WASHINGTON (dpa-AFX) - Cleveland-Cliffs Inc. (CLF) praised the U.S. Department of Commerce's decision to extend Section 232 steel tariffs to cover electrical steel laminations, cores, and certain stainless steel automotive exhaust parts.
Effective immediately, these derivative products will be subject to a 50 percent tariff.
Chairman, President and CEO Lourenco Goncalves thanked President Donald Trump and Commerce Secretary Howard Lutnick for addressing what he described as long-standing tariff circumvention practices involving steel processed outside North America but brought into the U.S. through Mexico and Canada.
CLF is currently trading at $10.36, down $40.05 or 0.48 percent on the New York Stock Exchange.
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