Why did Cleveland-Cliffs shares sink today? Q3 profit plunged nearly 90%

Oct. 25, 2022 7:30 PM ETCleveland-Cliffs Inc. (CLF)By: Carl Surran, SA News Editor118 Comments

Steel coil transport

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Cleveland-Cliffs (NYSE:CLF) closed 8% lower Tuesday after reporting plunging Q3 profits and rising costs while failing to ease concerns that steel demand is in free-fall.

Benchmark prices for steel in the U.S. have been nearly cut

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