rewarded for the success we expect to have together in the coming years.

我們的目標一如既往：達成一項協議，在肯定員工貢獻的同時，確保 Cleveland-Cliffs 保持強健、具競爭力，並為長期成功做好布局。我毫不懷疑我們會達成目標；由 USW 代表的美國員工，將因我們預期未來幾年共同取得的成功而獲得回報。

With that, I will turn it over to the President and Chief Financial Officer of Cleveland-Cliffs, Celso Goncalves, for his remarks.

接下來，我把時間交給 Cleveland-Cliffs 總裁兼財務長 Celso Goncalves，請他發表談話。

Thank you. And good morning, everyone.

謝謝。各位早安。

Three months ago, we guided to an expectation of $575 million of adjusted EBITDA for Q3 of 2026, and today we reported $612 million. As we wrap up 2026, we expect to generate $715 million in Q4. Looking ahead to 2027, under prevailing market conditions, we could realistically reach an average of more than $1 billion of adjusted EBITDA per quarter in 2027.

三個月前，我們指引 2026 年第三季調整後 EBITDA 預期為 5.75 億美元，而今天我們公布為 6.12 億美元。在 2026 年接近尾聲之際，我們預期第四季可創造 7.15 億美元。展望 2027 年，在目前的市場條件下，我們在 2027 年每季調整後 EBITDA 平均超過 10 億美元，是相當可行的目標。

Q3 was our strongest quarterly result in three years. The third quarter of this year showed what happens when price, volume, mix, and cost all move in a favorable direction, as adjusted EBITDA increased by $326 million sequentially from Q2. Steel shipments were 4.2 million net tons compared with 4 million net tons in the second quarter. Third quarter 2026 automotive shipments were the highest since the third quarter of 2023. That occurred even though North American automotive production declined sequentially from the second quarter of this year.

第三季是我們三年來最強的單季表現。今年第三季顯示，當價格、出貨量、產品組合與成本都朝有利方向變動時會發生什麼：調整後 EBITDA 較第二季季增 3.26 億美元。鋼材出貨量為 420 萬淨噸，第二季為 400 萬淨噸。2026 年第三季汽車用鋼出貨量為自 2023 年第三季以來最高。即便如此，北美汽車產量仍較今年第二季呈現季減。

Shipment levels are expected to remain strong in Q4, albeit with the typical slower behavior seen around the holidays and more difficult cold weather periods. Average net selling price during the quarter was $1,177 per ton, an increase of $53 per ton sequentially as we benefited from rising market pricing in both the US and Canada. We expect a similar level of improvement from Q3 to Q4 as we continue to see improvements in pricing and work through our backlogs. Index pricing in the US has increased by roughly $40 per ton each month for most of this year, and we do not see any signals in our order book pointing to a slowdown of this pace.

預期第四季出貨量將維持強勁，儘管在假期前後以及較為嚴峻的寒冷天候期間，通常會出現較慢的走勢。本季平均淨銷售價格為每噸 1,177 美元，較前一季增加每噸 53 美元，主要受惠於美國與加拿大市場價格上漲。隨著我們持續看到定價改善並消化積壓訂單，我們預期從第三季到第四季將有類似幅度的改善。今年大部分時間，美國的指數定價幾乎每月上升約每噸 40 美元，而我們在訂單簿中也未看到任何訊號顯示這樣的增速將放緩。

Customers are more focused on securing volume than price at the moment. Unit cost performance in Q3 was excellent, as cost declined by $17 per net ton during Q3, exceeding our previous guidance and serving as the primary driver of our adjusted EBITDA beat. As an integrated mill operator, the secret sauce of unit cost performance is running the mills at full utilization, and our strong order book has allowed us to do that. We have been running our mills harder than at any time in several years, and the maintenance outages scheduled for Q4 are much needed.

目前客戶更著重於確保供應量，而非價格。第三季單位成本表現非常出色，第三季每淨噸成本下降 17 美元，優於我們先前的指引，並成為我們調整後 EBITDA 優於預期的主要驅動因素。作為一體化鋼廠營運商，單位成本表現的關鍵在於讓鋼廠滿載運轉，而我們強勁的訂單簿使我們得以做到這一點。我們的鋼廠運轉強度已達到數年來最高水準，而第四季排定的維修停機確實非常必要。

We give all the credit to our operators for bringing these mills to their full potential and keeping pace with the strong order book throughout the year. Even with the typical seasonality and maintenance outages common in all fourth quarters, we expect our Q4 adjusted EBITDA performance to exceed our Q3 performance by approximately $100 million, with an expectation of $715 million in adjusted EBITDA. That step change is shaping up to be substantially larger into Q1 of next year as pricing momentum continues and new sales contracts take effect.

我們將這一切功勞歸於我們的操作團隊，他們讓這些鋼廠發揮到最大潛能，並在全年持續強勁的訂單簿下保持節奏。即使第四季通常會有季節性因素與維修停機（各家公司第四季皆常見），我們預期第四季調整後 EBITDA 將較第三季高出約 1 億美元，預估調整後 EBITDA 為 7.15 億美元。隨著定價動能延續以及新銷售合約生效，這樣的躍升幅度在明年第一季將顯著更大。

Given this strong momentum going into 2027, we are postponing the Burns Harbor C blast furnace reline from mid-2027 to April 2028. The decision is a direct consequence of the effectiveness of the targeted maintenance and short-term capital we have already deployed to extend the current campaign of the C blast furnace.

鑑於邁向 2027 年的強勁動能，我們將 Burns Harbor C 高爐的大修襯（reline）從 2027 年年中延後至 2028 年 4 月。此決策直接源於我們先前投入的針對性維護與短期資本支出成效顯著，成功延長了 C 高爐本次爐役（campaign）的壽命。

By safely pushing out the reline, we can capitalize on a highly favorable commercial environment, preserve valuable production capacity during a period of strong demand and pricing, and enhance cash generation while maintaining operational reliability. We will still be utilizing some 2027 CapEx toward the pre-work on this project, but the actual 90-day outage has been moved into 2028.

