Reported 2 days ago
Shares of Cleveland-Cliffs, a prominent U.S. steelmaker, dropped 16.9% on Thursday, raising questions about the effectiveness of recent tariffs implemented by the Trump administration to support domestic steel prices. Historically, such tariffs have negatively impacted end-market demand, particularly in the automotive sector, which has led to layoffs and plant closures within Cleveland-Cliffs. While management seeks to present an optimistic outlook, the overall demand for steel remains uncertain as high tariffs may reduce consumer purchasing power.
Source: YAHOO