Cleveland-Cliffs Shares Jump on Earnings, Rare Earths Plan (1)

Shares of Cleveland-Cliffs Inc. jumped as much as 25% after the US steelmaker posted stronger-than-expected earnings, disclosed a pact with another metal producer and said it’s evaluating whether rare earth minerals can be extracted from its mines.

The company said Monday that it conducted geological surveys at its US mining operations and discovered two sites with potential to produce rare earth minerals. The locations, one in Michigan and another in Minnesota, show “key indicators of rare-earth mineralization,” the company said in its earnings release on Monday.

Cleveland-Cliffs also said it signed a memorandum of understanding with an unnamed steel producer ...