Steelmaker and mining company Cleveland-Cliffs reported Q3 earnings with a 24.5% stock increase, despite a net loss and revenue drop. Revenue of $4.7 billion missed estimates by $200 million, but CEO highlighted strong demand in the automotive sector. The company also announced an MOU with a major global steel producer.

Shares soared as Cleveland-Cliffs revealed plans to refocus on rare earth minerals at its mining sites. While this is a new development, investors should focus on the steel business. The stock should trade based on steel operations, with updates on the MOU potentially impacting shareholders more significantly.

The Motley Fool Stock Advisor team did not include Cleveland-Cliffs in its top 10 stocks list. The advisor’s total average return is 1,055%, outperforming the S&P 500. Investors are encouraged to consider the top 10 list and join an investing community led by individual investors.

Read more at Yahoo Finance: Why Cleveland-Cliffs Stock Popped Today