Cleveland-Cliffs Stock Jumps 4.8% as Vance Touts $1B Middletown Upgrade
CLF sits 44% above its 52-week low of $7.73.
Summary
Cleveland-Cliffs shares rose 4.8% to $11.26 in late trading after Vice President J.D. Vance visited the Middletown Works to promote a $1 billion blast furnace upgrade. The company revised its capital plan: Cliffs will now spend about $500 million, down from a previously planned $1.3 billion, with a matching $500 million DOE grant bringing total investment to $1 billion. The reduced Cliffs outlay is a key positive for investors, as it lowers the company's cash commitment while still modernizing the facility. This follows the earlier Reuters report on the DOE grant, but today's stock move and Vance's high-profile visit add fresh market reaction. The upgrade targets improved air quality and furnace efficiency at a plant that has operated for over 100 years. Steel prices at about $1,200 per ton, up from $800 a year ago, support the company's earnings outlook, with 2027 EPS estimates now at 85 cents versus 65 cents a year ago.
At the time of this announcement, CLF was trading at $11.16 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.4B. The 52-week trading range was $7.73 to $16.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.