Cleveland-Cliffs Inc. disclosed that POSCO, Korea’s largest steelmaker and the world’s third largest steelmaker outside of China, is its strategic partner under the previously disclosed transformative Memorandum of Understanding (MoU). With the recent completion of the new U.S. and Korea trade agreement, cooperation between the two nations’ industrial sectors will be further reinforced by the POSCO-Cliffs partnership.
The partnership will allow POSCO to support and grow its established U.S. customer base while ensuring that its products meet U.S. trade and origin requirements. The collaboration represents a model of how allies can deepen industrial cooperation under fair and transparent trade principles, and aligns with U.S. policy goals to strengthen domestic industry and attract foreign investment. Cleveland-Cliffs expects the ultimate outcome of this MoU to be highly accretive to shareholders.
Project closing date for this agreement is early 2026.
Celso Goncalves, Cleveland-Cliffs’ executive vice president and chief financial officer, stated: “Our partnership with POSCO represents a meeting of two industrial champions at a pivotal time for global manufacturing. We have long admired POSCO from afar and look forward to partnering with them as we take the next major transformative step for Cleveland-Cliffs. We are aligned in our vision for a stronger, self-reliant, and mutually beneficial industrial base across both nations. We look forward to welcoming POSCO to the Cleveland-Cliffs family and leveraging the combined resources and strengths of both companies.”
Published December 2025