The steel manufacturer plans to invest $1 billion in its main plant, Middletown Works, located in Middletown, Ohio. Of this, $500 million will come from a grant from the U.S. Department of Energy, intended for upgrading blast furnace technology to improve efficiency and extend its lifespan. Furthermore, the market has reacted positively to a potential preliminary trade agreement between the U.S. and Canada, which could reduce tariffs on specific Canadian steel and aluminum exports from 50% to 25%. Cleveland-Cliffs, which acquired Canadian steelmaker Stelco for $2.5 billion in November 2024, is expected to benefit from the tariff reduction.