Cleveland-Cliffs hikes prices on steel products for fifth straight month (NYSE:CLF)

Cleveland-Cliffs (NYSE:CLF) said Wednesday it is raising current spot market base prices for all carbon hot rolled, cold rolled and coated steel products, effective immediately, with a minimum base price for hot rolled steel of $1,150/net ton.

The move marks the company’s fifth monthly increase in a row, reflecting an overall increase of ~53% since September; the U.S. Midwest Domestic hot-rolled coiled sheet steel spot price is up 60% from the end of September to $1,127/ton as of yesterday, according to FactSet data.

Separately, Cleveland-Cliffs (CLF) added private equity and labor executive Ron Bloom to its board, raising the board’s tally to 11 members.