Cleveland-Cliffs Inc. praised the U.S. Department of Commerce's recent decision to include electrical steel laminations, cores, and certain stainless steel automotive exhaust parts under Section 232 steel tariffs. Effective immediately, these derivative products will face a 50% steel tariff to curb tariff circumvention practices.

Lourenco Goncalves, Chairman, President, and CEO of Cleveland-Cliffs, emphasized the importance of the move, noting the company's efforts to combat tariff evasion through products originating outside North America. This expansion helps protect the U.S. steel market, enabling Cleveland-Cliffs to continue investing in its U.S.-based stainless and electrical steel operations in Ohio and Pennsylvania.

The tariff extension is seen as a measure to uphold fair trade practices, supporting American manufacturers producing domestic steel for industries such as automotive, appliances, and electrical transformers.

Cleveland-Cliffs is a leading North American steel producer with integrated operations from iron ore mining to finished steel products, primarily serving the automotive sector. The company employs roughly 30,000 people across the U.S. and Canada.