Angelica Ballesteros
1 min read
In This Article:
Cleveland-Cliffs Inc. (NYSE:CLF) is one of the 10 Stocks Boast Whopping Gains Amid Market Downturn.
Cleveland-Cliffs rallied by 4.92 percent on Tuesday to finish at $7.67 apiece as investor sentiment was boosted by President Donald Trump’s decision to keep tariffs on UK steel imports.
At the sidelines of the G7 summit in Canada, President Donald Trump threatened to keep 25 percent duties on some or all of its steel imports from the UK unless it gives specific guarantees over the Indian-owned steelmaking plant at Port Talbot in South Wales.
“There’s further work to do in relation to steel, but we’re getting on and doing that work,” said UK Prime Minister Keir Starmer.
A welder in a hardhat soldering steel plates to a blueprint plan.
Duties on imported steel and aluminum products make domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to customers as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers.
Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio.
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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
