Cleveland-Cliffs reported rising demand for its steel and said it will explore producing rare-earth minerals as the Trump administration's trade policy rewards its U.S. footprint.

Lourenco Goncalves, chief executive of the Cleveland-based steel company, on Monday directly credited the Trump administration's trade policy, which includes a 50% tariff on steel, for helping it seal new steel-supply deals with major auto companies.

Cleveland-Cliffs is now looking to expand into domestic rare-earth metal production, examining mining sites in Michigan and Minnesota, Goncalves said.

Shares rose 16% in premarket trading to $15.4. Through Friday's close, the stock was up more than 40% this year.