Cliffs Inks Multiyear Steel Pacts with US Automakers in Tariff Aftershock

Cleveland-Cliffs Inc. has signed fixed-price contracts to supply steel to multiple US carmakers for up to three years, an unusually long duration that signals the auto industry is guarding against potential inflationary pressures.

The new two and three-year accords are for industry-standard sheet steel, according to a person familiar with the matter, who asked not to be identified because the details haven’t been publicly disclosed. General Motors Co. is one of the carmakers to agree to a multiyear pact, according to another person familiar with the matter.