Overview
- Cleveland-Cliffs says geological work at two U.S. sites in Michigan and Minnesota shows evidence of rare‑earth mineralization, with assessments ongoing and no production timeline disclosed.
- Shares jumped more than 20% after the company paired the exploration update with a new memorandum of understanding that the CEO described as highly accretive to shareholders.
- The rally reversed after Wells Fargo issued a sell rating with an $11 price target, and the stock fell sharply, highlighting heightened volatility.
- Quarterly results showed revenue of about $4.7 billion, missing estimates by roughly $200 million, with an adjusted loss of $0.45 per share and a lowered full‑year capex outlook to approximately $525 million.
- Management framed the initiative within U.S. efforts to secure critical minerals as China controls most supply and has tightened export restrictions, yet specific elements and commercialization details remain undisclosed.