Why Did Cleveland-Cliffs Stock Pop Today?
Cleveland-Cliffs is investing $1 billion in its flagship Ohio plant.
Overview
Shares of steelmaker Cleveland-Cliffs (NYSE: CLF) soared today after the company announced a major investment. That wasn't the only reason for the stock jumping 7% as of 12:23 p.m. ET, though.
The stock is also bouncing back, along with other steel stocks, after names in the sector plunged yesterday. That came after word that a tentative trade agreement between the U.S. and Canada might reportedly reduce tariffs on specific Canadian steel and aluminum exports from 50% to 25%.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.