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Cleveland-Cliffs Stock Rises. But Not Because It Beat Earnings.

Stock in steelmaker Cleveland-Cliffs was rising after the company reported better-than-expected third-quarter numbers. Earnings, however, aren’t what investors will focus on. Cliffs’ outlook for steel pricing was encouraging.

Cleveland-Cliffs (ticker: CLF) stock rose about 4.4% in premarket trading. S&P 500 and Dow Jones Industrial Average futures were up about 0.1% and 0.2%, respectively.

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