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STLD - Why Did Cleveland-Cliffs Stock Go Up In July And Might It Reverse?
Steel Dynamics Inc.
Cleveland-Cliffs reported record revenue, record net income, and record adjusted EBITDA for the second quarter of 2021.
What's behind the blow-out performance? Have its business fundamentals peaked? Is a steelmaking boom-to-bust imminent? How does the risk-reward profile look now?
Below, I present an under-the-hood look at the operations of Cleveland-Cliffs in the context of the steel industry cycles, hoping to update the investment thesis.