Cleveland-Cliffs Inc. is in search of rare earth elements.

Cleveland-Cliffs Inc. Explores Rare Earth Elements

U.S. steel producer Cleveland-Cliffs Inc. announced that it is exploring sources of rare earth elements to enhance its presence in metal production. The company's CEO, Lourenco Goncalves, stated during the release of the third-quarter financial results on Monday that the increasing importance of rare earth elements has led them to develop a strategy to evaluate the potential in mining resources.

Strategic Importance of Rare Earth Elements

Rare earth elements, which play a critical role in the production process of many technological products, have become a significant point in the trade tensions between the U.S. and China. Especially, China's leading global position in the mining and processing of these mineral resources and its recent restrictions on exports have prompted the Trump administration to seek alternative suppliers.

Cleveland-Cliffs' Mining Activities

Cleveland-Cliffs announced that it has discovered "key indicators of mineralization" for rare earth elements at its two mining sites in Michigan and Minnesota. CEO Goncalves emphasized that if production of rare earth elements occurs in these regions, it would contribute to the company's goal of independence in critical materials, similar to its successes in steel production.

Strategy for American Manufacturing Industry

Additionally, Goncalves stated that the American manufacturing industry should not depend on China or other foreign countries for essential minerals. He expressed that Cleveland-Cliffs aims to provide a significant solution to eliminate this dependency.