Revenue for the first quarter of 2026 was $4.922 billion, up from $4.629 billion in Q1 2025. Net loss attributable to Cliffs shareholders was $237 million, compared to a $498 million loss in Q1 2025. Operating loss was $213 million, significantly improved from the $543 million operating loss in Q1 2025. Adjusted EBITDA was $95 million, compared to a negative $179 million in the prior-year period. Steel shipments totaled 4.108 million net tons, a slight decrease from 4.140 million net tons in Q1 2025. Average selling price per net ton of steel was $1,048, up from $980 in Q1 2025.