Cleveland-Cliffs Names POSCO as US-Korea Strategic Partner

Cleveland-Cliffs Inc. announced October 30 that it had entered into a strategic partnership with POSCO, the largest steelmaker in South Korea. According to a joint release, POSCO will make “a meaningful investment” in Cliffs, with an official announcement sometime in the fourth quarter of 2025. The Korea Economic Daily, citing people familiar with the deal, said POSCO will likely invest $700 million for a 10% Cliffs stake.  

The deal, which follows the June 2025 Nippon Steel purchase of US Steel, similarly gives POSCO a foothold in the U.S. to navigate tariffs and origin requirements.

In a statement, Celso Goncalvez, Cleveland-Cliffs CFO, cast the partnership as a meeting of two titans of industry.

“Our partnership with POSCO represents a meeting of two industrial champions at a pivotal time for global manufacturing,” Goncalvez said. “We have long admired POSCO from afar and look forward to partnering with them as we take the next major transformative step for Cleveland-Cliffs. We are aligned in our vision for a stronger, self reliant, and mutually beneficial industrial base across both nations. We look forward to welcoming POSCO to the Cleveland-Cliffs family and leveraging the combined resources and strengths of both companies.”

Jutae Lee, President of POSCO Holdings, said the memo was a first step in further developments in the United States.

“We are delighted to enter into this important partnership with Cleveland-Cliffs, the premier steel company in America,” Lee said. “This collaboration represents a meaningful step for POSCO to make a major investment in the United States and leverage all of Cliffs’ current capabilities. We look forward to supplying our current customers American-made steel through this partnership and maintaining the trusted relationships we have established in the United States.”