Why Cleveland-Cliffs Inc. (CLF) Skyrocketed On Monday

We recently published a list of These 10 Stocks Blew Past Expectations. In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top-performing stocks on Monday.

Cleveland-Cliffs snapped a two-day losing streak on Monday, surging 23.16 percent to end at $7.18 apiece as investors flocked to US steelmakers following President Donald Trump’s new tariff bomb.

On Friday, Trump said that he would impose a 50-percent tax on steel and aluminum imports effective tomorrow, June 4.

The new levies followed his accusation against China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals.

The US Midwest duty-paid aluminum premium AUPc1 surged by 54 percent or $0.58 per lb to $1,279 per metric ton on Monday, while US hot rolled coil steel increased by 7.4 percent.

The imposition of new duties on imported steel and aluminum products makes domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to investors as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers.

Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio.

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