Cleveland-Cliffs Inc. (NYSE: CLF) experienced a significant stock surge of over 17% on October 20, 2025, following its announcement to expand into rare earth mineral production. CEO Lourenco Goncalves stated that the company will utilize its existing mining assets in Michigan and Minnesota to extract rare earth elements, a move that supports U.S. efforts to achieve critical material independence. Geological surveys have identified two promising sites for this expansion. This strategic shift comes in response to China's recent rare earth export controls, highlighting the importance of domestic production. Additionally, Cleveland-Cliffs has signed a memorandum of understanding with an undisclosed global steel producer, further solidifying its position in the market.