Cleveland-Cliffs CLF.N said on Friday it would match a $500 million U.S. Department of Energy grant, bringing total investment to $1 billion to upgrade the steelmaker's Middletown Works plant.
- The move rescopes the $500 million grant Cliffs received in 2024 to decarbonize its Middletown, Ohio facility by replacing the existing blast furnace with a hydrogen-ready direct reduced iron plant and two electric melting furnaces.
- The project now includes the construction of a cogeneration facility to capture blast furnace gas and generate electricity and steam for on-site consumption, the company said.
- The rebuild of the facility, which is expected to employ more than 1,500 workers including local union building trades, is planned for completion in the first quarter of 2030.
- The plant currently produces approximately 3 million tons of raw steel annually and provides automotive-grade steels suited for the exposed parts of cars, trucks and SUVs.
