“During the calendar year 2025, any Cleveland-Cliffs employee who purchases or leases a new American-built vehicle with substantial Cliffs’ steel content will receive a $1,000 cash bonus in connection with the purchase,” the company said.
Credit: Nick Graham
Credit: Nick Graham
“In order to be a global superpower and make America great again, companies need to produce things in America and people need to buy things that are made in America,” Lourenco Goncalves, Cliffs’ chairman, president and chief executive, said in a statement Friday. “This incentive is a small token of our appreciation for the administration’s America-first agenda and serves as recognition that our employees, as American consumers, will help power the resurgence of domestic manufacturing.”
“I applaud Lourenco for what he’s doing here,” U.S. Sen. Bernie Moreno said during a press conference in Cleveland announcing the bonus. “The thousand dollars will make a difference.”
The company has certain vehicles in mind, however.
Vehicles produced in a plant outside of the United States, or that use a significant amount of imported flat-rolled steel, will not qualify for the incentive, the steelmaker said.
Further guidance regarding which vehicles are eligible for the bonus “will be communicated directly to employees,” the company also said.
James Kerr, Cleveland-Cliffs’ director of investor relations, declined to say which vehicles will make employees eligible for the bonus. He referred questions about that to a spokeswoman for the company, for whom a message was left.
Cleveland-Cliffs acquired AK Steel in a stock swap in March 2020, a deal valued at $1.1 billion.
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