Cleveland-Cliffs to Get Up to $575 Million for Decarbonization Efforts
By Will Feuer
Cleveland-Cliffs said it will receive up to $575 million in U.S. funding for decarbonization investments at two of the steel producer's sites.
The company said it could receive up to $500 million to help replace the blast furnace at its Middletown Works Facility in Middletown, Ohio. The plant will replace the blast furnace with a hydrogen-ready direct reduced iron plant and two 120-megawatt electric melting furnaces.
The investment is meant to cut carbon emissions while also reducing production costs. Cliffs expects its capital outlay to be about $1.3 billion over a five-year period from 2025 to 2029.
Cliffs said it stands to get up to $75 million for another investment at its facility in Butler, Pa., where it plans to replace two of its existing natural-gas fired high-temperature slab reheat furnaces with four electrified induction slab reheat furnaces.
The company said the investments are expected to create nearly 4,000 jobs, in addition to construction jobs.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 25, 2024 06:42 ET (10:42 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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