Cleveland-Cliffs Gains 10% On Higher Annual Price Expectation For Steel

Cleveland-Cliffs Inc. (CLF) shares are adding more than 10 percent on Thursday morning trade after the company said Cliffs will achieve higher annual fixed prices for steel in the calendar year 2023 compared to 2022.

The flat-rolled steel producer expects an average selling price of approximately $1,400 per net ton in 2023 from its direct carbon steel automotive customers, compared to the expected price of approximately $1,300 per net ton.

Separately, Cliffs expects significantly lower Steelmaking unit costs in 2023 compared to 2022.

Currently, shares are at $16.67, up 10.21 percent from the previous close of $15.13 on a volume of 6,536,053.