Cleveland-Cliffs (CLF) Nosedives on ‘Sell’ Reco

Core Points - Cleveland-Cliffs Inc. (NYSE:CLF) experienced a significant decline of 17.24% on Tuesday, closing at $13.39, following a "sell" recommendation from Wells Fargo and profit-taking by investors [1][3] - The company's net loss attributable to shareholders widened by 2.87% in Q3, reaching $251 million compared to $244 million in the same period last year, while revenues increased by 2.8% to $4.7 billion from $4.57 billion year-on-year [3] Company Strategy - Cleveland-Cliffs is diversifying from steelmaking into rare earths mining to support government initiatives aimed at bolstering domestic supply, with exploration efforts underway in Michigan and Minnesota [2] - Wells Fargo expressed skepticism regarding the potential returns from these new ventures, citing a lack of known deposits in the region [2]