Cleveland-Cliffs Inc. (CLF) Wants To Lower Its Debt, Says Jim Cramer

We recently published 11 Stocks That Jim Cramer Recently Talked About. Cleveland-Cliffs Inc. (NYSE:CLF) is one of the stocks Jim Cramer recently discussed.

Cleveland-Cliffs Inc. (NYSE:CLF) is an American steel manufacturer whose shares have gained 16.7% year-to-date. July has been a good month for the stock as it has gained 17.4% since the 18th. Cleveland-Cliffs Inc. (NYSE:CLF)’s shares have gained on the back of a strong earnings report, which saw the firm share that it expects greater-than-expected demand from the key automobile sector. Cramer discussed Cleveland-Cliffs Inc. (NYSE:CLF) in the context of recent remarks made by the firm’s CEO:

“I mean I talked to Cleveland-Cliffs last night. To Lorenzo Goncalves. And he needs capital. He absolutely wants to lower the amount of debt. But he’s also conscious that it would be incredibly dilutive.

“He’s trying to get Canada to have tariffs, too. Big tariffs. Look he’s worried about transshipment. He’s trying to stop transshipment. He thinks there are a lot of countries that dump through Canada, that dump through Mexico.”

In his earlier remarks, the CNBC TV host discussed Cleveland-Cliffs Inc. (NYSE:CLF) after its quarterly earnings:

“What do we make of this incredible comeback in Cleveland-Cliffs stock today, the vertically integrated steel maker focused on value-added steel products, particularly for the auto industry. This stock plunged from the low 20s early last year down to five bucks and change this past May when President Trump approved, and you know I’m against this, the Nippon Steel acquisition of U.S. Steel, which Cleveland-Cliffs also wanted to buy.

But shortly after the deal was approved, Cliffs got a gift from the administration. The president doubled the tariff on steel imports from 25% to 50%. In response, the stock jumped 23% in a single session. And it’s never looked back because, well, the president may have saved the industry, and it exploded higher once again today, up more than 12% when Cleveland-Cliffs reported a better-than-expected quarter. There’s a sense that business will only get better as we process the higher steel tariffs.”

While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.