Have You Seen These Cleveland-Cliffs Charts?
The S&P 500 Index has roughly doubled since hitting a bear market low on March 23, 2020. The stock price for domestic steelmaker Cleveland-Cliffs (NYSE: CLF) has advanced more than 550% since that same point. Before you get excited about this massive outperformance, you need to understand a few things about the company and the industry in which it operates.
Cleveland-Cliffs is one of a handful of notable domestic steelmakers, but it wasn't always that way. At one point just a few years ago it was actually just a steel industry supplier, selling iron ore to steel producers. But the company decided it needed to shift gears and become an integrated steelmaker, with operations spanning from mining iron ore to making steel itself.
Image source: Getty Images.
Source Fool.com