Cleveland-Cliffs Inc. has announced that POSCO is its strategic partner under the previously disclosed transformative Memorandum of Understanding (MoU). POSCO is Korea’s largest steelmaker and the world’s third largest steelmaker outside of China. The MoU between the companies was executed in September of this year. With the recent completion of the new U.S. and Korea trade agreement, cooperation between the two nations’ industrial sectors will be further reinforced by the POSCO-Cliffs partnership.
The partnership allows POSCO to support and grow its established U.S. customer base while ensuring that its products meet U.S. trade and origin requirements. The collaboration represents a model of how allies can deepen industrial cooperation under fair and transparent trade principles. It also aligns with U.S. policy goals to strengthen domestic industry and attract foreign investment.
Courtesy of Cleveland-Cliffs.