Congressional Steel Caucus Hearing

Lourenco Goncalves, Cliffs Chairman, President & Chief Executive Officer and the Board Chairman of the American Iron and Steel Institute provided testimony at the Congressional Steel Caucus held on January 14, 2026.  Mr. Goncalves spoke about the importance of maintaining Section 232 steel tariffs and fair trade for the steel industry in the United States. 

The Congressional Steel Caucus is a bipartisan group of U.S. Representatives and Senators working to support the American steel industry, its workers, and its vital role in national security and infrastructure, advocating through legislation, meetings with officials, and challenging unfair trade practices.

Read Mr. Goncalves' testimony, click here

Steel Tariffs

The United States’ steel tariffs continue to play a vital role in supporting the long-term strength, stability, and competitiveness of the domestic steel industry. In 2025, President Trump restored the effectiveness of steel Section 232 tariffs by increasing the tariff rate from 25% to 50%, completely eliminating exclusions and exemptions that had drastically weakened the measures and adding Section 232 tariff coverage of certain steel  derivative products. Trade measures such as Section 232 tariffs are essential to countering persistent global steel overcapacity and unfair trade practices that distort markets and undermine U.S. producers. These tariff measures help ensure that America maintains a reliable domestic steel supply critical to sustain U.S. national security.

There are early indications of positive impact, including moderated import pressure and improved conditions for domestic production. Full year 2025 finished steel imports were down 17% vs. 2024. However, the full benefits of these tariffs will take time to be fully realized. Steelmaking is a capital-intensive, long-cycle industry, and meaningful gains in capacity utilization, reinvestment, and workforce development occur gradually.

CNBC Invest in America Forum

Lourenco Goncalves, Cleveland-Cliffs Chairman, President & CEO participated at the CNBC Invest in America Forum. Moderated by Sara Eisen, CNBC Anchor, the panel discussion was about fostering economic growth and innovation, revitalizing the consumer and supply chains. Joining Lourenco was Ana Botin, Santander Executive Chairman and John Furner, Walmart U.S. President. To view the panel discussion, view the video below.

Canada must do more to block foreign steel: Goncalves

Lourenco Goncalves, CEO of Cleveland-Cliffs, joins BNN Bloomberg to discuss the steel outlook for Canada.