Cleveland-Cliffs (CLF) Dives 4% After Losing US Steel Bet
We recently published a list of 10 Stocks Take A Shocking Nosedive. Cleveland-Cliffs Inc. (NYSE:CLF) is one of the worst-performing stocks on Thursday.
Cleveland-Cliffs dropped its share prices by 4.43 percent on Wednesday to end at $7.33 apiece as investors sold off positions following Nippon Steel's successful acquisition of US Steel Corp.
It can be recalled that Cleveland-Cliffs Inc. (NYSE:CLF) repeatedly attempted to acquire US Steel since 2023 after former president Joe Biden blocked Nippon Steel's purchase plan over national security issues. However, even its proposal had been repeatedly rejected.
President Donald Trump officially gave his green light for Nippon Steel's acquisition on condition that it will sign a national security agreement with the US government.
Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio, and which strongly supported Trump's imposition of tariffs on steel imports.
A welder in a hardhat soldering steel plates to a blueprint plan.
Duties on imported steel and aluminum products make domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to customers as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers.
While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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