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Cleveland-Cliffs Partners with U.S. Department of Energy through Better Climate Challenge Initiative
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Cleveland-Cliffs Inc. (NYSE: CLF) has partnered with the U.S. Department of Energy as part of the Better Climate Challenge initiative. The company aims to achieve a 25% reduction in greenhouse gas emissions by 2030 from 2017 levels, utilizing best practices and technical assistance from the DOE. CEO Lourenco Goncalves emphasized the company's commitment to improving its environmental impact through initiatives like increased use of hot briquetted iron (HBI) in blast furnaces and prime scrap utilization. Cleveland-Cliffs is the largest flat-rolled steel producer in North America.
Positive
Partnership with the U.S. Department of Energy to enhance GHG emission reduction efforts.
Commitment to a 25% reduction in GHG emissions by 2030 based on 2017 levels.
Implementation of environmentally friendly practices, such as using HBI and prime scrap.
Negative
None.
CLEVELAND--(BUSINESS WIRE)--
Cleveland-Cliffs Inc.(NYSE: CLF) announced today that it has entered into a partnership with the U.S. Department of Energy (DOE) as part of the Better Climate Challenge initiative, a new government-sponsored effort challenging organizations to set ambitious, portfolio-wide GHG emission reduction goals.
The initiative provides additional opportunities for peer exchange and technical assistance to meet the urgent call to mitigate the impacts of climate change. As part of the partnership, the DOE will provide technical assistance and opportunities to learn and share actionable best practices for carbon reduction.
Through the Better Climate Challenge, Cleveland-Cliffs remains committed to reducing greenhouse gas (GHG) emissions 25% by 2030 from 2017 levels. This goal represents combined Scope 1 (direct) and Scope 2 (indirect) GHG emission reductions on a mass basis across all operations. The Company is also a proud partner of the Better Plants program.
Lourenco Goncalves, Chairman, President and CEO, said, “We are pleased to now be working hand-in-hand with the U.S government in our efforts to meet our 2030 emissions target, and also share what we believe are global best practices in minimizing greenhouse gas emissions. Our operations are among the most environmentally friendly of their kind in the world, but we still continue to make improvements to reduce carbon emissions. This includes the use of HBI in blast furnaces, the increased utilization of prime scrap in our BOFs, and with that, the corresponding reduction in coke rate. We appreciate the DOE’s recognition of our accomplishments thus far and look forward to reporting on our continued emissions reduction progress.”
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest supplier of steel to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada. For more information, visit www.clevelandcliffs.com.
