Cleveland-Cliffs

Steel is the end product, but Cleveland-Cliffs controls the chain that gets there. The company mines its own iron ore in Minnesota and Michigan, pellets it, and feeds the blast and electric furnaces that turn out flat-rolled steel for the auto industry, its biggest market. That vertical integration, built up through the 2020 acquisitions of AK Steel and ArcelorMittal USA, made it the largest flat-rolled producer in North America and the second-largest US steelmaker behind Nucor. The trade-off is heavy exposure to two cyclical forces: steel prices and Detroit's production schedules. When carmakers build and prices hold, the mills run hot; when demand softens, fixed costs bite. The roots run deep, back to the Cleveland Iron Mining Company chartered in 1847, though today's shape dates to a rapid, debt-funded consolidation.

On MyRWA, CLF trades tokenized across 1 on-chain venue - see the listings below.