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Rapid Read    •   5 min read

Drexel Morgan Co. Increases Stake in Cleveland-Cliffs Inc.

WHAT'S THE STORY?

What's Happening?

Drexel Morgan & Co. has increased its holdings in Cleveland-Cliffs Inc. by 2.1%, now owning 4,389,075 shares valued at $36.08 million. Cleveland-Cliffs is a major player in the steel and iron ore industry, with significant operations in North America. The company has been the subject of various analyst reports, with mixed ratings on its stock performance.

Why It's Important?

The increased investment by Drexel Morgan & Co. underscores confidence in Cleveland-Cliffs' strategic position in the steel industry. As the largest flat-rolled steel company in North America, Cleveland-Cliffs is crucial to the supply chain for various industries. The investment may signal potential growth and stability, attracting more institutional investors.
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