Cleveland-Cliffs To Receive $575 Mln U.S. DOE Funding For Decarbonization Projects

(RTTNews) - Cleveland-Cliffs Inc. (CLF) has announced discussions with the U.S. Department of Energy or DOE to secure funding of up to $575 million for decarbonization projects in Ohio and Pennsylvania.

This funding, allotted through the DOE's Industrial Demonstrations Program, aims to cut greenhouse gas emissions and boost operational efficiency at CLF facilities.

The investments will focus on Middletown Works DRI Plant and Electric Melting Furnaces in Ohio, as well as Butler Works Induction Reheat Furnaces in Pennsylvania.

The projects are expected to generate cost savings and create new job opportunities.

Specifically, the Middletown Works in Ohio stands to receive $500 million to replace its blast furnace with a Hydrogen-Ready Direct Reduced Iron plant and Electric Melting Furnaces, enabling different fuel options for reduced carbon intensity. This investment will safeguard 2,500 jobs.

Meanwhile, the Butler Works in Pennsylvania is slated for a $75 million grant to enhance energy efficiency and increase production capacity, securing 1,300 jobs.