Intel stock extends gains after report of possible U.S. government stake
Investing.com -- Cleveland-Cliffs Inc (NYSE:CLF) stock gained 2% Friday afternoon following a Bloomberg report that the company has secured multiyear fixed-price contracts with multiple U.S. automakers.
The steel producer has signed contracts spanning two to three years to supply standard sheet steel to car manufacturers, according to Bloomberg’s sources. This marks a significant shift from Cleveland-Cliffs’ typical one-year agreements with automotive clients.
General Motors Co (NYSE:GM) was identified as one of the automakers that agreed to a multiyear contract with Cleveland-Cliffs, according to a person familiar with the matter cited in the report.
While specific pricing details weren’t disclosed, the unusual duration of these agreements suggests automakers are taking precautionary measures against potential future inflationary pressures in the steel market.
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