Shares of steel producer Cleveland-Cliffs (CLF 11.30%) were moving higher today as steel stocks jumped broadly after President Trump said on Sunday that he would impose 25% tariffs on all steel and aluminum imports to the U.S.
Shares of Cleveland-Cliffs Inc. CLF are trading higher Monday. This follows President Trump's vow to impose a 25% tariff on steel and aluminum imports.
In the most recent trading session, Cleveland-Cliffs (CLF) closed at $10.46, indicating a -0.57% shift from the previous trading day.
Lower demand in the automotive sector weighs on CLF in the second half of 2024.
Cleveland-Cliffs (CLF) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
The broader stock market sentiment has been shaky due to concerns that President Trump will implement potential trade tariffs, affecting some of the major industries in the United States economy and those of its trading partners. However, some of the market's signals may indicate that these tariffs may be a positive development for domestic manufacturing stocks.
While CLF benefits from its vertically integrated footprint, cost-saving actions and the Stelco buyout, weaker steel prices cast a pall on its prospects.
United States Steel stock has dropped almost 25% in the last one year, compared to the S&P500 index which has gained 24% during the same time. U.S. Steel's stock price movement is aligned to that of its peers, including Cleveland Cliffs (NYSE: CLF), which is down 43%, Rio Tinto (NYSE: RIO) which is down 10%, and VALE (NYSE: VALE) which is down 34% during the same period.
In the closing of the recent trading day, Cleveland-Cliffs (CLF) stood at $10.09, denoting a -1.75% change from the preceding trading day.
Zacks.com users have recently been watching Cleveland-Cliffs (CLF) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
In the latest trading session, Cleveland-Cliffs (CLF) closed at $10.24, marking a +0.2% move from the previous day.
Cleveland-Cliffs CEO Laurenco Goncalves on the status of the deal between U.S. Steel and Nippon Steel and Cleveland-Cliffs' renewed effort to buy U.S. Steel. #FOXBusiness Subscribe to Fox News!