Cleveland-Cliffs is expected to have the first production plant of Hot Briquetted Iron in the Great Lakes region.As traders get to know about the new plant, the share price will gradually creep up to cross the $9 mark. It is a magnificent buying opportunity.
A conservative model reveals that the new plant would bring, at full capacity, $150 million per year.
From a technical point, CLF daily touch of zone 6.70 - 6.50 rejected.