Cleveland-Cliffs Inc. has expressed strong support for the U.S. Department of Commerce's recent decision to extend Section 232 steel tariffs to include electrical steel laminations and cores, as well as certain stainless steel automotive exhaust parts. The company praised the move as a decisive action to prevent tariff circumvention through derivative products, a practice Cleveland-Cliffs has identified as undermining the intention of the USMCA trade agreement. This regulation, effective immediately, imposes a 50% tariff on the steel content in these products. Lourenco Goncalves, Cleveland-Cliffs' Chairman, President, and CEO, highlighted the significance of this decision in safeguarding the American domestic market from unfairly traded steel, thereby allowing the company to continue investing in its operations in Ohio and Pennsylvania.
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