Cleveland-Cliffs Comments on U.S.-EU Steel Section 232 Agreement
October 30 2021 - 7:55PM
Business Wire
Cleveland-Cliffs Inc., (NYSE: CLF) today issued the following
statement regarding the announcement by President Biden’s
Administration of an alternative steel Section 232 arrangement
between the United States and the European Union.
Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and
Chief Executive Officer, said, “Today’s announcement of an
alternative Section 232 measure with the EU is evidence that
President Biden and his Administration understand the critical role
of the steel Section 232 program in providing a level playing field
for American companies and workers. This tariff rate quota
arrangement will guard against a harmful surge of steel imports
from the EU.
The agreement recognizes that the United States has the most
environmentally friendly steel industry in the world.
Cleveland-Cliffs produces high-quality flat-rolled steel products
with all stages of production occurring in the United States, from
the mining of key raw materials through melting and finishing. In
furtherance of Cleveland-Cliffs’ commitment to decarbonization, the
Company has spent more than $1 billion since 2017 to build the
world’s most technologically-advanced direct reduction plant in
Toledo, Ohio. This plant produces hot briquetted iron that is 70%
less CO2 intensive than imported metallics such as pig iron.
I wish to thank Secretary of Commerce, Gina Raimondo, and United
States Trade Representative, Ambassador Katherine Tai, for
negotiating a deal that respects the importance of maintaining
strong Section 232 measures to the benefit of U.S. national and
economic security.”
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in
North America. Founded in 1847 as a mine operator, Cliffs also is
the largest manufacturer of iron ore pellets in North America. The
Company is vertically integrated from mined raw materials and
direct reduced iron to primary steelmaking and downstream
finishing, stamping, tooling, and tubing. The Company serves a
diverse range of markets due to its comprehensive offering of
flat-rolled steel products and is the largest supplier of steel to
the automotive industry in North America. Headquartered in
Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000
people across its mining, steel and downstream manufacturing
operations in the United States and Canada. For more information,
visit www.clevelandcliffs.com.
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