Cleveland-Cliffs Gets Steel-Tariff Boost, Looks to Rare-Earth Minerals — 3rd Update

By Nicholas G. Miller Cleveland-Cliffs reported rising demand for its steel in the third quarter, and said it will explore producing rare-earth minerals, as the Trump administration’s trade policy rewards its U.S. footprint. Lourenco Goncalves, chief executive of the Cleveland-based steel company, on Monday directly credited the current U.S. trade policy, which includes a 50% tariff on steel, for helping it seal new steel-supply deals with major auto companies. “It’s now widely accepted and understood that tariffs are here to stay,” Goncalves said in the company’s third-quarter earnings call. “The only effective way to avoid tariffs is manufacturing in the…