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Summary
- Stocks of Cleveland-Cliffs (CLF:US, NYSE:CLF), an iron ore mining firm, climbed as much as three per cent on Wednesday, June 9 (10AM EST).
- Cleveland-Cliffs is said to be the largest producer of iron ore across North America.
- In the first quarter of 2021, the iron and steel manufacturer reported total revenues of US$ 4 billion.
Stocks of Cleveland-Cliffs (CLF:US, NYSE:CLF), an iron ore mining firm, climbed as much as three per cent on Wednesday, June 9 (10AM EST) on the back of rising iron ore prices.
Iron ore (62% Fe) Futures was up 2.7 per cent to US$ 207.84 per dry metric ton around 10AM on Wednesday.
Cleveland-Cliffs is said to be the largest producer of iron ore across North America. It also manages steel production facilities that target the automotive end market.
In the first quarter of 2021, the iron and steel manufacturer reported total revenues of US$ 4 billion, a sharp surge against that of US$ 359 million a year ago. The company also posted a profit of US$ 41 million or earnings per diluted share of US$ 0.07 for the latest quarter.
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The Ohio-headquartered firm recorded adjusted EBITDA of US$ 513 million in Q1 2021, which was a multiple-fold rise from that of US$ 23 million in Q1 2020.
Let us look at mining stock’s recent price performance trajectory.
Cleveland-Cliffs (CLF:US, NYSE:CLF)
Cleveland-Cliffs stock has increased by about 41 per cent this year, propelled by the surging commodity prices.
Its previous close, on Tuesday, was 20.27 per share and it presently has a market cap of US$ 10.43 billion.
The metal stock had a remarkable last one year, yielding 201 per cent returns to its shareholders. It has also outperformed the S&P 500 Steel Sub-Industry Index in comparison, which has improved by 18.75 per cent in the same period.
Cleveland-Cliffs scrip achieved a 52-week high of around US$ 22.90 apiece on February 10 this year. It has bounced back by a whopping 319 per cent from its one-year low of 4.92 apiece, recorded on July 9, 2020.
Cleveland-Cliffs’ One-Year Price Performance Against Moving Average Multiple. (Source: EODHD/Others)
The stock has entered the bull market by crossing the short-term moving average multiple. It is marching 49.50 per cent above its 200-day simple moving average, indicating a long-term uptrend pattern.
Cleveland-Cliffs appears to have started making profits from its latest acquisition of steel producer ArcelorMittal USA. Its steel segment’s top line was US$ 3.9 billion in the latest quarter.
Cleveland-Cliffs stock is expected continue its price rally in the light of the growing demand for its steel in the auto industry.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
