Cleveland-Cliffs Stock Falls Amid Public Offering Announcement

Cleveland-Cliffs Inc (CLF) is trading lower after announcing a public offering of 75 million common shares, raising approximately $964 million. The steelmaker plans to use the funds to repay borrowings under its credit facility. The offering is dilutive and has put pressure on the stock price, despite recent interest in the company's rare earth minerals sector. Shares are down 12.82% at $12.28.