By Bob Tita

Cleveland-Cliffs shares rallied after the steel producer hired JPMorgan to explore the sale of plants including three it recently idled in Illinois and Pennsylvania.

Chief Executive Lourenço Gonçalves said Nippon Steel's $14 billion purchase of U.S. Steel demonstrated that a buyer was willing to pay top dollar for similar assets. He said the company's older mills could be appealing to foreign steelmakers looking to enter the American market. "We are an asset-rich company," Gonçalves told analysts.

Shares jumped 13% to $10.70 in afternoon trading Monday. Other U.S. steelmakers including Nucor and Steel Dynamics also moved higher.

Gonçalves also credited President Trump's tariff campaign for strengthening domestic demand and boosting the company's order book. Duties on imported steel and aluminum currently stand at 50%.

The company, which reported earnings Monday and is the top supplier of sheet steel to U.S. automakers, has struggled in recent years. Over the past 12 months, the stock is down about 30%, compared with a 15% gain for the S&P 500.

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July 21, 2025 15:14 ET (19:14 GMT)

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