Cleveland-Cliffs Announces POSCO As Strategic Partner Under Transformative MoU; U.S.-Korea Trade Pact Strengthens Industrial Collaboration

Author: Benzinga Newsdesk | October 30, 2025 06:54am
Cleveland-Cliffs Inc. (NYSE: CLF) is pleased to announce that POSCO, Korea's largest steelmaker and the world's third largest steelmaker outside of China, is its strategic partner under the previously disclosed transformative Memorandum of Understanding. The MoU between the two companies was executed on September 17, 2025. 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. 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 expects the ultimate outcome of this MoU to be highly accretive to shareholders. UBS is acting as financial advisors to Cliffs and Davis Polk & Wardwell LLP is serving as legal counsel. 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.

Posted In: CLF