Cleveland-Cliffs Inc. Experiences Surge Amid Strong Financial Performance

Cleveland-Cliffs Inc. (NYSE: CLF), a leading materials company specializing in metals and mining, has seen a significant uptick in its stock price, driven by a series of positive financial developments. The company, headquartered in Cleveland, Ohio, has been a focal point in the market due to its robust earnings report and strategic financial maneuvers.

On July 23, 2025, Cleveland-Cliffs shares surged by 7.6% following a stronger-than-expected earnings report. The stock traded as high as $11.96, closing at $11.47, with 15.1 million shares changing hands. This rally was fueled by the company’s ability to exceed revenue estimates and report a non-GAAP loss per share of $0.50, which was notably better than the anticipated loss of $0.71 for Q2 2025. Despite the results remaining in the negative, the performance was a significant improvement over expectations.

The positive momentum was further bolstered by a price target upgrade from KeyBanc, which upgraded Cleveland-Cliffs to “Overweight.” This upgrade contributed to a 12.45% jump in the stock price on July 22, marking the second consecutive day of gains. The upgrade reflects confidence in the company’s strategic direction and financial health.

In addition to the earnings beat, Cleveland-Cliffs has been the target of unusually high options trading. On July 23, investors acquired 63,119 call options, marking a 20% increase compared to the average volume. This unusual trading activity underscores the market’s heightened interest in the company’s prospects.

Cleveland-Cliffs has also been proactive in optimizing its financial structure. The company is considering selling non-core assets, a move that could generate billions in revenue and further strengthen its financial position. This strategy aligns with the company’s efforts to ride cost cuts and leverage favorable trade policies, such as Trump-era tariffs, to enhance its outlook.

The company’s CEO has been vocal about the need for protective measures against steel imports, calling on Canada to build a “wall of protection.” This stance highlights the competitive pressures in the industry and the company’s commitment to safeguarding its market position.

With a market capitalization of $4.64 billion and a close price of $11.32 on July 21, 2025, Cleveland-Cliffs has demonstrated resilience and strategic acumen in navigating the challenging metals and mining sector. The company’s ability to exceed financial expectations and implement strategic asset sales positions it well for future growth and stability.

As Cleveland-Cliffs continues to execute its strategic initiatives, investors and market watchers will be keenly observing its progress in capitalizing on its strengths and addressing industry challenges. The recent financial performance and strategic moves suggest a promising trajectory for the company in the coming months.