Steelmaker Cleveland-Cliffs Says It Wants to Get Into Rare Earths. Its Stock Is Soaring

Steelmaker Cleveland-Cliffs said two of its mines look promising for producing rare earths. Dustin Franz / Bloomberg / Getty Images Close Key Takeaways Shares of Cleveland-Cliffs (CLF) popped 20% Monday afternoon after it shared some news along with its third- quarter earnings: The steelmaker said it wants to get into the rare earths mining business. CEO Lourenco Goncalves said "the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets.†He ad ...