10/21/2025

Cleveland-Cliffs Shares Skyrocket

They jumped more than 20 percent as the steelmaker examines rare earths mining

Cleveland-Cliffs, headquartered in Cleveland, Ohio, is looking into building a rare earths mining business, CEO Lourenco Goncalves told investors Monday.

The steelmaker has two sites in Michigan and Minnesota where geological surveys have found indications of rare earths, Goncalves said in a statement on Cleveland-Cliffs’ third-quarter earnings call with its investors.

"We are working with the geologists to assess whether these deposits could become commercially viable — that's where we are," Goncalves told analysts on the company's earnings call later Monday morning. "We are a mining company; this isn't new territory for us."

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