Why Cleveland-Cliffs Stock Soared in March
Shares in steelmaker Cleveland-Cliffs (NYSE: CLF) surged a remarkable 44.1% in March, according to data provided by S&P Global Market Intelligence.
The move comes as steel and iron ore prices surged due to the war in Ukraine. Both Russia and Ukraine are major steel exporters, and the lack of supply from those countries is likely to impact the industry on an extended basis. Moreover, the sanctions against Russia won't end anytime soon, and there's a large steelworks in Mariupol in Ukraine, which is one of the epicenters of the conflict. Everything points to the possibility of an extended impact. As such, supply disruptions in the industry could last, and end-market customers are likely to start looking around for alternative suppliers.
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Source Fool.com
