“POSCO is in … a very comfortable position to have a partnership with us. We absolutely love working with them, and they seem to like working with us. Now it's a matter of finalizing an agreement that's accretive to both Cliffs and POSCO, which should not be difficult to accomplish,” Lourenco Goncalves told investors during the company’s fourth-quarter earnings call on Monday.

Cliffs last fall revealed that it is exploring a strategic partnership with POSCO under a memorandum of understanding.

“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 at the time.

Goncalves said on Monday that Cliffs is looking to reach a definitive agreement with POSCO in the first half of this year.