Cleveland-Cliffs (CLF) Stock Gains 4% Amid Approaching Next Quarter Report

During the last week, Cleveland-Cliffs’ stock was mainly declining. On July 19, it reached $18.68. Nevertheless, it is climbing high for two days: the price is currently at $20.96, resulting in a 4% gain. Cleveland-Cliffs is to have gained from higher steel prices in the approaching quarter report. Steel prices are on an upswing on the back of robust demand and supply shortages and have recovered strongly and hit record levels after declining huge during a pandemic.

Cleveland-Cliffs operates as an independent iron ore mining company in the United States, Canada, and internationally. It operates in two segments, Mining and Pelletizing, and Metallics. The company operates three iron ore mines, including the Tilden mine in Michigan; and the Northshore and United Taconite mines in Minnesota, as well as holds a 23% stake in the Hibbing mine in Minnesota.

It produces various grades of iron ore pellets, including standard, fluxed, and DR-grade for blast furnace steel producers; and flat-rolled carbon, stainless, and electrical steel products primarily for the automotive, infrastructure, and manufacturing markets. The company was formerly known as Cliffs Natural Resources and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs was founded in 1847 and is headquartered in Cleveland, Ohio.

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Agneta Johansen

Agneta is still enjoying her trips to Asia and Africa while she works at Own Snap as an author and reporter. Very soon she will settle somewhere in Europe and run her startup enterprise.

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