Why Cleveland-Cliffs Stock Was Rising Today
Shares of steel producer Cleveland-Cliffs (NYSE: CLF) were moving higher today as steel stocks jumped broadly after President Trump said on Sunday that he would impose 25% tariffs on all steel and aluminum imports to the U.S.
The news was seen as a positive for U.S. steel producers like Cleveland-Cliffs as it should lead to less competition and higher prices.
As of 9:45 a.m. ET, the stock was up 14.1% on the news.
Source Fool.com
