Cleveland-Cliffs Inc. (NYSE:CLF) stock rose Friday after the steelmaker announced a $1 billion investment in its Middletown Works facility in Ohio. The project will receive $500 million in support from the U.S. Department of Energy.
The DOE established a framework for Cleveland-Cliffs to finalize negotiations and implementation plans for the project. The funding rescopes a previously awarded $500 million DOE grant. The company and the agency will each fund half of the investment.
$1 Billion Steel Plant Upgrade
Cleveland-Cliffs plans to deploy the investment over four years while maintaining uninterrupted steel production.
The project includes upgrades to the plant’s blast furnace and material-handling infrastructure. It will also add artificial intelligence-enabled process control technology.
