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Why Cleveland-Cliffs Rallied Today

TheMotleyFool

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Why Cleveland-Cliffs Rallied Today: https://g.foolcdn.com/editorial/images/826088/gettyimages-939202014.jpg

Shares of Cleveland-Cliffs (NYSE: CLF) rallied 5.6% on Tuesday as of 2:26 p.m. ET.

The U.S.-based steelmaker reported second-quarter earnings today, and while revenue and earnings were down relative to last year, both metrics actually beat expectations. Furthermore, CEO Lourenco Goncalves was optimistic that the recent increase in steel tariffs should soon benefit the company.

In the second quarter, Cleveland-Cliffs saw revenue decline by 3.1% to $4.9 billion, while adjusted (non-GAAP) earnings per share (EPS) fell to a loss of $0.50 per share from a positive $0.11 EPS in the year-ago quarter.

Source Fool.com