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2mo ago

Cleveland-Cliffs Posts Loss, Unveils Rare-Earth Exploration as Shares Soar

The steelmaker casts the initiative as backing a U.S. drive to reduce reliance on China for critical materials.

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Overview

  • The company reported a third-quarter net loss of $251 million, or $0.51 per share, compared with a $244 million loss a year earlier.
  • Adjusted earnings came in at $0.45 per share in line with expectations, while revenue of $4.73 billion missed the $4.9 billion FactSet projection.
  • President Lourenço Gonçalves said the company is refocusing on potential upstream rare-earth mining opportunities.
  • Geological reviews highlighted one site in Michigan and one in Minnesota with key indicators of rare-earth mineralization.
  • Management tied the effort to U.S. critical-materials policy and said tariffs are supporting domestic steel demand, as shares jumped 21.47% in regular trading and rose another 2.6% after hours.