: Cleveland-Cliffs hikes hot rolled steel price again
Steelmaker Cleveland-Cliffs Inc. CLF is increasing its current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $100 per net ton, taking its minimum base price for hot rolled steel to $1,200. Cleveland Cliff’s stock rose 1.5% before market open. The price hike is effective immediately with all new orders, the company said, in a statement. The move marks the sixth time that the steel giant has raised its minimum price for hot rolled, cold rolled and coated steel products since mid-December. Chief Executive Lourenco Goncalves recently told Dow Jones Newswires that Cleveland-Cliffs is taking the lead on steel price increases amid growing demand from the auto industry. The company’s stock has risen 20.2% in 2023.
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