Cleveland‑Cliffs Eyes Rare‑Earth Production After Q3

Cleveland-Cliffs said geological surveys at two Michigan and Minnesota mining sites indicate potential rare-earth mineralization and the company is evaluating whether to develop rare-earth production, a move the CEO said would support U.S. critical-material independence. The company's shares rose about 20–23% after its third-quarter report. Q3 results showed revenue of $4.73 billion, up 3.6%, an adjusted loss of $0.45 per share (beating estimates) and a net loss of $234 million; management also trimmed full-year capital spending and SG&A guidance. Cleveland-Cliffs said tariffs and trade measures, multi-year OEM agreements and a $400 million Defense Logistics Agency transformer steel contract have boosted domestic demand, and it is North America’s largest automotive steel supplier and the only U.S. electrical-steel producer. The company signed a memorandum of understanding with a global steel producer and said any successful rare-earth program could be accretive and align with national-security goals. Analysts and industry observers cautioned that recovering rare earths from iron-ore deposits or tailings requires chemical-intensive processing and raises environmental and radiological permitting challenges, and policymakers are closely watching given China’s dominance and recent U.S. government actions to support domestic rare-earth projects.