Cleveland-Cliffs CEO Lourenco Goncalves said the company is "no longer in a hurry" to close a deal with South Korea's POSCO Holdings Inc., pointing to improving US steel prices and stronger demand from the American auto industry. The shift represents a notable change in negotiating posture from earlier discussions when market conditions were less favorable.

Rising domestic steel prices have strengthened Cleveland-Cliffs' hand in any potential transaction with POSCO. The recovering auto sector, a major customer for the steelmaker, has added further confidence to the company's outlook. Goncalves suggested that better market conditions have reduced the urgency that previously existed to finalize terms quickly.

The dynamics illustrate how shifting commodity markets and key industry demand can reshape M&A timelines in the steel sector. Cleveland-Cliffs now appears positioned to take more time evaluating any deal with POSCO rather than rushing to close under less advantageous market conditions.