Stock Market Today, Oct. 19: Cleveland-Cliffs Surges on Stronger Q3 Results and Raised 2027 EBITDA Outlook
Cleveland-Cliffs (NYSE:CLF) , a North American flat-rolled steel producer, closed at $14.10, up 16.34%. The stock rose after stronger third-quarter results and a higher EBITDA outlook. Investors are watching whether steel pricing and signed contracts can support the updated 2027 target. Trading volume reached 84.1 million shares, coming in about 324% above its three-month average of 19.9 million shares. The S&P 500 (SNPINDEX:^GSPC) rose 0.42% to 7,691, while the Nasdaq Composite (NASDAQINDEX:^IXIC) advanced 1.11% to 26,431. Among steel manufacturing and flat-rolled iron/steel production peers, Nucor closed at $260.75, up 1.74%, and Steel Dynamics closed at $245.17, up 1.92%, as investors read the group through stronger pricing and earnings momentum. Cleveland-Cliffs said adjusted EBITDA reached $612 million, more than double the prior quarter, and the stock jumped on the stronger margin recovery. Management expects robust steel pricing and demand to continue, predicting that adjusted EBITDA will exceed $4 billion in 2027. Continue reading