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Cleveland-Cliffs and South Korea’s POSCO have signed a strategic memorandum of understanding to deepen industrial cooperation and enhance U.S.–South Korea steel trade.
The partnership will help POSCO expand its presence in the U.S. while aligning with U.S. trade origin requirements. It also supports broader U.S. goals to strengthen domestic manufacturing and foster transparent trade with allied nations.
Executives from both companies emphasized the significance of the collaboration. Cleveland-Cliffs CFO Celso Goncalves called it a milestone in industrial alignment, while POSCO President Jutae Lee noted it as a meaningful step toward long-term investment in the U.S. market.
Legal and financial advisors are already involved, with a definitive agreement expected by late 2025 or early 2026. The partnership is anticipated to close within 2026, setting a model for future global industry alliances rooted in policy alignment and shared economic goals.
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