A Memorandum of Understanding (MoU) was signed between the two companies on September 17, 2025. Following the recent completion of the new US-Korea trade agreement, it is expected that relations between the industrial sectors of the two countries will be further strengthened through the POSCO-Cliffs cooperation.
This collaboration will enable POSCO to expand its customer network in the United States and ensure that its products meet the country’s trade and origin requirements. At the same time, it is seen as a move aligned with the U.S. goals of strengthening domestic industry and encouraging foreign investment. Cleveland-Cliffs stated that the final outcome of the agreement is expected to bring significant benefits to its shareholders.
UBS is serving as the financial advisor to Cleveland-Cliffs, while Davis Polk & Wardwell LLP is acting as legal counsel. The parties expect the official announcement of the definitive agreement to be made in the fourth quarter of 2025 or the first quarter of 2026, with the transaction anticipated to be completed within 2026.
Cleveland-Cliffs Executive Vice President and Chief Financial Officer Celso Goncalves emphasized that:“This partnership with POSCO represents the coming together of two industry leaders at a critical time for global manufacturing. We have long admired POSCO and look forward to working with them as we take a new transformative step for Cleveland-Cliffs. We share a common vision of building a stronger and mutually beneficial industrial foundation in both countries.”
POSCO Holdings Chairman Jutae Lee stated:“We are pleased to enter into this significant partnership with Cleveland-Cliffs, one of the leading steel producers in the United States. This step marks an important milestone in POSCO’s major investment plans for the U.S. Through this collaboration, we aim to supply our customers with American-made steel and continue building the trust-based relationships we have established in the United States.”
Comments
No comment yet.