Stock Track | Cleveland-Cliffs Surges on Hopes for U.S. Steel Takeover After Trump Re-Election

Stock Track11-07

Shares of Cleveland-Cliffs Inc. (CLF) soared nearly 8% on Wednesday, fueled by optimism that the steelmaker's attempted acquisition of U.S. Steel Corp. (X) could now have a better chance of succeeding following the re-election of President Donald Trump.

Trump, who campaigned on a platform of deregulation, has vowed to block a rival bid by Japan's Nippon Steel to acquire U.S. Steel, arguing that the iconic American company should remain under domestic ownership. This stance has raised hopes that Cleveland-Cliffs' previously rejected $7.25 billion offer for U.S. Steel may get a fresh look by regulators.

The stock surge also comes after Cleveland-Cliffs reported a net loss of $230 million in its latest financial results earlier this week. Investors appear to be looking past the company's recent earnings disappointment and focusing instead on the potential for a transformative deal that could reshape the U.S. steel industry.

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(CLF) soared nearly 8% on Wednesday, fueled by optimism that the steelmaker's attempted acquisition of U.S. Steel Corp. 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