News / steel

• Apr 24, 2026 at 9:29 AM 1 min read

  Cleveland-Cliffs Cuts Another 950 — Seventh Straight Losing Quarter

  Cleveland-Cliffs is shutting mills in Pennsylvania and Illinois and putting 950 more steelworkers on the street at the end of June. That’s on top of the 1,200 they already cut in March. Seventh straight losing quarter, $225 million torched last quarter alone, and CEO Lourenco Goncalves — the guy who spent 2025 on cable news cheerleading Trump’s steel tariffs as the savior of American industry — wants you to know that next quarter is going to be great. Trust him. Here’s the thing the brain trust never figured out: tariffs only save steel if someone still buys the steel. Cars...

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