Cleveland-Cliffs Inc. (NYSE:CLF) saw a 20.67% surge in its stock price, closing at $11.44 last Friday. The company is considering selling its idle assets for billions of dollars, with JPMorgan assisting in talks with potential buyers, including data center developers.

The sale of its mills and assets is part of Cleveland-Cliffs’ strategy to reduce debt and streamline operations. The sites being considered have the necessary infrastructure for data center developers, including access to power and water. The company’s CFO, Celso Goncalves Jr., highlighted the strategic geographical positioning of these assets.

In the second quarter, Cleveland-Cliffs Inc. (NYSE:CLF) reported a net loss of $483 million, a stark contrast to the $9 million net income from the same period last year. The company’s six-month net loss reached $978 million, marking a significant increase of 1,404% compared to the previous year.

Despite Cleveland-Cliffs’ recent performance, there are other investment opportunities worth considering. Some AI stocks may offer higher returns with limited downside risk. Investors seeking potential in the AI sector should explore other options beyond CLF.

Read more at Yahoo Finance: Cleveland-Cliffs (CLF) Surges 20.7% as Firm Looks to Cash in Billions From Idle Assets