Mentioned:
One of the largest steelmakers in the United States of America has a new ambition: rare earth elements.
What’s happening:
- American steelmaker Cleveland-Cliffs (NYSE: CLF) has publicly stated that they have begun exploration for rare earth elements at their existing mining projects in Michigan and Minnesota
Why it matters:
- This is the first time that Cleveland-Cliffs has ever pursued mining for rare earth elements since the company was first founded
Going deeper:
- Cleveland-Cliffs currently mines for iron ore at their properties in Michigan and Minnesota and has publicly stated they are aware of possible large deposits of rare earth elements at both projects
- Cleveland-Cliffs is the second largest steelmaker in the United States and also produces more flat rolled steel than any other company in North America
The intrigue:
- Domestic rare earth production has continued to come into renewed focus in North America following China just recently making geopolitical waves by expanding their rare earth exportation restrictions globally
