$CLF

Cleveland-Cliffs/CLF is the only domestic producer of GOES (grain-oriented electrical steel), centered on Butler Works in Pennsylvania. there is no real #2 in the US. for years that was a niche fact inside a much larger steel company. three things are now moving in its direction at once. - transformer OEMs are adding US plants on 2027-2028 timelines and will need qualified domestic electrical steel. - imported steel faces a 50% tariff, extended in 2025 to cover electrical steel cores and laminations. - and in April the White House added transformers and their supply chain to the Defense Production Act list, explicitly naming electrical core steel. but electrical steel is still a small slice of CLF business today. stainless and electrical combined were just 3% of product sales volumes in