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

Core Viewpoint - Cleveland-Cliffs Inc. is experiencing significant stock performance improvements due to its strategic shift towards rare earth mining, aligning with national goals for critical material independence [1][3]. Group 1: Stock Performance - The stock reached a new 52-week high of $16.7 during intra-day trading, ultimately closing up by 21.47% at $16.18 [2]. - This performance marked the end of a three-day losing streak for the company [1]. Group 2: Business Strategy - Cleveland-Cliffs has officially initiated efforts to diversify from steelmaking into rare earth mining, exploring potential mining sites in Michigan and Minnesota [2][4]. - The CEO emphasized the importance of reducing reliance on foreign nations for essential minerals, positioning Cleveland-Cliffs as part of the solution for American manufacturing [3]. Group 3: Financial Performance - In the third quarter, the company reported a net loss attributable to shareholders of $251 million, a 2.87% increase from $244 million in the same period last year [4]. - Revenues increased by 2.8% year-on-year, reaching $4.7 billion compared to $4.57 billion [4].