TradingKey – Cleveland-Cliffs (NYSE: CLF) soared 16.34% to close at $14.10 on Monday, October 19, after reporting its third quarter financial results. The results were released prior to market open. Trading volume was more than four times its average volume in the past three months.

The last quarter’s results were indeed good, but they were not the only reason the stock gained momentum. The outlook was more impressive. The management changed the goal posts and raised their expectations of 2027 adjusted EBITDA to above $4 billion, which was also far ahead of the $2.54 billion analysts expected. The management also expects to make notable progress on the debt reduction in the fourth quarter.