透過在確保安全的前提下延後大修襯，我們得以把握極為有利的商業環境，在需求與價格強勁期間保留寶貴的產能，並在維持營運可靠性的同時提升現金創造能力。我們仍會在 2027 年資本支出（CapEx）中投入部分金額用於該專案的前置作業，但實際為期 90 天的停機已移至 2028 年。

Moving the Burns Harbor C furnace reline into 2028 also preserves approximately 500,000 tons of production that had not been included in our original 2027 plan. We are also happy to report that our coal contract negotiations have concluded at rollover pricing for 2027. Coal and coke are the largest raw material components of our cost structure, so seeing this piece stable year-over-year gives us a lot more comfort in our outlook.

將 Burns Harbor C 高爐大修襯移至 2028 年，也可保留約 50 萬噸的產量，而這部分原本未納入我們最初的 2027 年計畫。我們也很高興報告，我們的煤炭合約談判已完成，2027 年以續約平盤價格（rollover pricing）結束。煤與焦炭是我們成本結構中最大的原材料組成，因此看到這一塊能夠年對年保持穩定，讓我們對前景更有信心。

Looking at 2027 in total and using the forward curve as our pricing guide, we expect 2027 to be our best year since 2021, which remains the all-time record year for adjusted EBITDA at Cleveland-Cliffs.

從 2027 年全年來看，並以遠期曲線作為我們的定價指引，我們預期 2027 年將是自 2021 年以來表現最好的一年；2021 年仍是 Cleveland-Cliffs 調整後 EBITDA 的歷史最高紀錄年度。

The slide deck that we released this morning shows the realistic path to more than $4 billion of adjusted EBITDA in 2027, under market conditions similar to those that we experienced this past quarter. That path includes the strength already visible in the second half of 2026, higher fixed price contract resets, and lower discounts on index-linked agreements.

我們今天早上發布的簡報資料顯示，在與本季相近的市場條件下，2027 年調整後 EBITDA 超過 40 億美元具有可行且務實的路徑。該路徑包含 2026 年下半年已可見的強勢、更高的固定價格合約重置，以及指數連動協議中較低的折扣。

Last but not least, as Lourenco has already talked about today, Stelco should become a larger contributor to Cleveland-Cliffs' consolidated results as backlogs convert to shipments. The result of all this will be very robust cash flow generation going forward, substantially greater than what we showed in Q3. As previously foreshadowed, Q3 was working capital intensive, which temporarily limited cash inflows during the quarter. This will begin to change starting in Q4, as the working capital build will decline and the expected proceeds from property sales come in.

最後但同樣重要的是，正如 Lourenco 今天已提到的，隨著積壓訂單轉化為出貨，Stelco 應會成為 Cleveland-Cliffs 合併業績中更大的貢獻者。這一切的結果將是未來非常強勁的現金流創造能力，顯著高於我們在第三季所呈現的水準。如先前所預告，第三季對營運資金的需求較高，暫時限制了本季的現金流入。這種情況將自第四季開始改變，因為營運資金的增加幅度將下降，且預期的資產出售款項將入帳。

On that front, we closed one small asset sale in the third quarter, but most of the major properties we have for sale are all contracted to close in Q4. Some of these buyers have been granted extensions due to obstacles related to the local communities or power supply. But many of these situations have been sorted through over the past few weeks. All of this cash will be used to delever our balance sheet. The hot-rolled market conditions in both the US and now in Canada have granted us an incredible opportunity to pay down debt very quickly. We have become more confident in our ability to reduce leverage below our 2.5 times target by the middle of next year, and we have no intention of stopping at that point.

在這方面，我們在第三季完成了一筆小型資產出售，但我們待售的大多數主要不動產都已簽約，預計在第四季完成交割。其中部分買方因地方社區或電力供應相關障礙而獲准延期。但過去幾週，許多這類情況已獲得解決。所有這些現金都將用於降低我們資產負債表的槓桿。美國以及如今加拿大的熱軋市場狀況，為我們提供了極佳機會，得以非常快速地償還債務。我們對於在明年年中之前將槓桿降至低於 2.5 倍目標的能力更有信心，而且我們無意在達到該點後就停止。

Paying down debt will remain our number one allocation of free cash flow even after we have reached that leverage target. Strategically, we continue to be very comfortable as a standalone entity. We don't need technological help from anyone from the outside to take good care of our automotive customers or grain-oriented electrical steel clients, let alone other customers in less demanding sectors. We have made this point very clear in our still ongoing discussions with POSCO. I will refer you to the POSCO Holdings Form 6-K filed with the SEC on September 30, 2026, for their disclosures on our MOU and their own update regarding the status of our partnership discussions.

即使達到該槓桿目標之後，償還債務仍將是我們自由現金流配置的第一優先。在策略上，作為獨立個體我們依然非常有信心。我們不需要外部任何人的技術協助，就能妥善服務我們的汽車客戶或取向電工鋼（grain-oriented electrical steel）客戶，更不用說其他要求較不嚴苛產業的客戶。我們已在與 POSCO 仍在進行的討論中非常清楚地表達這一點。關於我們的合作備忘錄（MOU）以及其對合作討論進展狀態的更新揭露，請參閱 POSCO Holdings 於 2026 年 9 月 30 日向美國證券交易委員會（SEC）提交的 Form 6-K。

We are entering 2027 with momentum that continues to build, not fade. We have a world-class workforce, irreplaceable blast furnaces and other unique assets, and a business that is positioned at the center of America's industrial future. If the US wants to manufacture, build infrastructure, expand energy production, and strengthen national security, it needs a strong domestic steel industry, and Cleveland-Cliffs remains uniquely positioned to help make that happen.

我們正以持續增強、而非消退的動能邁入 2027 年。我們擁有世界級的勞動力、無可取代的高爐與其他獨特資產，以及一個位於美國工業未來核心位置的事業。如果美國希望製造、生產、建設基礎設施、擴大能源產出並強化國家安全，就需要強健的本土鋼鐵產業，而 Cleveland-Cliffs 仍具備獨特優勢，能協助促成這一切。

We like where we stand today. We like where we're headed, and we remain focused on executing every day. Thank you for your continued support of Cleveland-Cliffs.

我們對目前的定位感到滿意。我們對前進方向也感到滿意，並將持續專注於每日的執行。感謝各位持續支持 Cleveland-Cliffs。

Donna, with that, please go ahead and open the line for questions.

