Reports: Federal funding for Cliffs' project could be slashed

Federal funding aimed at helping steelmakers like Cleveland-Cliffs invest in their plants could be on the chopping block, according to media reports.

Last year, the US Department of Energy awarded up to $1.5 billion in funding to six projects to further decarbonize the iron and steel industry. The funding was part of a larger, $6-billion DOE program funded by the Biden administration’s Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA) to support decarbonization in energy-intensive industries.

Stephanie Ritenbaugh

Stephanie Ritenbaugh is a reporter for Steel Market Update. She is an experienced business journalist, holding a variety of positions for trade publications and newspapers, including covering shale development for Gas Business Briefing/Platts and for the Pittsburgh Post-Gazette. She can be reached at stephanie.ritenbaugh@crugroup.com or +1 724-759-7868