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Released October 21, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Cleveland-Cliffs Incorporated (Cleveland, Ohio) benefited from improved demand for U.S.-made automotive-grade steel in the third quarter of 2025, but the steel producer made headlines this week for another reason: It plans to expand its role in the production of U.S.-sourced rare earth metals, and it points to two of its existing mines as possible sites. Industrial Info is tracking more than $2.3 billion worth of active and proposed projects from Cleveland-Cliffs, more than $1.4 billion of which is attributed to projects related to steel manufacturing.
"Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets," said Lourenco Goncalves, the chief executive officer of Cleveland-Cliffs, in a quarterly earnings-related press release. "It is our obligation to do so as a company with our geological footprint. We have looked at all of our ore bodies and tailings basins, and two sites in particular--one in Michigan and one in Minnesota--show the most potential."
Goncalves pointed to recent geological surveys at two of the company's active mines in Michigan and Minnesota, which he said show key indicators of rare-earth mineralization. He did not specify which two mines reported the results. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can read detailed plant profiles for these sites:
At its active iron ore-mining sites, Cleveland-Cliffs is considering a proposed expansion of the Tilden Mine beyond its current 25-year mine life, as well as a new water-treatment plant to better treat Tilden's selenium discharge, as well as an expansion of the Hibbing Mine's life, currently expected to be depleted in 2026, by another 27 years. Subscribers can read detailed reports on the Tilden expansion and water-treatment plant and Hibbing expansion.
Goncalves also cheered U.S. President Donald Trump's tariffs and trade policies on imported steel: "As a result of this new trade environment, we have won new and growing supply arrangements with all major automotive OEMs [original equipment manufacturers], locking in multi-year agreements that reflect the reliability of our well-established supply chains anchored by our nine galvanizing plants dedicated to automotive-grade steels."
Cleveland-Cliffs sold 4.03 million net tons of steel in third-quarter 2025, a 4.9% increase over third-quarter 2024; this segment of its business yielded revenues of $4.56 billion, a 3.2% increase.
Among the projects under construction at the company's steel-manufacturing plants is a $50 million addition of a carbon-capture system at its Steel Works Plant in Burns Harbor, Indiana. The unit is designed to capture up to 70% of carbon dioxide (CO2) emissions from blast furnaces at the 55 million-ton-per-year facility. Subscribers can learn more from a detailed project report.
Cleveland-Cliffs also is considering a proposed relining and rebuilding of Blast Furnace C at Burns Harbor, which handles 7,480 tons per day. Similarly, the company is weighing a proposed relining and rebuilding of Blast Furnace 3 at its Steel Works Plant in Middletown, Ohio, which handles 6,500 tons per day, and a relining of Blast Furnace C3 at its Steel Works Plant in Dearborn, Michigan, which handles 6,000 tons per day. Subscribers can read detailed reports on the Burns Harbor, Middletown and Dearborn projects.
Companywide, Cleveland-Cliffs reported third-quarter revenues of $4.73 billion, a 3.6% increase from third-quarter 2024, and a net loss of $251 million, compared with a net loss of $244 million in the same period last year.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and proposed projects from Cleveland-Cliffs.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
"Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets," said Lourenco Goncalves, the chief executive officer of Cleveland-Cliffs, in a quarterly earnings-related press release. "It is our obligation to do so as a company with our geological footprint. We have looked at all of our ore bodies and tailings basins, and two sites in particular--one in Michigan and one in Minnesota--show the most potential."
Goncalves pointed to recent geological surveys at two of the company's active mines in Michigan and Minnesota, which he said show key indicators of rare-earth mineralization. He did not specify which two mines reported the results. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can read detailed plant profiles for these sites:
- the Peter Mitchell Iron Ore Mine in Babbitt, Minnesota; see plant profile
- the Hibbing Iron Ore Mine & Pellet Plant in Hibbing, Minnesota; see plant profile
- the Eveleth Iron Ore Mine in Eveleth, Minnesota; see plant profile
- the Tilden Iron Ore Mine in Ishpeming, Michigan; see plant profile
- the Empire Iron Ore Mine and Processing Plant in Palmer, Michigan; see plant profile
At its active iron ore-mining sites, Cleveland-Cliffs is considering a proposed expansion of the Tilden Mine beyond its current 25-year mine life, as well as a new water-treatment plant to better treat Tilden's selenium discharge, as well as an expansion of the Hibbing Mine's life, currently expected to be depleted in 2026, by another 27 years. Subscribers can read detailed reports on the Tilden expansion and water-treatment plant and Hibbing expansion.
Goncalves also cheered U.S. President Donald Trump's tariffs and trade policies on imported steel: "As a result of this new trade environment, we have won new and growing supply arrangements with all major automotive OEMs [original equipment manufacturers], locking in multi-year agreements that reflect the reliability of our well-established supply chains anchored by our nine galvanizing plants dedicated to automotive-grade steels."
Cleveland-Cliffs sold 4.03 million net tons of steel in third-quarter 2025, a 4.9% increase over third-quarter 2024; this segment of its business yielded revenues of $4.56 billion, a 3.2% increase.
Among the projects under construction at the company's steel-manufacturing plants is a $50 million addition of a carbon-capture system at its Steel Works Plant in Burns Harbor, Indiana. The unit is designed to capture up to 70% of carbon dioxide (CO2) emissions from blast furnaces at the 55 million-ton-per-year facility. Subscribers can learn more from a detailed project report.
Cleveland-Cliffs also is considering a proposed relining and rebuilding of Blast Furnace C at Burns Harbor, which handles 7,480 tons per day. Similarly, the company is weighing a proposed relining and rebuilding of Blast Furnace 3 at its Steel Works Plant in Middletown, Ohio, which handles 6,500 tons per day, and a relining of Blast Furnace C3 at its Steel Works Plant in Dearborn, Michigan, which handles 6,000 tons per day. Subscribers can read detailed reports on the Burns Harbor, Middletown and Dearborn projects.
Companywide, Cleveland-Cliffs reported third-quarter revenues of $4.73 billion, a 3.6% increase from third-quarter 2024, and a net loss of $251 million, compared with a net loss of $244 million in the same period last year.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and proposed projects from Cleveland-Cliffs.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
