Cleveland-Cliffs’ $400 million contract to provide the Defense Logistics Agency with steel for electrical transformers and generators over the next five years, along with the potential to advance mining operations for rare earth minerals at sites in Michigan and Minnesota, helped propel the steel and iron ore producer’s stock to yearly highs on Oct. 20.
Cleveland-Cliffs Stock Jumps as It Eyes Rare Earths Production
The company is North America’s largest automotive steel supplier and the only U.S. producer of electrical steel.
A part of the Cleveland-Cliffs Works in Cleveland on Aug. 14, 2023. Sue Ogrocki/AP Photo
Rob Sabo
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Rob Sabo has worked as a business journalist for nearly two decades and covers a broad range of business topics for The Epoch Times.
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