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Cleveland-Cliffs Stock Surges on Rare Earth Minerals Speculation Despite Earnings Miss
Cleveland-Cliffs Stock Surges on Rare Earth Minerals Speculation Despite Earnings Miss
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BTCCSquare news:
Cleveland-Cliffs shares soared 24.5% intraday despite reporting a Q3 net loss and $4.7B revenue miss. The steelmaker's unexpected pivot toward rare earth minerals exploration at two domestic mining sites ignited investor enthusiasm, overshadowing weaker-than-expected financial results.
CEO Lourenco Goncalves highlighted strong automotive sector demand and a cryptic MOU with a global steel producer, but markets fixated on the rare earths potential. "Beyond steelmaking, the renewed importance of rare earths has driven us to refocus," Goncalves stated, triggering speculative buying despite the company's primary steelmaking focus.
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