According to Lourenco Goncalves, CEO of Cleveland-Cliffs, steel production has rebounded alongside the recovery in automotive production.

The Big Three automakers – after its plants were shut down due to COVID-19 – are now operating at near full capacity to get back on production schedule and deliver new cars for the holiday season.

Cleveland-Cliffs is the largest U.S. producer of iron-ore pellets, which are used in the production of steel. If you need proof of the company’s confidence in the steel industry, look no further than its recent move to acquire substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries for approximately $1.4 billion.