Donna，接下來請開放提問。

(Operator Instructions) Timna Tanners, Wells Fargo.

（接線員指示）Timna Tanners，富國銀行。

Wanted to get a little more color on CapEx for next year. Also, the asset sale Q4, is that $370? Is that the math? Just wanted to try to get a little more color on those points, please.

想請你們再多補充一些明年資本支出（CapEx）的細節。另外，第四季的資產出售，是 3.7 億美元嗎？這樣算對嗎？想請你們就這些點再多提供一些說明，謝謝。

Yeah. Hey, Timna. It's Celso. Q3 CapEx was about $150 million, which run rate is lower than our guide of $700 million. CapEx will pick up going forward in the fourth quarter as we start to spend on some of these strategic projects for next year. Full year 2026 CapEx is still expected to be around $700 million, compared to, call it $560 million, last year. More normalized maintenance spend, the Butler project, and spending in Q4, as I mentioned, related to some of these other projects. As we look forward to next year, CapEx is expected to exceed just over $1 billion, driven by some of these new announced projects in prep for the Burns Harbor reline, which is now going to be in 2028.

好的。嗨，Timna。我是 Celso。第三季資本支出約為 1.5 億美元，這個執行速度低於我們 7 億美元的指引。隨著我們在第四季開始投入一些明年策略性專案，資本支出接下來會回升。2026 全年資本支出仍預期約為 7 億美元，相較於去年的約 5.6 億美元。主要來自較為正常化的維護支出、Butler 專案，以及如我所提到的，第四季與其他一些專案相關的支出。展望明年，資本支出預期將略高於 10 億美元，主要由部分新公布的專案所帶動，用於 Burns Harbor 大修襯（reline）的前期準備，而該大修襯現在將在 2028 年進行。

Overall, you can think of it as $700 million total in 2026, going to just north of $1 billion in 2027. But given where we are and given the EBITDA that we expect to generate looking into next year, that's more than manageable, given our financial profile.

整體而言，你可以把它想成是 2026 年合計約 7 億美元，到了 2027 年則會上升到略高於 10 億美元。但考量我們目前的狀況，以及我們預期明年可產生的 EBITDA，依照我們的財務體質，這是完全可控的。

Okay. Fair. If I could, one more. The market conditions continue to be pretty tight. It seems to be a challenge for your customers to get their hands on steel. What additional tonnage can you bring to market, or would you contemplate bringing into market into 2027 to try to help catch up with orders?

好的。合理。如果可以的話，我再問一個。市場狀況仍然相當吃緊。看起來你們的客戶要取得鋼材很有挑戰。你們還能額外把多少噸數投放到市場？或者你們是否會考慮在 2027 年之前把更多量帶入市場，以協助追上訂單？

Yeah, we have to go product by product, Timna. For example, for grain-oriented electrical steels, we are adding 25% new production in our Butler Works plant in Butler, Pennsylvania. 25% is meaningful. It's ongoing right now. So very soon we're going to have the availability of more grain-oriented electrical steels to support the grid, which is extremely necessary.

是的，Timna，我們必須逐一產品來看。例如，針對取向電工鋼（grain-oriented electrical steels），我們正在賓夕法尼亞州巴特勒（Butler, Pennsylvania）的 Butler Works 廠新增 25% 的產能。25% 是很可觀的。目前正在進行中。所以很快我們就會有更多取向電工鋼可供應，以支援電網，而這是極其必要的。

If you talk about Galvanneal for exposed parts, a product that Cleveland-Cliffs is basically the major supplier, if not the only supplier that is reliable for the automotive industry. We are bringing the galvanizing line at Burns Harbor to produce Galvanneal for exposed parts. We're bringing that online. In early 2027, we will be starting to do hot trials, and mid-2027, we are going to have more Galvanneal for exposed parts. That's a product that the clients are asking for.

如果談到用於外露件的 Galvanneal（鍍鋅退火鋼板），Cleveland-Cliffs 基本上是主要供應商，甚至可以說是汽車產業唯一可靠的供應商。我們正在讓 Burns Harbor 的鍍鋅線投入生產用於外露件的 Galvanneal。我們正在把它上線。在 2027 年初，我們將開始進行熱試（hot trials），到 2027 年年中，我們將會有更多用於外露件的 Galvanneal。這是客戶正在要求的產品。

Let me see if I have any other. Another good example, we still have a spare capacity for exposed electrogalvanized. The problem is that for a few generations, the engineers at the automotive industry forgot how to use electrogalvanized for exposed parts. So we are kind of reintroducing electrogalvanized to the use of the auto OEMs, and we are surprisingly being very well-received by the engineering department of our clients. We are developing the use of electrogalvanized for exposed parts with a bunch of clients in the auto industry. So product after product after product, Timna, we have plans to increase our production. We still have capacity to spare in certain situations.

我看看還有沒有其他例子。另一個很好的例子是，我們在外露用電鍍鋅（electrogalvanized）方面仍有閒置產能。問題在於，過去好幾代以來，汽車產業的工程師已經忘了如何在外露件上使用電鍍鋅。所以我們算是在把電鍍鋅重新導入汽車 OEM 的應用，而且出乎意料地，客戶的工程部門反應非常好。我們正與多家汽車產業客戶共同開發電鍍鋅在外露件上的使用。因此一個產品接著一個產品，Timna，我們都有提升產量的計畫。在某些情況下，我們仍有可用的剩餘產能。

Remember, I still have the Dearborn blast furnace down, and we haven't brought Dearborn back for a simple reason, is that the clients are not yet committing with the tonnage that I want them to commit. Once that tonnage is committed, we're going to be okay. One more thing on that. We are changing the structure of our contracts and the minimum of tonnage contracted by clients right now in the usual contracts with our individual customers are now at a take-or-pay.

記得，我們的 Dearborn 高爐仍然停著，而我們尚未讓 Dearborn 復產，原因很簡單：客戶還沒有以我希望他們承諾的噸數來做承諾。一旦那個噸數承諾到位，我們就沒問題了。另外再補充一點。我們正在調整合約結構，目前在與各個客戶的一般合約中，客戶所簽約的最低噸數現在改為「take-or-pay（提貨或付款）」條款。

So it's no longer a wishful thinking thing. It's a take-or-pay. The minimum is the minimum. You commit with the minimum. If you don't take, you're going to have to pay. The clients are accepting. I would say more than 55% to 60% of clients already signed.

