Why U.S. Steel Stocks Increased by $700 Billion in a Day

Cleveland-Cliffs Inc. (CLF) closed at $9.80 on the New York Stock Exchange, up 7.76%. Its market capitalization swelled to about $5.59 billion (roughly ₩7.8 trillion), gaining some $470 million (approximately ₩700 billion) in a single day, on a trading volume of around 10.85 million shares.

After reporting first-quarter results on April 20—revenues of about $4.9 billion, a net loss of roughly $230 million, and $80 million in one-time energy expenses—and warning of delays in POSCO equity-investment negotiations, the stock had plunged. However, in the face of strong U.S. steel tariffs and a recovery in automotive steel demand, bargain hunting drove a rebound today.

KeyBanc recently downgraded Cleveland-Cliffs from Overweight to Sector Weight, citing cost pressures and valuation risks as reasons for maintaining a cautious outlook.

Headquartered in Ohio, Cleveland-Cliffs is North America’s largest producer of hot-rolled steel sheet, with a vertically integrated structure spanning iron-ore mining, steelmaking and processing. The company supplies advanced steel products to the U.S. automotive and infrastructure sectors. Through the 2020 acquisitions of AK Steel and ArcelorMittal USA, it transformed from a mine-centric firm into an integrated steelmaker and is now viewed as a key player amid high steel tariffs and ongoing consolidation in the U.S. steel industry.