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Stock impact report

Cleveland-Cliffs wins up to $575M in DoE funding for decarbonization projects [Seeking Alpha]

Cleveland-Cliffs Inc. (CLF) 
Last cleveland-cliffs inc. earnings: 2/20 07:00 am Check Earnings Report
Company Research Source: Seeking Alpha
The company said the projects will allow for substantial reductions in greenhouse gas emissions across its footprint and create efficiencies that meaningfully drive down operating costs. Cleveland-Cliffs ( CLF ) would replace its existing blast furnace at its Middletown Works Facility in Middletown, Ohio, with a 2.5M tons/year hydrogen-ready direct reduced iron plant and two 120 MW electric melting furnaces to feed molten iron to the existing infrastructure already on site; Middleton would maintain its existing ~3M tons/year raw steel production capacity while no longer using coke for iron production. The company expects the new facility would reduce production costs by ~$150/ton of liquid steel produced, or a $450M annual savings relative to the existing configuration. Cliffs ( CLF ) said its net capital outlay on the project would total ~$1.3B over a five-year period during 2025-29. Cliffs ( CLF ) also would replace two of its existing natural gas fired high-temperature sla Show less Read more
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