Cleveland-Cliffs' stock surged 5.82% in pre-market trading on Thursday following the release of its second-quarter earnings results.

The steel producer reported revenue of $5,200 million for the quarter, exceeding the Ibes estimate of $5,186 million. While the company posted a net loss of $134 million, its adjusted earnings per share of -$0.2 matched analyst expectations.

The revenue beat appears to be driving investor optimism, as the market reacts positively to the company's top-line performance despite the quarterly loss.