Cleveland-Cliffs is a vertically integrated North American flat-rolled steel producer, with automotive as its most important end market at roughly 30% of revenue. Cliffs mines iron ore, produces pellets and hot briquetted iron (HBI), processes ferrous scrap, and converts these inputs into steel through both blast furnace/basic oxygen furnace and electric arc furnace steelmaking. Finished products include hot-rolled coil, cold-rolled coil, coated steels, electrical steels, stainless steels, and specialty downstream products like stamped components and tubing. Cliffs sells roughly 35-40% of flat-rolled shipments under fixed-price annual or multi-year contracts, primarily to automotive OEMs including Ford, GM, Stellantis, and Toyota; the remainder is sold spot or indexed to the HRC benchmark. Beyond automotive, Cliffs sells to infrastructure and manufacturing customers (~29% of revenue) and distributors (~28% of revenue). Cliffs is the only domestic U.S. producer of grain-oriented electrical steel (GOES), used in power transformers, which it argues is consistently profitable and strategically important. Cliffs' profitability is driven by the spread between domestic HRC prices and input costs—because Cliffs is largely self-sufficient in iron ore and HBI, its cost structure is more stable than scrap-dependent EAF competitors. Cliffs grew through acquisitions of AK Steel, ArcelorMittal USA, and Stelco, and its near-term focus is deleveraging while pursuing a potential partnership with POSCO to serve domestic melted-and-poured content requirements.