Cleveland-Cliffs is exploring rare earth minerals in Michigan and Minnesota, boosting its stock amid U.S. efforts to secure critical mineral supply chains.

Cleveland-Cliffs announced on October 20, 2025, that it is exploring rare earth mineral potential at sites in Michigan and Minnesota, following promising geological findings. The move, part of a broader strategic shift, aims to diversify the company’s portfolio amid rising U.S. demand for critical minerals used in clean energy and defense technologies. The news drove shares up as much as 25%, reflecting investor optimism about the company’s potential role in strengthening domestic supply chains amid geopolitical concerns and policy efforts to reduce reliance on foreign sources.