Cleveland-Cliffs Inc. (CLF) Stock: Surge as DOE Backs $1 Billion Steel Plant Upgrade
TLDR
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CLF stock jumps 7.68% as DOE backs a $1 billion Ohio steel plant upgrade.
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Cleveland-Cliffs and the DOE will each fund $500 million of the project.
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Middletown Works upgrades will target efficiency, reliability, and lower costs.
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The project will preserve 2,300 jobs and employ 1,500 construction workers.
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Cleveland-Cliffs plans to complete its blast furnace rebuild by early 2030.
Cleveland-Cliffs (CLF) stock surged 7.68% to $11.56 after the company detailed a major investment at its Middletown Works facility. The shares extended strong intraday gains and briefly approached the $12 level during Friday trading. The move followed new federal support for a $1 billion modernization project at the Ohio steel plant.
Cleveland-Cliffs Stock Rises After DOE Rescopes $500 Million Grant
Cleveland-Cliffs said the U.S. Department of Energy established a framework covering the Middletown Works investment. The framework allows both parties to finalize negotiations and implementation plans under a previously awarded $500 million grant. Cleveland-Cliffs will match the federal funding, bringing the project’s planned investment to $1 billion.
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