所以這不再是憑空想像。而是 take-or-pay。最低量就是最低量。你必須承諾最低量。如果你不提貨，你就得付款。客戶也接受。我會說已有超過 55% 到 60% 的客戶完成簽署。

The other ones, they haven't signed yet because they were not presented with the contract. Now the problem is no longer price. The problem is having access to steel. We are giving that. We are changing the structure of contracts. Very soon, this will be the new norm in the industry.

其他尚未簽的客戶，是因為他們還沒拿到合約。現在問題不再是價格。問題在於能否取得鋼材。我們正在提供這個。我們正在改變合約結構。很快，這將成為產業的新常態。

It started here with Cleveland-Cliffs. We're proud of that. I hope I answered your question.

這是從 Cleveland-Cliffs 這裡開始的。我們對此感到自豪。希望我有回答到你的問題。

Okay. Then you have another 500,000 from not doing the reline as well, I guess. Is that incremental to 2026 or just incremental to your prior 2027 estimates?

好的。那麼我想，因為也不做那次重襯（reline），你們也會再多出 50 萬噸。這是對 2026 年的增量，還是只是相對於你們先前對 2027 年的估計所增加的量？

Yeah, exactly. Because we are doing prep work. That doesn't mean bringing the furnace down in 2027. We're going to finalize the reline in 2028. Yes, we're going to have another half a -- good point. We're going to have another half a million. We said that in the prepared remarks. Thanks for catching that. So we're going to have another half a million tons in 2027 due to that.

對，正是如此。因為我們正在做前置準備工作。這不代表 2027 年要把高爐停下來。我們會在 2028 年完成重襯。是的，我們會再多出半個——說得好。我們會再多出 50 萬。我們在事先準備的講稿裡有提到。謝謝你注意到這點。因此，因為這件事，我們在 2027 年會再多出 50 萬噸。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Yeah, thank you, operator. Good morning, Lourenco and Celso. My initial question was just when we look at the lower discounts on index-linked contracts and the fixed price resets, of these negotiations, how much has already been concluded, Lourenco? I think I just heard you mention 55%, but just want to clarify kind of where that stands or how much is already locked in. Thank you.

是的，謝謝接線員。早安，Lourenco 和 Celso。我第一個問題是：當我們看指數連動合約折扣降低以及固定價格重設時，在這些談判中，目前已經完成了多少，Lourenco？我想我剛剛聽到你提到 55%，但我想確認一下目前的進度，或是已經鎖定了多少。謝謝。

Yeah. Like I just said, it's more than half, and the ones that haven't. We haven't had a single client, Nick, that said, no, I'm not going to sign that. I'm going to roll the dice. None. Zero. When I say 55%, I'm trying to say more than 50, a lot more than 50. We are still in, today is October 19th, so we have plenty of time to finish that. We just started. I would say by Thanksgiving, we will have everything done. I don't know how many will not take so far, zero. So it looks like it will be the new way of doing business in the US. So much more mature way of doing business in the US. We are very happy with that. The clients are, too.

是的。就像我剛才說的，已經超過一半，而那些還沒——Nick，我們沒有任何一位客戶說，不，我不會簽。我要賭一把。沒有。一個都沒有。零。當我說 55% 時，我是想表達超過 50%，而且遠遠超過 50%。我們現在仍在進行中，今天是 10 月 19 日，所以我們有充足時間完成。我們才剛開始。我會說到感恩節之前，我們就會全部完成。到目前為止，不提貨的有多少？零。所以看起來這會成為美國新的商業模式，也是一種更成熟的美國商業模式。我們對此非常滿意。客戶也是。

No, that's good to hear. Thanks for clarifying, Lourenco. Maybe just a question for Celso on the Q4 guide. What's underwritten there on the cost side and ASP side respectively? On the 2027 bridge, when we look at the cost impact of $250 million, could you just kind of walk us through what's embedded there, whether there's any kind of volume benefit that's offsetting the inflation? Appreciate it.

不，這消息很好。謝謝你釐清，Lourenco。或許我想請 Celso 回答一下關於第四季指引的問題。在成本面與 ASP（平均售價）面，各自假設了什麼？在 2027 年的橋接分析中，當我們看到 2.5 億美元的成本影響時，你能否帶我們走一遍其中包含了哪些內容？是否有任何量的效益在抵消通膨？感謝。

Yeah, sure. Hey, Nick. Just to summarize on the cost side for this quarter that we just reported, we were able to bring down cost per ton by $17 a ton versus our guide of $10 a ton. That was driven by higher production volumes. We're a big driver of that cost outperformance.

好的，當然可以。嗨，Nick。簡單總結一下我們剛剛公布的本季成本面：我們成功把每噸成本降低了17美元，相較於我們原先指引的每噸降低10美元。這主要是由更高的產量所帶動。我們是這項成本優於預期表現的一個重要推動因素。

As we look ahead to Q4, costs are expected to increase slightly, and that's driven by repair and maintenance schedules, a little bit of higher energy costs, higher alloy costs, elevated diesel prices, and things like that. That's what's driving a little bit of a cost increase in Q4. As it relates to ASPs, as you mentioned in Q3, we brought ASPs up by $53 a ton versus our guide of $55. So we're right in line.

展望第四季，成本預期會小幅上升，主要原因是維修與保養排程、能源成本略增、合金成本上升、柴油價格維持高檔等因素。這些就是第四季成本小幅增加的原因。至於ASP（平均銷售價格），如你提到的，第三季我們把ASP提高了每噸53美元，對比我們指引的每噸55美元。所以基本上符合預期。

As we look forward to Q4, ASPs are expected to increase by a similar amount as it did in Q3, call it $45-$55 a ton. All factors that contributed to the increase in Q3 are continuing into Q4. The monthlies, the quarterlies, and the spot pricing are all improving.

展望第四季，ASP預期將以與第三季相近的幅度上升，大約每噸45到55美元。第三季推動上漲的所有因素在第四季仍會延續。月度、季度以及現貨價格都在改善。

Carlos de Alba, Morgan Stanley.

