Cleveland-Cliffs Abandons Weirton Plant—What’s Behind This Bold Pivot?

Cleveland-Cliffs reported a challenging first quarter of 2025, grappling with lower-than-expected performance metrics, particularly in terms of EBITDA and cash flow. The company attributed these underwhelming results predominantly to low steel prices lingering from late 2024 into early 2025 and the lagging performance of non-core assets. The federal tariffs on foreign steel, imposed under Section 232, were highlighted as critical to mitigating unfair competition—a policy supported by the Trump administration that aims to bolster domestic production. However, these tariffs haven’t yet translated into immediate recovery, as their incremental benefits are anticipated to become more apparent later in 2025.