So What's Up With Cleveland-Cliffs Shares Today?

Shares of metals and basic materials companies, including Cleveland-Cliffs Inc (NYSE:CLF), are trading lower as macro concerns and COVID-19 uncertainty weigh on economic sentiment and cloud demand outlook.

Meanwhile, Morgan Stanley analyst Carlos De Alba last week initiated coverage on Cleveland-Cliffs with an Equal-Weight rating and announced a price target of $26.

Cleveland-Cliffs is an independent iron ore mining company in the United States and is a supplier of iron ore pellets to the North American steel industry from its mines and processing facilities located in Michigan and Minnesota. 

Cleveland-Cliffs is trading lower by 9.9% at $22.57. Cleveland-Cliffs has a 52-week high of $26.51 and a 52-week low of $5.48.