Cleveland-Cliffs' stock plummeted 5.11% during intraday trading on Friday, as shares of U.S. steelmakers faced significant selling pressure.

The sharp decline followed a Financial Times report indicating that U.S. President Donald Trump plans to scale back some tariffs on steel and aluminum goods. According to the report, the administration is reviewing the list of products affected by the levies and plans to exempt some items, halt the expansion of lists, and instead launch more targeted national security probes into specific goods.

This potential policy shift negatively impacted steel producers, with Cleveland-Cliffs falling alongside peers like Nucor and Steel Dynamics in pre-market and early trading sessions. Reduced tariff protection could increase competition from imported steel, potentially affecting domestic producers' pricing power and profitability.