Shares of integrated steel producer Cleveland-Cliffs (NYSE: CLF) rose 33% in the month of November, according to data from S&P Global Market Intelligence . Cleveland-Cliffs is closing in on its acquisition of AlcelorMittal (NYSE: MT) U.S. operations, which would make Cleveland-Cliffs the largest U.S. flat-rolled steel operator in the U.S.
As such, Cleveland-Cliffs rose on an increase in domestic steel prices and anticipation for further commodity strength in the wake of the November elections.
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Why Cleveland Cliffs Surged 33% in November