Cleveland-Cliffs Stock Surges on Tariffs and Stelco Acquisition
Monday, Feb 10, 2025 11:36 am ET
1min read Cleveland-Cliffs Inc. (NYSE: CLF) shares rose today, driven by two key factors: President Trump's announcement of 25% tariffs on all steel and aluminum imports to the U.S. and the company's recent acquisition of Stelco Holdings Inc. (Stelco). These developments have contributed to the stock's 14.1% increase as of 9:45 a.m. ET.
President Trump's Tariff Announcement
President Trump's decision to impose 25% tariffs on all steel and aluminum imports to the U.S. was seen as a positive for domestic steel producers like Cleveland-Cliffs. The news was seen as a protective measure for the company, as it should lead to less competition and higher prices. Cleveland-Cliffs' CEO, Lourenco Goncalves, has been an outspoken supporter of tariffs, believing they can make a "long-term positive impact" in making "America a manufacturing superpower once again." This alignment with the company's long-term investment strategy contributed to the stock's rise today.
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