Why Cleveland-Cliffs Shares Are Trading Higher Today

Cleveland-Cliffs Inc CLF shares are trading higher by 13.2% at $22.92 Wednesday afternoon as iron ore prices rise amid supply concerns. There is also growing interest in the stock within online trading communities.

According to a press release, the company is celebrating today the initial six months of continued operation and production of hot-briquetted iron (HBI) at the Company's state-of-the-art Direct Reduction plant in Toledo, Ohio.

Cleveland-Cliffs is an independent iron ore mining company in the United States and is a supplier of iron ore pellets to the North American steel industry from its mines and processing facilities located in Michigan and Minnesota. It is also engaged in the production of Hot-Briquetted Iron in the Great Lakes region with the development of a production plant in Toledo, Ohio.