Cleveland-Cliffs Inc. has published the transcript of its third-quarter 2025 earnings conference call, which took place on October 20, 2025. The event was attended by Chairman, President, and Chief Executive Officer Lourenco Goncalves and Executive Vice President and Chief Financial Officer Celso Goncalves. Analysts from B. Riley Securities, Bank of America, KeyBanc Capital Markets, Morgan Stanley, and Goldman Sachs participated in the Q&A session. During the call, management discussed the company's fully integrated steel operations, highlighting Cleveland-Cliffs' position as a U.S.-based steel producer with capabilities ranging from iron ore mining to the production of high-end finished products. A key topic was the recent approach by a major global steelmaker interested in leveraging Cleveland-Cliffs' U.S. footprint. "A few months ago, we were approached by a major global steelmaker who wants to leverage our footprint in the United States to enable a smooth onboarding for their downstream industrial clients moving production from their country of origin to the United States," said the CEO. The company also announced the signing of a memorandum of understanding with this global steelmaker in the third quarter, with a formal announcement expected in the coming months. Management noted that no further questions on this subject would be taken during the call. The full transcript can be accessed through the link below.