Why Cleveland-Cliffs Rose 49.5% in 2021
Shares of steelmaker Cleveland-Cliffs rose 49.5% in 2021, according to data from S&P Global Market Intelligence.
Cleveland-Cliffs entered 2021 as a transformed company. Beginning 2020 as a domestic iron ore miner, Cleveland-Cliffs subsequently acquired steelmakers AK Steel in early 2020 and ArcelorMittal USA in late 2020. Management essentially transformed the company from a supplier of iron ore pellets prior to the pandemic to a fully integrated steelmaker coming out of it.
Those acquisitions look like savvy moves today, as the company benefited tremendously from soaring steel prices amid global shortages and booming demand from the auto sector last year.
Source Fool.com