Cleveland-Cliffs to Match $500M DOE Grant, Doubling Ohio Plant Investment to $1B
CLF sits 50% above its 52-week low of $7.73 on light trading volume (0.4× avg).
Summary
Cleveland-Cliffs will match a $500 million DOE grant, bringing total investment to $1 billion to upgrade its Middletown Works plant. The project now includes a cogeneration facility to capture blast furnace gas and generate electricity and steam on-site. The rebuild, expected to employ over 1,500 workers, is planned for completion in Q1 2030. This expands the scope of the 2024 decarbonization grant and signals a major capital commitment to modernize the facility.
At the time of this announcement, CLF was trading at $11.60 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.6B. The 52-week trading range was $7.73 to $16.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.