U.S. Department Of Energy Establishes Framework For Cleveland-Cliffs To Finalize Discussions, Adoptions For Its $1B Middletown Works Investment

Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") today announced that the U.S. Department of Energy (DOE) has established a framework for Cliffs to finalize negotiations and implementation plans for its Middletown Works investment, rescoping the previously awarded $500 million DOE grant. The optimization project represents a $1 billion total investment in Middletown Works, with funding shared equally between Cleveland-Cliffs and the DOE. The investment is expected to be deployed over the next four years as the Company executes on these improvements while maintaining uninterrupted steel production.