NEW YORK (TheStreet) -- Cliffs Natural Resources (CLF - Get Report) stock is higher by 21.23% to $5.22 on heavy trading volume this morning after the company reported a surprise profit for the 2016 first quarter.

The iron-ore miner reported adjusted earnings of 62 cents per share, while analysts' were anticipating a loss of 10 cents per share.

Revenue declined by 32% year-over-year to $305.5 million in the most recent period, but beat analysts' estimates for $272 million.

The results "clearly demonstrate how far we have come on our turnaround," CEO Lourenco Goncalves said in a statement.

Shares have been pressured during the past year as lower steel prices have tempered demand for the metal, but Goncalves pointed to signs of a rebound.

"The steel market in the United States has started to show consistent signs of a real recovery, with a direct positive impact on our steel clients' order books and, consequently, a totally expected improvement in our clients' appetite for the pellets we supply them," he noted.

About 13.27 million shares of Cliffs Natural Resources have been traded so far today, well above the company's average trading volume of roughly 8.32 million shares per day.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

Cliffs Natural Resources's weaknesses include its feeble growth in its earnings per share, weak operating cash flow, generally disappointing historical performance in the stock itself and poor profit margins.

You can view the full analysis from the report here: CLF

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.