Cliffs Jumps Most in Seven Years as Profit Tops Estimates
- Cliffs stock surges 25% in biggest advance since 2008
- CEO sees `consistent signs of a real recovery' in U.S steel
This article is for subscribers only.
Cliffs Natural Resources Inc., the biggest U.S. iron-ore miner, jumped the most in more than seven years after first-quarter earnings exceeded estimates and the company announced supply-contract renewals with steelmakers.
Cliffs rose 25 percent to $5.39 at 4 p.m. in New York, the biggest gain since November 2008. The closing price was the highest since June. The Cleveland-based company’s shares have more than tripled this year as commodities including iron ore rallied.