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Cleveland-Cliffs Announces $1 Billion Middletown Works Investment to be Supported by $500 Million U.S. Department of Energy Award
Cleveland-Cliffs announced today 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 total investment of $1 billion in Middletown Works, with funding shared equally by Cleveland-Cliffs and the DOE.
You can read the news release at the link below.
Photo caption: Lourenco Goncalves, Chairman and Chief Executive Officer of Cleveland-Cliffs, speaks at Middletown Works.
Cleveland-Cliffs hosts event with Vice President J.D. Vance, U.S. Secretary of Energy Christopher Wright, and Other Elected Officials at Middletown Works
Cleveland-Cliffs thanks Vice President J.D. Vance, U.S. Secretary of Energy Christopher Wright, and the federal and state elected leaders who visited Middletown Works today. We appreciate their support of our planned $1 billion investment project and the reindustrialization of American manufacturing. The Trump Administration's America First economic agenda ensures that Middletown Works remains one of the premier steelmaking facilities in North America, strengthening American Steelmaking for decades to come.
You can watch a broadcast of the Vice President's remarks on The White House YouTube Channel, available at the link below.
Photo: Vice President J.D. Vance addresses the attendees at the Middletown Works event.
Watch Broadcast
Cleveland-Cliffs Awarded 2025 GM Supplier of the Year by General Motors
Cleveland-Cliffs Inc. was named a 2025 GM Supplier of the Year by General Motors at its 34th annual Supplier of the Year event. Cleveland-Cliffs was the only North American steel producer recognized this year. This is the ninth time the company has received the award.
View Press Release
Congressional Steel Caucus Hearing
Lourenco Goncalves, Cliffs Chairman, President & Chief Executive Officer and the Board Chairman of the American Iron and Steel Institute provided testimony at the Congressional Steel Caucus held on January 14, 2026. Mr. Goncalves spoke about the importance of maintaining Section 232 steel tariffs and fair trade for the steel industry in the United States.
The Congressional Steel Caucus is a bipartisan group of U.S. Representatives and Senators working to support the American steel industry, its workers, and its vital role in national security and infrastructure, advocating through legislation, meetings with officials, and challenging unfair trade practices.
Read Mr. Goncalves' testimony, click here
Watch Steel Caucus Hearing on YouTube
Cleveland-Cliffs Announces POSCO as MoU Counterparty
Cleveland-Cliffs Inc. is pleased to announce that POSCO, Korea’s largest steelmaker and the world’s third largest steelmaker outside of China, is its strategic partner under the previously disclosed transformative Memorandum of Understanding. The MoU between the two companies was executed on September 17, 2025. With the recent completion of the new U.S. and Korea trade agreement, cooperation between the two nations’ industrial sectors will be further reinforced by the POSCO-Cliffs partnership.
Read more in the complete News Release.
Steel Tariffs
The United States’ steel tariffs continue to play a vital role in supporting the long-term strength, stability, and competitiveness of the domestic steel industry. In 2025, President Trump restored the effectiveness of steel Section 232 tariffs by increasing the tariff rate from 25% to 50%, completely eliminating exclusions and exemptions that had drastically weakened the measures and adding Section 232 tariff coverage of certain steel derivative products. Trade measures such as Section 232 tariffs are essential to countering persistent global steel overcapacity and unfair trade practices that distort markets and undermine U.S. producers. These tariff measures help ensure that America maintains a reliable domestic steel supply critical to sustain U.S. national security.