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Stock Market Today, July 23: Cleveland-Cliffs Stock Soars on Robust Steel Demand and Pricing

The Motley Fool·
Stock Market Today, July 23: Cleveland-Cliffs Stock Soars on Robust Steel Demand and Pricing

Cleveland-Cliffs stock surged 15.98% on strong quarterly results and upbeat guidance, driven by robust steel demand and pricing. The company's adjusted EBITDA jumped from $95 million in Q1 to $286 million in Q2, with expectations to reach approximately $575 million in Q3. The broader steel sector is thriving, with peers Nucor and Steel Dynamics also posting strong results.

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