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That prompted the company, which supplies flat-rolled steel and iron ore pellets to mainly automakers, to raise its charges for HRC spot orders a fourth time since September to 1,000/st, about $50 higher than current spot rates.

Steel on Monday forecast third-quarter profit above Wall Street estimates and said each of its segments outperformed prior expectations, driven by a decline in raw material costs and higher prices for flat-rolled products.

"Try to build a car all with steel, flat-rolled steel produced in flat-rolled mini-mills. It doesn't work," Goncalves said on Cliffs' latest quarterly earnings call.

Cleveland-Cliffs, the largest flat-rolled steel producer in North America, said on Sunday it offered to buy U.S.

Cleveland-Cliffs is the largest producer of flat-rolled steel and iron in North America.