Cleveland-Cliffs (CLF) Declines 3.67% as Investors Await US-UK Steel Trade Deal

We recently published 10 Big Names Investors Are Dumping. Cleveland-Cliffs Inc. (NYSE:CLF) is one of the worst performers on Wednesday.

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) dropped for a second day on Wednesday, shedding 3.67 percent to close at $11.29 apiece as investors unloaded positions while in a wait-and-see mode on President Donald Trump’s visit to the UK, where issues on the steel industry are expected to be discussed.

A day before Trump flew to Britain, the US government dashed hopes of zero tariffs on steel imports from UK, leaving the latter “disappointed.”

The two countries signed a trade deal in June that lowered levies on cars and aerospace imports, but failed to discuss terms related to steel imports.

However, the UK said it remained hopeful for a trade deal on the said industry after Trump signaled a tariff relief for the sector.

For Cleveland-Cliffs Inc. (NYSE:CLF), any move to maintain tariffs on steel imports would be beneficial for the company, as it could gain competitive advantage against its international competitors through lower pricing and costs, among others.

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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.