In Thursday’s Blitz Daily with Lance Ippolito, we take a look at steelmaker Cleveland-Cliffs as the company closes on its latest acquisition.
Now that President Joe Biden’s infrastructure bill has been signed into effect, steel manufacturers around the country are jockeying for position to grab their share of that $1.2 trillion.
Thursday saw Ohio-based producer Cleveland-Cliffs pad its résumé as it closed on its acquisition of scrap steel company Ferrous Processing and Trading, which will help it maintain its place atop the flat-rolled steel game.
Shares of CLF have lost almost 19% amid a three-week industry sell-off, but the bulls on Wall Street came in Thursday ready to buy the dip! Deep-pocketed traders dropped over $250,000 to pick up 1,633 contracts of the Feb. 18, 2022, $23 strike calls!
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