Why Cleveland-Cliffs Stock Fell 13% in February
Shares of iron ore miner and steelmaker Cleveland-Cliffs (NYSE: CLF) declined by 13% in February. However, timing matters, with the shares falling notably after it reported earnings near the end of the month.
There was a lot going on at Cleveland-Cliffs in 2020. CEO Lourenco Goncalves didn't mince any words on that, either, describing the year as "the most transformational" in the company's 173-year history. The big change was that Cleveland-Cliffs bought steelmakers AK Steel and ArcelorMittal USA, the U.S. steel assets of international steel giant ArcelorMittal (NYSE: MT). This basically converted Cleveland-Cliffs from a steel industry supplier into an integrated steel company with assets spanning across the industry's supply chain.
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Source Fool.com
