Cleveland-Cliffs Surges 16% on Bullish H2 Profit Forecast and Tariff Optimism
CLF sits 42% above its 52-week low of $7.73.
Summary
Cleveland-Cliffs shares jumped 16% after CEO Lourenco Goncalves forecast the strongest second-half profits in five years, with Q3 adjusted pre-tax income expected to double from Q2. He also asserted that steel tariffs will persist regardless of the next president, supporting domestic prices. The company, the largest automotive steel supplier, may restart its Dearborn mill if automakers shift more production to the U.S. This follows this morning's Q2 earnings beat, but the new guidance and tariff commentary provide a materially more bullish outlook than the initial report.
At the time of this announcement, CLF was trading at $10.94 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.2B. 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 8 out of 10. Source: Dow Jones Newswires.