Cleveland-Cliffs to Pursue New Mining Opportunity in Minnesota

Cleveland-Cliffs released its 3^rd quarter revenue results this week.  Third-quarter 2025 consolidated revenues were $4.7 billion, compared to $4.9 billion in the second quarter.  Chairman, President and CEO, Lourenco Goncalves, said:  “Our third quarter results were a clear indication that a significant rebound in domestic steel demand has started, and the automotive sector is leading the way.”

On the earnings call, Goncalves addressed US tariffs and the company’s response and reaction, saying, “It's now widely accepted and understood that tariffs are here to stay, particularly the Section 232 tariffs on steel, autos, and derivative products.”  He goes on to say that the only way to effectively deal with the tariffs is to manufacture in the United States.

In general, travel, tourism, and trade with Canada has been down significantly in the US this year.  The steel industry, according to Cleveland-Cliffs is also struggling in Canada.  “There's only one cause to the problem. The Canadian government has been completely unwilling to act against dumped steel into Canada.” Goncalves said, adding, “Imported steel penetration into the Canadian market stands at a ridiculous and absurd 65%.”  He called for the Canadian government to replicate the tariffs imposed by the US.

The CEO closed out his opening remarks by highlighting an interest in the company to move beyond just steel and into rare earth minerals, “Comprehensive reviews of our ore bodies and tailings basins have identified two sites, one in Minnesota and one in Michigan, where geological surveys show evidence of rare earth mineralization.”  Stating that the initiative into rare earth minerals aligns with the US’s pursuit of critical material self-sufficiency.  Although the company would prioritize the Upper Peninsula of Michigan, Goncalves says, “And there's even one site in Minnesota that we would go. Minnesota is not very friendly to us, but we still investigate there.”

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada.