Stock Market Today, July 23: Cleveland-Cliffs Stock Soars on Robust Steel Demand and Pricing

Cleveland-Cliffs (CLF) jumped 15.98% on July 23 after the steel producer delivered second-quarter results that beat expectations and raised guidance on the back of strengthening demand and pricing power. The company's adjusted EBITDA climbed from $95 million in Q1 to $286 million in Q2, and management projects roughly $575 million in Q3—a doubling from the second quarter that signals accelerating momentum in steel fundamentals.

The guidance implies Cleveland-Cliffs expects demand tailwinds and margin expansion to persist through the summer. Steel peers Nucor and Steel Dynamics have also posted strong quarterly results, confirming the sector-wide recovery is taking hold rather than being isolated to a single operator.

The 15.98% single-day move erased weeks of earlier weakness and puts CLF squarely back on the radar for momentum traders looking for cyclical plays with near-term earnings inflection.