Updated March 24, 2022 3:55 pm ET / Original March 24, 2022 8:03 am ET
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Cleveland-Cliffs stock is JPMorgan’s top pick in the steel sector, the investment bank said Thursday, as Russia’s war on Ukraine hits global supply for steel. Cleveland-Cliffs stock is gaining.
In a Thursday report, JPMorgan analyst Michael Glick noted that “Russia’s invasion a month ago nearly instantly set off a butterfly effect across thesteel markets,” with the impact only beginning to be felt in North America. When the invasion began, steel exports from Russia and Ukraine almost immediately stopped, while demand in North…