X - Cleveland-Cliffs Secures $575M For Renewable-Powered Steel Production Critical For 'The Industrial Might Of The United States' | Benzinga
Cleveland-Cliffs (NYSE:CLF), a major domestic steel producer, is set to undergo a green transformation courtesy of the U.S. Department of Energy (DOE). The company stands to receive up to $575 million for two significant decarbonization projects at its facilities in Ohio and Pennsylvania, marking a pivotal step towards more steel production powered by renewable energies.
“The investment at Middletown Works is confirmation that Cleveland-Cliffs is the benchmark for iron and steelmaking technology in the world, ahead of Japan, Korea, Europe, and China. Our experience in using natural gas has seamlessly catalyzed our transition into using hydrogen. Middletown and Butler Works are both critically important to the success of Cleveland-Cliffs and the industrial might of the United States," said Cliffs' CEO Lourenco Goncalves.
The flagship project at Cleveland-Cliffs’ Middletown Works in Ohio involves replacing the existing blast furnace with a state-of-the-art Hydrogen-Ready Direct Reduced Iron (DRI) ...