Cleveland-Cliffs Announces $1 Billion Middletown Works Investment to be Supported by $500 Million U.S. Department of Energy Award
Cliffs to Host Vice President J.D. Vance and Other Dignitaries at Middletown Works to Commemorate the Investment
CLEVELAND, August 21, 2026--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.
Vice President J.D. Vance will visit the Company's Middletown Works steel plant today in his hometown of Middletown, Ohio, to deliver remarks highlighting the investment and accomplishments of the Trump Administration's America First economic agenda. U.S. Secretary of Energy Christopher Wright will also participate along with numerous federal and state elected leaders from Ohio.
Middletown Works is Cleveland-Cliffs' flagship plant to produce automotive-grade steels, particularly suited to exposed parts of cars, trucks and SUVs. The Middletown Works investment includes state-of-the-art upgrades to its blast furnace, advanced material handling infrastructure, and artificial intelligence-enabled process control technologies. A key component of the project is the construction of an advanced cogeneration facility that will capture and utilize blast furnace gas to generate electricity and steam for on-site consumption. This will improve overall energy efficiency, reduce reliance on externally supplied electricity, and lower operating costs. This multi-year investment is expected to commence in the coming weeks, with completion of the blast furnace rebuild planned for the first quarter of 2030.
Lourenco Goncalves, Cliffs' Chairman and Chief Executive Officer, said: "Cleveland-Cliffs is making a decisive investment in the future of American steelmaking and manufacturing, going above and beyond a standard blast furnace reline, to include the most advanced technology available. Through our cooperation with President Trump's Administration and the U.S. Department of Energy, we developed a project reliant on proven technology that improves operational efficiency and competitiveness. The DOE's support for this project is a testament to the importance of preserving the blast furnace route to produce automotive-exposed grade steels in the U.S., while advancing American energy dominance. We thank President Trump, Vice President Vance, and Secretary Wright for their partnership. This investment strengthens domestic steelmaking, preserves 2,300 jobs and ensures that Middletown Works remains one of the premier steelmaking facilities in North America for decades to come."