Cleveland-Cliffs Enters Multi-Year Steel Deals With Automakers, Says Report
Synopsis
According to a Bloomberg report, General Motors is one of the automakers to have inked a multiyear pact with the company.
Cleveland-Cliffs Inc. (CLF) has signed fixed price contracts with multiple U.S. carmakers to supply steel for up to three years, Bloomberg reported on Friday, citing people familiar with the matter.
The contracts are for industry-standard sheet steel, the report said, while also adding that General Motors Co. (GM) is one of the automakers to have inked a multiyear pact. The agreed-upon prices are unclear, the report added.
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