Why Cleveland-Cliffs Shares Closed Higher Today

Cleveland-Cliffs Inc CLF shares closed up 2.01% at $18.24 on Wednesday. The company Wednesday afternoon announced it is increasing market base prices for all carbon steel hot rolled, cold rolled and coated steel products by a minimum of $75 per ton, effective immediately with new orders in North America.

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America.

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According to data from Benzinga Pro, Cleveland-Cliffs has a 52-week high of $34.04 and a 52-week low of $14.32.