Cleveland-Cliffs announces Posco as MoU counterparty

Cleveland-Cliffs (CLF) announced that Posco, Korea’s largest steelmaker and the world’s third largest steelmaker outside of China, is its strategic partner under the previously disclosed memorandum of understanding. The MoU between the two companies was executed on September 17. 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. Cleveland-Cliffs expects the ultimate outcome of this MoU to be highly accretive to shareholders. A formal announcement on a definitive agreement is expected in the fourth quarter of 2025 or first quarter in 2026 with closing expected in 2026.