Why Cleveland-Cliffs Jumped 6% Today

Shares of Cleveland-Cliffs (NYSE: CLF) are up 6% today as of 3:20 p.m. EDT, after jumping over 9% earlier in the trading session. The iron ore and steel producer, which released its third-quarter earnings early Friday, had previously announced two transformational acquisitions in 2020. 

The company said in its Q3 earnings report that it had total revenue of $1.6 billion, including $1.3 billion from its steel and manufacturing segment. It said 73% of that revenue came from the rebounding automotive sector. 

Image source: Getty Images.

Continue reading

Source Fool.com