Cleveland-Cliffs (CLF) Status Update summary

Strategic initiatives and incentives

• Launched a $1,000 bonus program for employees purchasing vehicles with significant Cliffs steel content, covering 50 selected models from major automakers, to encourage buying American-made cars and support domestic manufacturing.

• Emphasized the importance of building cars in America with American steel to strengthen the middle class and create jobs, while dismissing claims that tariffs would significantly increase car prices.

• Announced plans to introduce legislation making interest on auto loans for U.S.-made vehicles tax-deductible, further incentivizing domestic purchases.

Market and policy outlook

• Steel prices have risen 50% from $600 to $900 per ton, attributed to market forces and policy shifts, with the increase seen as necessary for sustainable operations and job retention.

• Section 232 tariffs on steel imports from Mexico and Canada will be enforced without exclusions, aiming to eliminate transshipment and ensure national security.

• The administration is committed to reciprocal tariffs, linking their removal to the cessation of fentanyl shipments from Canada and Mexico.

Job growth and investment

• Plans to grow employment by at least 4,000 jobs in Ohio over the next four years, with a focus on expanding manufacturing capacity and building new plants.

• Maintained full employment during downturns, positioning for growth as market conditions improve and policy support increases.

• Invested $1 billion in a state-of-the-art direct reduction plant in Toledo, demonstrating commitment to U.S. manufacturing and technological advancement.