Shares of Cleveland-Cliffs (NYSE: CLF) were rallying today, up about 9% as of 10:30 a.m. ET, even as the S&P 500 was down a significant 1.8% at that time.

Obviously, that points to a company-specific announcement driving today's gains. This morning, Cleveland-Cliffs announced an increase in steel prices and a lower cost per unit for next year. That's quite the feat, defying today's lower commodity prices.

With recession fears in the air right now, one would think commodity producers would be under pressure as demand concerns weigh on all cyclical companies. But Cleveland-Cliffs said this morning that thanks to negotiations with customers, its fixed-price contracts for certain types of its automotive steels for 2023 should be higher than the price it received in 2022.

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Source Fool.com