From Yahoo Finance: 2025-06-05 18:03:00

Cleveland-Cliffs Inc. (NYSE:CLF) cancels $500M hydrogen steel project in Ohio due to insufficient clean hydrogen supply. Company to focus on extending life of existing coal-fired blast furnace. CEO cites delays in hydrogen production and policy uncertainty as major factors for decision.

Despite earlier support from a $500M grant under the Biden administration, Cleveland-Cliffs Inc. (NYSE:CLF) CEO Goncalves states that the company would need to invest an additional $1.1B, making the total project cost $1.6B. Talks with Trump administration to adjust grant. Federal Reserve’s decision not to lower interest rates affecting steel demand.

Cleveland-Cliffs Inc. (NYSE:CLF) is an American steel company based in Cleveland, Ohio. Focuses on mining and processing iron ore into pellets, producing steel, and providing stamping and tooling services. Company currently in talks with Trump administration to adjust grant for new energy goals.

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Read more: Cleveland-Cliffs Cancels $500M Hydrogen Steel Plant Project in Ohio