Cleveland-Cliffs shares rise 6.19% intraday after Q2 earnings beat expectations and asset sale plans announced.

Cleveland-Cliffs Inc. surged 6.19% intraday, following the release of its Q2 earnings report with revenue of $4.93 billion exceeding expectations, record steel shipment of 4.3 million tons, and adjusted EBITDA improving to $970 million. The company also announced plans to sell an idle steel plant to a data center developer and collaborate with JPMorgan to explore asset disposals, aiming to reduce debt, optimize operations, and save costs. The company, a major flat-rolled steel producer in North America, has historically benefited from Trump administration's tariff protections, supporting steel shipment and pricing.