Cleveland-Cliffs offers cash bonus to employees buying American-made cars

Cleveland-Cliffs (NYSE: CLF) has introduced a company-wide incentive that offers employees a $1,000 cash bonus for buying or leasing new American-made vehicles that are built with “substantial Cliffs’ steel content”.

The “Buy American” incentive applies to nearly 30,000 Cliffs’ employees and will run through 2025.

Cleveland-Cliffs is the largest producer of automotive steel in the United States, and the only producer of electrical steels in North America.

Vehicles produced in a plant outside of the US, however, or those that use a significant amount of imported flat-rolled steel, will not qualify for the incentive, Cliffs said.

“We are pleased to do our part to support President Trump’s long-term vision of bringing manufacturing back to the United States,” Cleveland-Cliffs CEO Lourenco Goncalves said in a news release. “In order to be a global superpower and Make America Great Again, companies need to produce things in America and people need to buy things that are made in America.”

“This incentive is a small token of our appreciation for the administration’s ‘America-First’ agenda and serves as recognition that our employees, as American consumers, will help power the resurgence of domestic manufacturing,” Goncalves said.