Cleveland-cliffs Launches Buy American Incentive For Employees
$CLF
Cleveland-Cliffs Inc. (NYSE:CLF), a prominent North America-based steel producer, has introduced a new “Buy American” incentive program aimed at its nearly 30,000 employees. This initiative, announced on March 7, 2025, encourages employees to purchase or lease new American-built vehicles that predominantly use Cliffs’ steel. In return, employees will receive a $1,000 cash bonus for each qualifying vehicle purchase throughout the year.
Lourenco Goncalves, the Chairman, President and CEO of Cleveland-Cliffs, expressed the company’s commitment to bolstering domestic manufacturing. “We are pleased to support the long-term vision of revitalizing America’s manufacturing sector. This incentive aligns with the ‘America-First’ agenda and recognizes our employees’ role in driving the resurgence of domestic production,” stated Goncalves.
The program stipulates that vehicles must be manufactured within the United States and contain a significant amount of Cliffs’ steel to qualify for the bonus. Vehicles produced in facilities outside of the United States or those using considerable amounts of imported flat-rolled steel will not be eligible for the incentive.
This announcement was part of a larger event held at the Cleveland Works plant in Cleveland, Ohio. The event featured speeches from Goncalves and US Senator Bernie Moreno, who praised Cleveland-Cliffs for its leadership in supporting American workers and manufacturing. “For decades, Ohio workers suffered as jobs were outsourced. However, with leaders like Cleveland-Cliffs stepping up, we are witnessing a potential manufacturing boom in America like never before,” said Senator Moreno.
Cleveland-Cliffs, headquartered in Cleveland, Ohio, is a leader in the steel production industry, specializing in value-added sheet products primarily for the automotive sector. The company is vertically integrated, handling everything from mining iron ore and producing pellets to processing ferrous scrap and finishing steel products.
By encouraging its employees to purchase American-made vehicles, Cleveland-Cliffs promotes the use of domestically produced steel, potentially increasing demand for its products. This initiative could also set a precedent for other companies in the manufacturing sector, inspiring similar programs that support domestic industries and workers.
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