Carlos de Alba，摩根士丹利。

Yeah, thank you very much. Good morning, Lourenco, Celso. On the cash flow generation, maybe just to see if you can provide, Celso, a little bit more color as to what you are expecting on working capital to close out the year. You mentioned that you expect cash flow generation, it is still early on, but maybe an indication of a range of magnitude that we can see there. Then just to confirm then, if you expect to have the $500 million on asset sales, also, the cash coming in in the fourth quarter, on top of what you saw and reported in the cash statement for the third quarter.

好的，非常感謝。早安，Lourenco、Celso。關於現金流的創造，想請Celso再多補充一些：你們預期年底結束時營運資金會是什麼狀況？你提到你們預期會有現金流的產生，雖然現在還早，但能否給我們一個大致的量級區間作為參考？另外也想確認一下：你們是否預期資產出售的5億美元也會在第四季入帳，並且是加在你們第三季現金流量表中已看到與已揭露的現金之上？

Yeah. Hey, Carlos. Yeah, I think working capital will be likely neutral in Q4, is the best way to think about it. In Q3, we had a build of $160 million in working capital, and that was largely driven by $170 million increase in inventory, $115 million increase in AR, which was offset by $135 million increase in payables. But as we look forward to Q4, that should neutralize and working capital will be neutral for the next quarter.

是的。嗨，Carlos。我認為第四季的營運資金大概率會是中性，這樣理解最恰當。第三季我們的營運資金增加了1.6億美元，主要是因為存貨增加1.7億美元、應收帳款增加1.15億美元，但被應付帳款增加1.35億美元所抵銷。不過展望第四季，這些應會回到中性，下一季營運資金將是中性。

As it relates to asset sales, everything is contracted and expected to close here in Q4. Obviously, anything can happen, but that is what we expect right now. There are situations where some extensions have been needed. Power supply and things like that are complicated, but, as of right now, we still expect to close all those in Q4.

至於資產出售，所有項目都已簽約，並預期在第四季完成交割。當然，任何事情都可能發生，但這是我們目前的預期。有些情況確實需要延長。電力供應之類的事情很複雜，但截至目前，我們仍預期第四季能把這些都完成交割。

All right. Great. If I could squeeze one more. Your balance sheet has been improving and will continue to improve, as you have laid out. But would you consider, under what circumstances would you consider maybe strengthening your balance sheet and reducing your leverage beyond the 2.5 times, perhaps as the stock recovers, and we've seen a strong performance at pre-market, an equity raise? Is that out of the question at this time based on the strong outlook for next year and the cash coming in from the asset sales?

好的。很棒。如果我可以再問一個。你們的資產負債表一直在改善，且如你們所說會持續改善。但你們是否會考慮在什麼情況下，將資產負債表再進一步強化、把槓桿降到2.5倍以下？例如隨著股價回升、我們也看到盤前表現強勁，是否會考慮透過增發股權來籌資？在目前對明年展望強勁、且資產出售將帶來現金流入的情況下，這是否完全不在考慮範圍內？

Yeah, look, we don't think we need to, given the outlook that we have right now, as we're looking forward to north of $4 billion of EBITDA next year, and we've laid out pretty clearly how much free cash flow generation that would result in.

是的，你看，以我們目前的展望來看，我們不認為有這個必要；我們預期明年EBITDA將超過40億美元，而且我們也相當清楚地說明了這將帶來多少自由現金流。

I would much prefer to use cash from operations to pay down debt, and that's our primary goal. The 2.5 times, it's just the leverage target that we have clear visibility into right now. Obviously, as things progress throughout next year, we should be able to well exceed that expectation, hopefully. So it's not a target that we're going to stop at.

我更傾向用營運產生的現金來償還債務，這也是我們的首要目標。2.5倍只是我們目前能清楚掌握、可見度很高的槓桿目標。顯然，隨著明年進展，我們希望能大幅超越這個預期。所以這不是一個我們達到就會停止的目標。

I think I've been pretty clear over the years in terms of my priority to reduce down debt, and we're always looking at the balance sheet, looking for opportunities to do that. The ABL will be the primary target. We'll pay that off with cash from operations, and then we'll look to continue to drive down the bonds as well. So that's how we plan to do it with cash from operations.

我多年來一直很清楚表達：我的優先事項是降低債務；我們也一直在檢視資產負債表，尋找能做到這點的機會。ABL（資產擔保循環信貸）會是主要的目標。我們會用營運現金把它還清，接著也會繼續降低債券負債。所以我們的做法就是用營運現金來完成。

Yeah. In sum, Carlos, we are not going to issue stock. We don't need to, full stop.

是的，總結一下，Carlos，我們不會發行股票。我們不需要，就這樣。

Thank you. The next question is coming from Nick Cash of Goldman Sachs. Please go ahead.

謝謝。下一個問題來自高盛的Nick Cash。請開始。

Thank you all. Can you all hear me?

謝謝各位。你們聽得到我嗎？

Yeah, Nick, go ahead, please.

聽得到，Nick，請說。

Thank you. Automotive volumes have been strong this year and again this quarter, and in general, the market is generally tight. There is limited tons available and pricing is also extremely favorable. Just wondering, how are you all thinking about and what specifically still needs to happen before Dearborn becomes economic to restart?

謝謝。今年汽車相關出貨量一直很強，本季也一樣；整體而言市場供給偏緊。可供的噸數有限，價格也非常有利。想請教你們怎麼看：在Dearborn重新啟動具備經濟性之前，具體還需要發生哪些事情？

Yeah. Look, first of all, OEM is not being taken care of. That is the very first thing. You said extremely tight. Not really. Because, until General Motors brings the Chevy Trax from production in South Korea to production in the US, we do not need Dearborn, for example. That is the best-selling vehicle that they have, and it carries the same one ton of steel that any other car that we produce here, on average, that we produce here in the US, and it has been produced in South Korea. That is a slap in the face of the US. That car needs to be brought back to the US. I have been talking with General Motors about that. So no need for the Dearborn until that happens.

