Cleveland-Cliffs Jumps 10% on Strongest Quarter in Three Years; Nucor and Steel Dynamics Edge Higher

Impact · against what's priced in

Cleveland-Cliffs is the primary beneficiary with material new guidance and a strong Q3 beat. For Nucor and Steel Dynamics, the news is largely noise as the market already assumes a baseline cyclical recovery and policy support, which these results merely confirm.

NUE+0.10

Already priced in

The price assumes

A baseline cyclical recovery in steel volumes