Shares of Cleveland-Cliffs are up about 16% after the steelmaker forecast profits in the back half of the year will be the strongest in five years.

The company said third-quarter adjusted income before taxes would double from the second quarter.

Moreover, the tariff on imported steel-a boon to domestic steelmakers like Cliffs-will remain even after President Trump leaves office, keeping domestic steel prices high and the supply tight, predicted Chief Executive Lourenco Goncalves.

"No matter who the next president of the United States will be, Republican or Democrat, I don't see the tariffs being undone," he said during a conference call.

Cliffs is the largest producer of steel for the automotive industry. Goncalves said he would consider restarting an idle steel mill in Dearborn, Mich., if automakers commit to relocating more vehicle production to the U.S. from Mexico, Canada or South Korea.