US steelmaker Cleveland-Cliffs to produce rare earths domestically
Barron’s Roundtable discusses the importance of rare earth elements and magnets, and China’s monopoly in the industry.
A major US steelmaker is looking to help jump-start domestic production of rare earth metals in central… China’s move To deny access amid its trade dispute with the Trump administration.
Cleveland-Cliffs Corporation, an Ohio-based steelmaker, announced… Rare earths Plan on the company’s quarterly earnings call on Monday.
“Beyond the steel industry, the renewed importance of rare earths has prompted us to refocus on this potential opportunity in our mining assets,” Lourenco Goncalves, CEO of Cleveland-Cliffs, said on the earnings call. “It is our duty to do this as a company with our geological footprint.”
A worker at the Cleveland Works steel mill facility in Cleveland, Ohio, on October 21, 2024. (Dustin Franz/Bloomberg via Getty Images)
“We’ve looked at all of our ore bodies and tailings ponds, and two sites in particular, one in Michigan and one in Minnesota, show the greatest potential,” he said. “At those two sites, geological surveys are showing major indicators of rare earth mineralization.”
Trump administration criticizes China’s “global power grab” over rare earths, threatens to impose triple-digit tariffs
Goncalves said the move is in line with the Trump administration’s efforts to increase… Local production of rare earths and diversifying sources of those key metals – which are used in everything from computers to smartphones to cruise missiles.
“If successful, it will align Cleveland-Cliffs with the broader national strategy for physical independence, similar to what we achieved in steel,” Goncalves said.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| CLF | Cleveland-Cliffs Inc. | 15.85 | +2.52 |
+18.94% |
“American manufacturing should not depend on China or any foreign country for essential minerals, and Cliffs intends to be part of the solution,” he added.
Trump threatens to increase ‘massive’ tariffs on China amid dispute over rare earth minerals
Chinese President Xi Jinping and President Donald Trump are working to resolve the dispute over rare earth metals. (Thomas Peter Paul/Getty Images)
Administration officials said last week that Pres Donald Trump She is ready to meet with Chinese President Xi Jinping later this month to address trade issues, including rare earths.
Treasury Secretary Scott Besent said in a press conference that the United States does not want to escalate the trade dispute with China, and said that Trump is prepared to… He meets with Shi In South Korea later this month.
U.S. Trade Representative Jamison Greer told FOX Business’ Edward Lawrence that there is room for Positive economic relationship Between the United States and China if they can make trade more balanced.
Apple supports Trump’s campaign for rare earth minerals, invests $500 million in a US mine
China is one of the world’s largest producers of rare earth metals. (Bert Van Dijk/Getty Images)
“To paraphrase what the secretary said in one of our recent meetings with the Chinese, this is the last time we want to talk about rare earth elements with the Chinese,” Greer said. “Unfortunately, this is not the last time they want to talk about this.”
He continued: “The truth is that there are many areas in which we can trade with the Chinese.” “Our trade is highly unbalanced. So it should be more balanced. There are a lot of areas of risk, the minister said.”
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Earlier this month, Trump threatened to impose “massive” tariffs on China after the Chinese government began telling countries around the world that it intended to implement export controls on rare earths, which he said would hold the world “captive” through what he viewed as a “vicious and hostile move.”
The president said that after China’s move there appeared to be “no reason” to meet with Xi because of the dispute over rare earth elements.
2025-10-20 18:41:00
