10 Firms Begin Trading Week With Impressive Gains

3. Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs surged by 17.99 percent on Monday to end at $11.84 apiece as investors cheered news of President Donald Trump’s imposition of a 25-percent tariff on steel and aluminum products.

According to analysts, funds flocked to US steel manufacturers such as CLF, which is expected to earn a boost from Trump’s protectionist stance on US firms through the imposition of hefty tariffs on steel and aluminum imports from Canada and Mexico that could lead to lower competition and higher prices for US firms.

Lourenco Goncalves, CLF CEO, earlier expressed his support for the imposition of tariffs on imports, saying that they can make a “long-term positive impact” in making “America a manufacturing superpower once again.”