Cleveland-Cliffs Inc (NYSE:CLF) shares are trading higher Monday after the company was selected to receive $575 million in investments from the U.S. Department of Energy (DOE).
What Happened: Cleveland-Cliffs on Monday announced that two of its projects were selected for up to $575 million in total funding from the DOE to pursue two decarbonization investments at Middletown Works in Ohio and Butler Works in Pennsylvania.
The funding is being made available through the DOE’s Industrial Demonstrations Program funded through the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. The projects are expected to allow for substantial reductions in greenhouse gas emissions across the Cliffs’ footprint and are also expected ...