Why Cleveland-Cliffs Inc. (CLF) Skyrocketed On Monday

We recently published a list of These 10 Stocks Blew Past Expectations. In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top-performing stocks on Monday.

Cleveland-Cliffs snapped a two-day losing streak on Monday, surging 23.16 percent to end at $7.18 apiece as investors flocked to US steelmakers following President Donald Trump’s new tariff bomb.

On Friday, Trump said that he would impose a 50-percent tax on steel and aluminum imports effective tomorrow, June 4.

The new levies followed his accusation against China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals.

Why Cleveland-Cliffs Inc. (CLF) Skyrocketed On Monday

A welder in a hardhat soldering steel plates to a blueprint plan.

The US Midwest duty-paid aluminum premium AUPc1 surged by 54 percent or $0.58 per lb to $1,279 per metric ton on Monday, while US hot rolled coil steel increased by 7.4 percent.

The imposition of new duties on imported steel and aluminum products makes domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to investors as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers.

Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio.

Overall, CLF ranks 5th on our list of top-performing stocks on Monday. While we acknowledge the potential of CLF, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CLF and that has 10,000x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.