Cleveland Cliffs Inc (CLF)

[abracky]

Cleveland-Cliffs Reports Strong Demand For Military Steel

By
Robert Tita, Dow Jones Newswires

In a rare disclosure of military steel demand by an America steel executive, Cleveland-Cliffs CEO Lourenco Goncalves says his company "is a big supplier of military steel for the Department of Defense."

Goncalves says conflicts in Ukraine, the Middle East and the potential for a war between China and Taiwan are generating demand for steel used in military hardware.

Cleveland-Cliffs and rival Nucor produce flat-rolled steel plate, which is used in armored vehicles.

"We can't discuss too much," Goncalves tells analysts on a call. "But it has been a very, very important portion of our business here at Cleveland-Cliffs.

Cleveland-Cliffs climbs 8.3%.

CLF

$15.83 USD0.181.15%