Stock Track | Cleveland-Cliffs Soars on Optimism for Steel Demand Rebound

Stock Track11-06

Cleveland-Cliffs Inc. (CLF) shares surged 8.53% on Monday, driven by growing optimism for 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 outlook for a recovery in demand has buoyed investor sentiment.

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

However, the company remains optimistic about the prospects for a recovery in steel demand, fueled by several catalysts. CEO Lourenco Goncalves expects demand to improve in the first quarter of 2025 and return to normal volumes by the end of June, 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 surged 8.53% on Monday, driven by growing optimism for a rebound in steel demand and the automotive market in the coming quarters. 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