Tariffs & Rare-Earth Gold Rush: Cleveland-Cliffs Stock Surges 19% on New Trade Policies
Tariff-Fueled Growth in Q3 Cleveland-Cliffs’ Q3 results revealed a tariff-fueled bump in sales. Revenue rose 3.6% year-over-year to $4.73 billion, thanks in part to the 50% tariff on imported steel imposed earlier this year marketscreener.com. The company shipped 4.0 million net tons of steel (vs 3.8 M last year), reflecting stronger orders from automakers investorshub.advfn.com. However, CLF still posted a GAAP net loss of $251 million ($0.51/share), nearly unchanged from a year ago marketscreener.com. Adjusted loss was $0.45/share, in line with forecasts. Management emphasized that new long-term contracts with Detroit automakers (Ford, GM, etc.) were secured under the new trade rules. As