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Stock impact report

Cleveland-Cliffs' $170M Butler Works project survives federal review, on track for 2028 [Yahoo! Finance]

Cleveland-Cliffs Inc. (CLF) 
Last cleveland-cliffs inc. earnings: 2/20 07:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
The project, which will help electrify the longtime steel manufacturing complex in Lyndora, is being funded in part by a $75 million U.S. Department of Energy grant. The grant was awarded during the Biden administration but survived a DOE review process last year after the Trump administration took over “We continue to make solid progress,” said Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves. “The Butler Works electrical expansion project is moving along as planned and remains on schedule for 2028 completion.” The investment will electrify several processes at Butler Works, which is the only domestic producer of high-silicon grain-oriented electrical steel (GOES) that is used in transformers and other parts of the electrical and utility supply chain. The grant, under the DOE's Office of Clean Energy Demonstrations, will add four induction reheat furnaces and take out two natural-gas-fueled furnaces. Click here to read more from our partners at the Pittsburgh Bu Show less Read more
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