Here's Why Cleveland-Cliffs Stock Rose Today
Cleveland-Cliffs (NYSE: CLF) today joined the ranks of other U.S. steel companies that have recently given investors advanced notice of strong, and even record, expected earnings. Shares of the steelmaker responded Wednesday, trading 13.4% higher as of 12:20 p.m. EDT.
Cleveland-Cliffs won't report its first-quarter earnings until April 22, but it gave investors a strong financial forecast for first- and second-quarter adjusted EBITDA, as well as expectations for business to remain strong through the balance of 2021. Fellow domestic steelmakers Nucor (NYSE: NUE) and Steel Dynamics (NASDAQ: STLD) have also both recently said demand is currently strong, and financial results look to be even stronger in the second quarter.
Source Fool.com
