Cleveland-Cliffs Announces $1 Billion Middletown Works Investment to be Supported by $500 Million U.S. Department of Energy Award
Cliffs to Host Vice President J.D. Vance and Other Dignitaries at Middletown Works to Commemorate the Investment
Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”)today announced that the U.S. Department of Energy (DOE) has established a framework for Cliffs to finalize negotiations and implementation plans for its Middletown Works investment, rescoping the previously awarded $500 million DOE grant. The optimization project represents a $1 billion total investment in Middletown Works, with funding shared equally between Cleveland-Cliffs and the DOE. The investment is expected to be deployed over the next four years as the Company executes on these improvements while maintaining uninterrupted steel production.
Vice President J.D. Vance will visit the Company's Middletown Works steel plant today in his hometown of Middletown, Ohio, to deliver remarks highlighting the investment and accomplishments of the Trump Administration’s America First economic agenda. U.S. Secretary of Energy Christopher Wright will also participate along with numerous federal and state elected leaders from Ohio.
