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2 hours ago
A leading domestic steel supplier, Cleveland-Cliffs Inc (NYSE:CLF), published a preliminary report expecting 2024 to be one of the worst years in over a decade. The report characterized 2024 by muted demand from the automotive sector — the company’s largest customer base — and broader economic headwinds.
"We expect 2025 to be a year of recovery. We have already seen improvements in our order book, both automotive and non-automotive, and are confident that the manufacturing-friendly items on President Trump's agenda will have an outsized benefit on Cleveland-Cliffs," CEO Lourenco Goncalves said.
Still, tariffs have been a double-edged sword for the U.S. steel industry. While they aim to protect domestic manufacturers from foreign competition, they often lead to higher prices for imported and domestic steel.
Canada and Mexico, the largest suppliers of steel to the U.S., accounted for 35% of all steel ...
