Cleveland-Cliffs (NYSE: CLF) announced a $1 billion modernization for its Middletown Works facility in Ohio. The project will span four years. The U.S. Department of Energy is providing a $500 million award to fund half the cost. Vice President J.D. Vance and the U.S. Energy Secretary visited the site to highlight the investment.
Upgrades include the blast furnace and new AI-enabled process controls. A cogeneration facility will capture blast furnace gas to produce electricity. The plant specializes in automotive-grade steel for vehicle components. The investment aims to protect approximately 2,300 jobs.
Cleveland-Cliffs shares gained 2.0% in pre-market trading following the announcement. The stock move occurred while the broader market remained flat to lower.