Cleveland-Cliffs Stock Jumps as It Eyes Rare Earths Production

Cleveland-Cliffs’ $400 million contract to provide the Defense Logistics Agency with steel for electrical transformers and generators over the next five years, along with the potential to advance mining operations for rare earth minerals at sites in Michigan and Minnesota, helped propel the steel and iron ore producer’s stock to yearly highs on Oct. 20.

Cleveland-Cliffs’ stock jumped nearly 20 percent in early day trading to just under $16 a share after it posted its third-quarter results.