Cleveland-Cliffs Names Posco as Mystery Firm Behind Partnership

Cleveland-Cliffs Inc. named South Korean steelmaker Posco Holdings Inc. as its new strategic partner, identifying the firm behind a deal touted 10 days ago by the American steel producer.

Cliffs agreed to a memorandum of understanding with Posco on Sept. 17, the Ohio-based company said Thursday in a statement. The partnership will allow Korea’s largest steelmaker to support and grow its established US customer base while ensuring its products meet US trade and origin requirements, Cliffs said, without providing details.

A formal announcement on a definitive agreement is expected in the coming months, with the deal closing in 2026. ...