是的。你看，首先，OEM（原廠）並沒有被妥善照顧到。這是第一件事。你說非常緊。其實不完全是。因為在通用汽車把Chevy Trax從南韓生產移回美國生產之前，例如我們並不需要Dearborn。那是他們最暢銷的車款，而且它所用的鋼材量與我們在美國平均生產的其他車款一樣，大約都是一噸鋼；但它卻是在南韓生產。這對美國來說是一記耳光。那台車需要移回美國。我一直在跟通用汽車談這件事。所以在那發生之前，沒有必要啟動Dearborn。

The other thing that is really an annoying thing is the F-150 of Ford being an aluminum skin car. I say aluminum skin car because everything else in that car is already steel, and we are the suppliers of that steel. But so far, only the fenders are steel, and the reason why the fenders are steel is because the producer of aluminum set themselves on fire three times in one month, showing how weak that supply chain is.

另一件真的很惱人的事，是福特的F-150採用鋁外皮車身。我說鋁外皮車，是因為那台車其他部分其實都已經是鋼材，而我們就是那些鋼材的供應商。但到目前為止，只有葉子板是鋼的；而葉子板之所以是鋼，是因為鋁的供應商在一個月內自燃了三次，顯示那條供應鏈有多脆弱。

Then when push comes to shove, they come to Cliffs to bail them out, and we did. And we did with engineering, we did showing that we can stamp aluminum, we can stamp steel in dies that were used to stamp aluminum. So we need to bring that car to steel. And I hope that the buyers of trucks understand an aluminum vehicle is not a steel vehicle. Anyway, then we can bring the Dearborn back. The clients are the ones that will dictate when the Dearborn will come back, not me.

然後等到情勢緊急時，他們就來找Cliffs幫他們收拾局面，而我們也確實做了。我們用工程能力來做，我們證明了：我們可以在原本用來沖壓鋁材的模具上沖壓鋁，也可以沖壓鋼材。所以我們需要把那台車改回用鋼。我也希望買卡車的人能理解：鋁車不是鋼車。總之，到了那時，我們就能把Dearborn帶回來。何時讓Dearborn回來，是客戶決定，不是我。

That is extremely helpful. Just one more quick one. Again, on the price deck, you increased the $500 million opportunity from repricing to closer to $850 million. Can you just walk us through or provide a little bit more color on what exactly changed in terms of how much reflects higher than expected pricing, additional tonnage, and how many tons are actually being repriced in that number?

這非常有幫助。再快速問最後一個。同樣關於價格假設（price deck），你們把因重新定價帶來的5億美元機會上調到接近8.5億美元。你能否帶我們梳理一下，或再多提供一些細節，說明究竟有哪些變化：其中多少反映了高於預期的定價、多少來自額外的出貨噸數，以及在這個數字裡實際被重新定價的噸數是多少？

Well, everything is going very well in our renegotiation. Last quarter, conservative, but now we are more realistic because we have deals done. I am not going to go into specifics, but that is pretty much what is happening.

嗯，我們的重新談判進展非常順利。上季我們比較保守，但現在因為已有交易完成，所以我們更貼近現實。我不會談具體細節，但大致上就是這樣。

Samuel McKinney, KeyBanc Capital Markets. Please go ahead.

KeyBanc Capital Markets 的 Samuel McKinney。請開始提問。

I am going to stick on the contract theme. With 70%-plus of the mix on fixed or index-linked contracts, I think I see that mix evolving into next year, where we hear from a lot of buyers about the mills attempting to reduce their contract exposure to take advantage of this rich spot market.

我想延續合約這個主題。在產品組合中有超過70%是固定價格或與指數連動的合約；我認為我看到這個組合在明年會有所演變，因為我們從許多買家那裡聽到，鋼廠正試圖降低合約曝險，以利用目前這個強勁的現貨市場。

I hope you heard in the prepared remarks that we are doing well with the renewals. That is number one. Number two, I already informed as we are doing this dialogue with you guys in this call, I let you guys know that now the minimum tonnage contracted is a take-or-pay for Cleveland-Cliffs. And we are not, by any stretch, forcing them to take the existing minimums. If they want to go to a lower minimum in order to be in a more comfortable situation from the take-or-pay standpoint, we are fine with that.

我希望你在事先準備的發言中有聽到，我們在續約方面做得很好。這是第一點。第二點，我在這通電話與各位對話時也已經告知各位，現在與 Cleveland-Cliffs 簽約的最低噸數對他們而言是「照付不取」（take-or-pay）。而且我們完全沒有在強迫他們必須提取既有的最低量。如果他們希望把最低量調低，讓自己在 take-or-pay 的角度更舒適一些，我們也可以接受。

On the other hand, the lower minimum is now the lower minimum. If we need to bring contract tonnage to a minimum, that is the new minimum. What happens is that more than the opposite, clients are asking to raise their minimums, because at this very moment, the biggest point, Samuel, is to have steel, not to negotiate a price. Fixed prices are gone. Everybody is going to index, and going to index with a minor or no discount because they all believe, not all, but a good number, let us put it like this, of clients believe that prices have peaked. So being on the discount will help them going forward.

但另一方面，較低的最低量現在就成了新的最低量。如果我們需要把合約噸數拉到最低，那就是新的最低值。實際發生的情況反而是，客戶要求提高他們的最低量，因為此時此刻最重要的點，Samuel，是要有鋼可用，而不是去談價格。固定價格已經不存在了。大家都會改成指數計價，而且折扣很小或沒有折扣，因為他們都相信——不是全部，但相當一部分客戶——認為價格已經見頂。所以拿到折扣對他們未來會有幫助。

On the other hand, I believe that steel prices are not at peak. So I also have a good view on keep contracts on index price. We are going all index, and with low discounts, lower discounts to freight, things like that. No discounts to freight, passing along to the clients our costs. They are accepting that too.

但另一方面，我認為鋼價還沒有到頂。所以我也很支持把合約維持在指數價格。我們會全面採用指數計價，且折扣很低，例如運費等項目的折扣會更低。運費不給折扣，把我們的成本轉嫁給客戶。他們也接受。

I think we are going to be in a much more mature as we eliminate the cancer of imports from this market. We are in a much more healthy environment in which the clients can plan for the future, we can invest, we can hire people, and that is what is the most important thing of bringing manufacturing back to the US. So kudos to President Trump, Secretary Howard Lutnick, and others that are USTR Ambassador Jamieson Greer, all the officials that finally heard what this industry has been claiming for several decades, and now we are doing, and now the US is the third largest producer of steel in the world, ahead of Japan. Rightfully so. We are a country that is growing. They are a country that is shrinking. So we are in the right spot right now.

