CLF Stock Rises 7.68% on $1 Billion Steel Modernization Deal

Cleveland-Cliffs' stock jumped 7.68% to $11.56 after the company announced a billion-dollar modernization program at its Middletown Works operation in Ohio.

The Department of Energy has established an implementation framework for the project, which will receive $1 billion in funding from both the federal government and Cleveland-Cliffs.

The investment will focus on enhancing operational efficiency, production reliability, and cost reduction at the facility, which currently produces three million tons of raw steel per year.