All the steel stocks are further surging today after yesterday’s strong gains. Nucor and Steel Dynamics up nearly 7%, US Steel up over 5% today. Strong auto sector news pushing this.
CLF also has a 38 million share convertible redemption on Jan 18 and holders have option to cash in before to prevent CLF from buying them out using the 25-day VWAP which was $20.469 going into today (vs the over $24 current SP). They may be trying to push the stock higher as well…
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.