US iron-ore and steel producer Cleveland-Cliffs is investigating the potential for rare earth element (REE) mineralisation at two of its upstream mining sites, as part of a strategy to align with national efforts to secure domestic supply chains for critical materials.

Chairperson, president and CEO Lourenço Gonçalves said on Monday that the company had re-focused on rare earths after assessing its ore bodies and tailings basins. Two sites – one in Michigan and one in Minnesota – had shown the most potential, with geological surveys indicating key signs of REE mineralisation.

“Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets. It is our obligation to do so as a company with our geological footprint,” Gonçalves stated in the company’s third-quarter report.

“If successful, it would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel. American manufacturing shouldn’t rely on China or any foreign nation for essential minerals, and Cliffs intends to be part of the solution.”

The company’s move into rare earths exploration comes as part of a broader push to strengthen US self-sufficiency in critical materials vital to advanced manufacturing and clean energy technologies.

Cleveland-Cliffs reported third-quarter revenues of $4.7-billion, down slightly from $4.9-billion in the previous quarter, and a net loss of $234-million, or $0.45 a share. The company recorded adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $143-million, compared with $94-million in the second quarter.

Gonçalves said the results reflected a recovery in demand for automotive-grade steel, supported by a stronger US trade environment. Cleveland-Cliffs, the largest supplier of flat-rolled steel to the US automotive industry, secured new long-term supply agreements with all major original-equipment manufacturers during the quarter.

“With the end of the slab supply contract to ArcelorMittal in early December, we expect this trend to accelerate into 2026,” Gonçalves said.

He added that the US remained “the most attractive steel market in the world” and confirmed that Cliffs had entered into a memorandum of understanding with a major global steel producer to explore a potential partnership leveraging Cliffs’ trade-compliant operations and extensive domestic footprint.

Cleveland-Cliffs closed the quarter with liquidity of $3.1-billion as of September 30.