Cleveland-Cliffs (CLF Quick QuoteCLF - Free Report) shares rallied 12% in the last trading session to close at $32.67. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 55.6% gain over the past four weeks.

CLF’s shares are heading higher as global steel supplies have been hit by Russia's invasion of Ukraine. Steel prices are moving up as the war has threatened supplies from the two important producing nations. Both Russia and Ukraine are key producers and suppliers of steel and steel-making raw materials, including coking coal and pig iron.

Several producers of steel and key inputs in Ukraine have idled their operations amid the Russian invasion. Supplies from Russia have also been affected by the war and the implementation of sanctions.

This mining company is expected to post quarterly earnings of $1.78 per share in its upcoming report, which represents a year-over-year change of +408.6%. Revenues are expected to be $5.72 billion, up 41.2% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Cleveland-Cliffs, the consensus EPS estimate for the quarter has been revised 6.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CLF going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Cleveland-Cliffs is a member of the Zacks Mining - Miscellaneous industry. One other stock in the same industry, Americas Gold and Silver Corporation (USAS Quick QuoteUSAS - Free Report) , finished the last trading session 2.6% lower at $1.12. USAS has returned 7.5% over the past month.

For Americas Gold and Silver Corporation, the consensus EPS estimate for the upcoming report has changed +100% over the past month to $0. This represents a change of +100% from what the company reported a year ago. Americas Gold and Silver Corporation currently has a Zacks Rank of #3 (Hold).