Core Insights - Cleveland-Cliffs is exploring the establishment of a rare earths mining business, with geological surveys indicating potential resources at its sites in Michigan and Minnesota [1][2] - The CEO emphasized the importance of reducing reliance on foreign nations, particularly China, for essential minerals, aligning with national strategies for critical material independence [2] - The U.S. currently has only one commercial rare earth mine, highlighting the strategic importance of developing domestic sources [3] Company Developments - Cleveland-Cliffs' shares increased by approximately 17% following the announcement of its plans to enter the rare earths sector [1] - The CEO's statement reflects a commitment to American manufacturing and reducing dependency on foreign supply chains for critical materials [2] Industry Context - Rare earth elements are crucial for various applications, including defense, electric vehicles, and semiconductor manufacturing, making them a focal point in U.S.-China trade tensions [2] - The U.S. Defense Department has engaged with MP Materials, the owner of the only commercial rare earth mine, to secure a stable supply through an equity stake and an offtake agreement [3]