我認為，當我們把進口這個市場的「癌症」消除後，市場會變得更成熟得多。我們處在更健康的環境中，客戶可以規劃未來、我們可以投資、可以雇用人員；而這正是把製造業帶回美國最重要的事情。因此要稱讚川普總統、Howard Lutnick 部長，以及其他人，包括美國貿易代表署（USTR）大使 Jamieson Greer，所有終於聽見這個產業數十年來訴求的官員；現在我們正在做到了，而且美國已成為全球第三大鋼鐵生產國，超越日本。這是理所當然的。我們是一個正在成長的國家。他們是一個正在萎縮的國家。所以我們現在的位置是對的。

All right. Great. Thanks, Lourenco. On the last call, you guys outlined a third quarter volume increase of about 300,000 tons, and volumes increased to only about 125,000 tons. Celso, you touched on third quarter auto production earlier, but any more details you guys can provide on the factors over the course of the quarter that prevented you from achieving that outlook and if they've subsided for the fourth quarter?

好的。很好。謝謝你，Lourenco。在上一次電話會議中，你們提到第三季出貨量將增加約30萬噸，但實際上只增加了約12.5萬噸。Celso，你先前提到第三季汽車產量，但你們能否再提供更多細節，說明在該季期間有哪些因素使你們未能達成該展望，以及這些因素在第四季是否已經消退？

Yeah. The main reason is the fact that our biggest business individually is automotive. Automotive has been reshoring. That's a good thing. But they are reshoring in a way that is not really, let's call, as organized as we would like to see. They have their own problems, and their just-in-time doesn't work as good as it looks like or sounds like when you say just in time. So we need to sometimes reschedule our own production in order to make sure that they are in steel, but not because of us.

是的。主要原因是我們單一最大的業務是汽車。汽車產業正在回流（reshoring）。這是好事。但他們回流的方式並沒有我們希望看到的那麼有條理。他們有他們自己的問題，他們的即時生產（just-in-time）並不像「即時」這個詞聽起來那麼有效。因此我們有時必須重新排程我們自己的生產，以確保他們有鋼可用，但這不是因為我們的問題。

Sometimes it is, but more normal than not is we have to do that because of them. We do that because they are the clients, and we're working individually with each one of the clients, the auto OEMs, to make sure that they get their own thing better organized for us to be better organized as well. The contract renewals of the automotive clients, the multi-year contracts that we gave to them, are coming soon. The first one will be related to a January 1 expiration.

有時候是，但更多時候我們必須這麼做是因為他們。我們這麼做是因為他們是客戶；我們正與每一家客戶、各家汽車 OEM，逐一合作，確保他們把自己的事情組織得更好，讓我們也能更好地安排。汽車客戶的合約續約——我們給他們的多年期合約——很快就要到期了。第一個會是與1月1日到期相關的合約。

Now they know that there are take-or-pays for minimums for other clients, and we're going to evolve to that with them. We are the largest supplier of automotive steel by a lot. We continue to grow our participation at will, with automotive, and we are going to have this introduced through the automotive clients. Or if they don't want, that's fine, too. We'll see.

現在他們知道，對其他客戶而言，最低量是 take-or-pay，我們也會逐步把這套機制導入到他們身上。我們是汽車用鋼最大的供應商，而且領先幅度很大。我們在汽車領域的市占參與度仍可按我們的意願持續提升，並且我們會透過汽車客戶把這件事導入。或者如果他們不想，也沒關係。我們再看。

Albert Realini, Jefferies.

Jefferies 的 Albert Realini。

Congrats on the impressive quarter. I think last year you guys have talked about the expiration of the slab contract and maybe a high-level estimate that could increase EBITDA by maybe $500 million. Just wanted to ask, is there more to go with that? I saw in the sales volumes, there did not look like there were slab or other products there. Is there more, I guess, uplift remaining in the fourth quarter from that, or have you guys kind of reached that run rate, which I assume is higher now just based on the pricing environment?

恭喜這一季表現亮眼。我記得去年你們談到板胚（slab）合約到期，並且在高層次上估計可能讓 EBITDA 增加約5億美元。我想問的是，這部分還有更多空間嗎？我在銷售量裡看起來沒有板胚或其他產品。所以我想問，第四季是否還有剩餘的提升空間，還是你們基本上已經達到那個運行水準（run rate）了——我猜在目前定價環境下，這個水準現在應該更高？

Yeah. Good point. I appreciate the question, Albert, because you are absolutely right. The benefit of not selling slabs is showing in our numbers. Remember, when I bought ArcelorMittal USA from ArcelorMittal, one of the conditions that I had to agree with, otherwise the deal would not go through, was to supply ArcelorMittal Calvert with our slabs. That deal was a five-year deal.

是的。問得好。Albert，我很感謝這個問題，因為你完全說對了。不再銷售板胚的效益已經反映在我們的數字上。記得我從 ArcelorMittal 收購 ArcelorMittal USA 時，其中一個我必須同意的條件——否則交易無法完成——就是要用我們的板胚供應 ArcelorMittal Calvert。那是一份為期五年的合約。

We counted the days until the day of the expiration. The fifth anniversary came, and we did not renew, and that was a very positive benefit. I am sure that ArcelorMittal is doing extremely well with their new supplier of steel slabs. No, that was actually a joke. They are not. But I do not care, and we are good. We are happy with that.

我們倒數著距離到期日還有多少天。第五個周年到了，我們沒有續約，而那是一項非常正面的效益。我相信 ArcelorMittal 與他們新的鋼胚供應商合作得非常好。不，那其實是個玩笑。他們並沒有。但我不在乎，而我們這邊很好。我們對此很滿意。

Bill Peterson, JPMorgan Chase.

Bill Peterson，摩根大通（JPMorgan Chase）。

Good morning. Thanks for taking the questions, and again, echoing, nice to have in the quarter of the execution. Just trying to, I guess, tie in some of the questions earlier on shipment potential for next year and maybe leaving Dearborn aside. I guess, how should we think about your shipment growth quantitatively, maybe versus market growth? Does this assume any sort of a share gain, or is the market just kind of grow in line with market, just at a high level?

