Cleveland-Cliffs (CLF) Hits New All-Time High as Firm Sets Sights on Rare Earth Mining

We recently published 10 Big Names Beating Wall Street at its Own Game. Cleveland-Cliffs Inc. (NYSE:CLF) is one of the best performers on Monday.

Cleveland-Cliffs snapped a three-day losing streak on Monday to jump to a new all-time high as investors cheered the company’s plans to diversify into rare earth mining as part of its commitment to support government goals.

In intra-day trading, the stock soared to its highest 52-week price of $16.7 before paring gains to finish the session up by 21.47 percent at $16.18 apiece.

In an updated report, Cleveland-Cliffs Inc. (NYSE:CLF) Chairman and CEO Lourenco Goncalves said that the company officially kicked off efforts to expand beyond steelmaking and into rare earth mining, with the potential of two mining sites in Michigan and Minnesota being explored at present.

“If successful, it would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel. American manufacturing shouldn’t rely on China or any foreign nation for essential minerals, and Cliffs intends to be part of the solution,” Goncalves said.

In the third quarter of the year, Cleveland-Cliffs Inc. (NYSE:CLF) widened its net loss attributable to shareholders by 2.87 percent to $251 million from $244 million in the same period last year. Revenues, on the other hand, inched up by 2.8 percent to $4.7 billion from $4.57 billion year-on-year.

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