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Why Cleveland-Cliffs Stock Jumped as Much as 18% Today


Shares of Cleveland-Cliffs (NYSE: CLF) rose as much as 18% on Wednesday and ended the day up by 14.6%. The steel mill and iron ore supplier's dramatic price move could be tied to any of three different pieces of news. But given the current Wall Street zeitgeist, it's likely that one had a bigger impact than the others today.

The first piece of news comes in a release from the company celebrating six months of "continued operation and production of hot-briquetted iron at the Company's state-of-the art Direct Reduction plant in Toledo, Ohio." This probably didn't have anything to do with the stock price, but it is notable in that it helps ensure the company has access to key steelmaking inputs.  

Image source: Getty Images.

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Source Fool.com

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