Cleveland-Cliffs CEO Commends Trump Following Strong Earnings Report
Cleveland-Cliffs (CLF) reported its best quarterly performance in three years with Q3 GAAP net income of $152 million, or $0.26 per share, driven by high steel prices and tariffs. The stock rose over 15% following the results. CEO Lourenco Goncalves credited former President Donald Trump for supporting American manufacturing through policies that helped boost profitability. However, he criticized Canada's role in recent layoffs at Stelco, a subsidiary of Cleveland-Cliffs, citing trade issues as a contributing factor to job cuts. The strong earnings reflect broader industry tailwinds and the impact of protectionist trade measures on domestic steel production.
Tickers: $CLF
Topics: Profitability Steel Industry Tariffs