Cleveland-Cliffs

Cleveland-Cliffs announced a four-year, $1 billion upgrade of its Middletown Works, funded equally by the company and a $500 million U.S. Department of Energy award. The programme will modernise the blast furnace, material-handling systems and introduce AI-enabled process controls plus a cogeneration facility to capture blast furnace gas for power and steam. Management says the project targets higher-value automotive-grade steel, protects about 2,300 jobs and strengthens the domestic supply chain. Shares rose in pre-market trading but Wall Street remains cautious, with a consensus "Hold" rating and an average price target of $12.28. » Mere på finance.yahoo.com

Vice President J.D. Vance and Energy Secretary Chris Wright announced a $1 billion investment in the steel plant in Middletown, to be split equally between Cleveland-Cliffs and a $500 million Department of Energy grant. The project covers blast furnace modernization, material transport systems and AI-driven process control, is set to start in the coming weeks and to be completed by early 2030. During construction up to 1,500 jobs could be created, but the implementation is still subject to an environmental permit from Ohio. The announcement lifted CLF shares by almost 8% and complements earlier positive drivers such as Q2 profit figures and an increased price target from BofA. » Mere på de.investing.com

Cleveland-Cliffs and the U.S. Department of Energy have finalized a $1 billion modernization of the Middletown plant, redirecting a previously pledged $500 million grant and splitting the financing equally. The four-year project includes conversion of the blast furnace, modern material handling infrastructure, AI-supported process control, and construction of a combined heat and power (CHP) plant to use blast furnace gas for electricity and steam. Work will take place while production continues; the blast furnace conversion is scheduled for completion by Q1 2030. The investment secures about 2,300 jobs and will create more than 1,500 positions at peak construction. » Mere på de.investing.com

Cleveland-Cliffs recorded a monthly gain of 26.64% and is being carried by a steel upswing in the automotive and military sectors. Drivers include a cooperation with Palantir in AI, an award/partnership with GM and a defense contract worth about $400 million. The combined momentum is strengthening investor interest and the company’s position in the sector. » Mere på finanzen.net

US steel producer Cleveland-Cliffs reported Q2 revenue rose about 6% to $5.2 billion. Adjusted EBITDA tripled from the prior quarter to $286 million, reaching its highest level in two years. After extended cash outflows, the company also recorded positive free cash flow of $73 million. » Mere på finanzen.net