早安。謝謝讓我提問，也再次呼應一下，本季執行表現很不錯。我想把先前關於明年出貨潛力的一些問題串起來，或許先不談 Dearborn。我想問的是，我們應該如何從量化角度看待你們的出貨成長，可能相對於市場成長？這是否假設會有某種市占率提升，還是大致上就是跟著市場同步成長、就高層次來看？

First of all, everything that the Trump administration has implemented in terms of reshoring manufacturing is really happening. The overall number is growing. That's number one. Number two, imported steel, that was always a relevant item of the mix of supply is no longer there. You don't see the important role played by imported steel in this market being played going forward, for several reasons we have already discussed. Now it's about the domestic supply. Third thing is that even though there are a lot of announcements for new plants and things like that, these things are years ahead if they really materialize, and I'm not just talking about Iowa or any other plants that were announced. I'm talking about even announcements that haven't happened yet.

首先，川普政府在製造業回流方面所推動的一切，確實正在發生。整體規模正在成長。這是第一點。第二點，進口鋼材——過去一直是供應組合中相關的一環——現在已經不在了。基於我們已經討論過的幾個原因，你不會看到進口鋼材在這個市場中所扮演的重要角色在未來繼續存在。現在重點在於國內供應。第三點是，即便有很多新廠之類的公告，這些若真要落地也都是好幾年以後的事；我不只是指愛荷華或其他已宣布的工廠。我甚至是指那些尚未發生、但未來可能會出現的公告。

Because when you see an environment like what we have right now with reshoring manufacturing to US, I really believe that other announcements will come. But when push comes to shove, clients need reliability. Clients need people that can really supply steel, and they know where they can get steel, and you know where they can get announcements of future investments and $50 billion here, another $13 billion in CapEx that never materialized from another one. You have all that. But when they need steel, they know where to come. So that's what's happening right now. I hope I'm helping, not complicating, Bill, but that's how I see it.

因為當你看到像我們現在這樣、製造業回流美國的環境時，我真的相信還會有其他公告出現。但說到底，客戶需要的是可靠性。客戶需要的是能真正供應鋼材的人；他們知道哪裡可以拿到鋼材，而你也知道他們哪裡只能拿到未來投資的公告——這裡說要投 500 億美元、那裡又說要投入 130 億美元資本支出（CapEx），但最後從另一家來看根本沒有實現。你會看到這些。但當他們需要鋼材時，他們知道該來找誰。所以這就是現在正在發生的事。Bill，我希望我是在幫忙而不是把事情講得更複雜，但這就是我的看法。

Okay. It sounds like this is a constructive backdrop. I guess my second question, and you pretty much defined clearly what is going on in Canada. Obviously, HRC is now nearly on par. I am just curious though, what do the value-added spreads, I guess, look like between Canada and the US, just to help quantify what you were saying earlier?

好的。聽起來這是一個具建設性的背景。我想我的第二個問題是，你其實已經很清楚地界定了加拿大正在發生什麼。顯然，HRC（熱軋捲）現在幾乎已經接近同一水準。不過我好奇的是，加拿大與美國之間的附加價值價差（value-added spreads）大概是什麼樣子？只是想幫助量化你先前所說的內容。

Yeah, look, Canada caught up very quickly when the Carney administration implemented the TRQs in the first place, and then fine-tuned a little bit to make it really work. That is what happened between December of 2025 and June of 2026.

是的，你看，加拿大在 Carney 政府一開始實施 TRQs（關稅配額）時就很快追上來了，之後又稍微微調，使其真正發揮作用。這就是 2025 年 12 月到 2026 年 6 月之間發生的事。

For the hot-rolled business, it worked extremely well. As far as the Galvanneal business, it did not. Because between ourselves meaning Stelco, ArcelorMittal Dofasco, and an incredible amount of imported Galvanneal steel coming through the borders, the domestic market in Canada simply cannot accommodate. And when the Prime Minister goes on a world trip and says, come to Canada, we are open for business, they are basically inviting new imports into the market and people here outside of Canada, and they said, present, and they send the steel there.

就熱軋業務而言，效果非常好。至於 Galvanneal（鍍鋅退火鋼）業務，則沒有。因為在我們——也就是 Stelco、ArcelorMittal Dofasco——以及大量進口的 Galvanneal 鋼材穿越邊境湧入之下，加拿大國內市場根本無法消化。而當總理出訪世界各地並說「來加拿大吧，我們歡迎做生意」，他們基本上是在邀請新的進口進入市場；加拿大以外的人就回應「到」，然後把鋼材運進去。

What Prime Minister Mark Carney did with this world trip and bringing electric vehicles to the country, just 49,000 tons of a virus called Chinese electric vehicles. He was basically snatching defeat out of the jaws of victory. And the punishment was not on companies like Stelco or even Cleveland-Cliffs. The punishment was on Canadian workers. So when things like that happen, consequences exist. But I always believe that cold minds will prevail and there are more intelligent people than stupid people in any place in the world, so we are going to be okay in Canada. I do not know if your question was exactly that, but I think that is the only message about Canada that is important. All the rest is just your spreadsheet, Bill.

Mark Carney 總理這次世界行、把電動車帶進國內——就 49,000 噸這種名為「中國電動車」的病毒。他基本上是在勝利在望之際，硬是把失敗從勝利的口中搶了出來。而這個懲罰並不是落在 Stelco 這樣的公司，甚至也不是 Cleveland-Cliffs。懲罰落在加拿大工人身上。所以當這種事情發生時，就會有後果。但我一直相信冷靜的頭腦會占上風，而且世界上任何地方聰明人都比蠢人多，所以加拿大會沒事的。我不知道你的問題是否正是這個，但我認為這是關於加拿大唯一重要的訊息。其他的就只是你的試算表而已，Bill。

Thank you. This brings us to the end of today's question-and-answer session and today's conference call. We would like to thank you for your participation and interest in Cleveland-Cliffs. You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day.

謝謝。今天的問答環節以及今天的電話會議到此結束。感謝各位參與並關注 Cleveland-Cliffs。您現在可以掛斷電話或登出網路直播，祝您今天剩下的時間愉快。