“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," said Cleveland-Cliffs executive vice president and chief financial officer Celso Goncalves. "We are aligned in our vision for a stronger, self-reliant and mutually beneficial industrial base across both nations.”

Cleveland-Cliffs last week said it had signed a memorandum of understanding with a major global steel producer that wants to use the Cliffs footprint as a way to serve downstream customers moving production to the United States. It, however, did not identify the steelmaker and said a closing was expected in 2026.

But on Wednesday, the U.S. and South Korea finalized a trade agreement that reportedly includes lower tariffs on exports from South Korea. Cliffs said the partnership is in keeping with U.S. policy goals.

“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 said.

Jutae Lee, president of POSCO Holdings, characterized the new relationship as an important partnership the premier steel company in America.

“This collaboration represents a meaningful step for POSCO to make a major investment in the United States and leverage all of Cliffs’ current capabilities. We look forward to supplying our current customers American-made steel through this partnership and maintaining the trusted relationships we have established in the United States,” he said.