Cleveland-Cliffs Inc. has announced POSCO, Korea’s leading steelmaker, as its strategic partner under the previously disclosed transformative Memorandum of Understanding (MoU). Following the completion of the new U.S.-Korea trade agreement, this partnership will further strengthen cooperation between the industrial sectors of both nations.
The collaboration allows POSCO to support and expand its established U.S. customer base while ensuring its products comply with U.S. trade and origin requirements. The partnership demonstrates how allied nations can deepen industrial cooperation under fair and transparent trade principles, aligning with U.S. policy goals to strengthen domestic industry and attract foreign investment. Cleveland-Cliffs expects the MoU to be highly accretive to shareholders.
A formal announcement regarding a definitive agreement is expected in Q4 2025 or Q1 2026, with closing anticipated later in 2026.