Government/Policy
April 14, 2023
Cleveland-Cliffs said Friday it has closed its previously announced offering of $750 million in unsecured guaranteed notes.
The Cleveland-based steelmaker made the announcement on April 11 for the notes due in 2030, which were priced at 6.75% annual coupon and issued at par.
US steel industry groups representing most of domestic steel production are urging the Trump administration to tighten trade measures on steel imports from South Korea. They are seeking a South Korea-specific tariff-rate quota (TRQ) and an investigation into a reported import surge.
In 2015, finished steel imports were 29% of apparent domestic consumption of steel, as estimated by AISI. In 2025, the import share had fallen to 18%. Steel lobbyists think that is progress, but the reality is more complex.
Several steel trade organizations have called on President Trump to resist weakening Section 232 steel tariffs.
The US Commerce Department has raised the anti-dumping duties (AD) on imports of oil country tubular goods (OCTG) from South Korea.
After an annual administrative review, the Commerce Department increased the anti-dumping duties on large-diameter welded pipe from Turkey.