Stock Track | Cleveland-Cliffs Surges on Optimism for Steel Demand Recovery

Stock Track11-06

Cleveland-Cliffs Inc. (CLF) shares soared on Monday, driven by growing confidence in a rebound in steel demand and the automotive market in the coming quarters. The steel producer reported weaker-than-expected third-quarter results last week, but management's optimistic outlook for a recovery in demand buoyed investor sentiment.

The company's Q3 performance was impacted by lower steel demand and pricing, particularly from the automotive sector, leading to a wider-than-expected loss and a 19% year-over-year decline in revenue. In response to the subdued demand, Cleveland-Cliffs temporarily idled one of its blast furnaces in Cleveland to align production with its order book.

However, Cleveland-Cliffs remains optimistic about the prospects for a rebound in steel demand, fueled by several potential catalysts. CEO Lourenco Goncalves expects demand to improve in the first quarter of 2025 and return to normal volumes by the end of June. This anticipated recovery is driven by factors such as lower interest rates, clarity after the U.S. presidential elections, potential for increased trade protection, and the impact of government initiatives like the CHIPS Act and the Inflation Reduction Act.

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(CLF) shares soared on Monday, driven by growing confidence in a rebound in steel demand and the automotive market in the coming quarters. 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