Cleveland-Cliffs Inc.

Cleveland-Cliffs planned to use up to $500 million from a Biden administration grant to facilitate cleaner steelmaking at its Middletown Works in Ohio, aiming for a direct reduced iron facility powered by natural gas or hydrogen. However, the company has reportedly redirected these funds to instead refurbish the existing coal-based blast furnace and add a cogeneration plant that uses waste heat. This shift moves away from advanced industrial decarbonization methods toward maintaining traditional, high-pollution technology.

Cleveland-Cliffs Inc. reported a second-quarter loss of $145 million, or 25 cents per share, but adjusted losses of 20 cents per share exceeded Wall Street expectations. The company generated $5.23 billion in revenue, surpassing forecasts of $5.13 billion.

Cleveland-Cliffs Inc. CEO stated the company is no longer rushing its potential deal with POSCO. The Cleveland Works steel mill in Cleveland is highlighted as part of the context.