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Cleveland-Cliffs (NYSE: CLF) has announced new greenhouse gas (GHG) emissions reduction targets.
The company, having already achieved its prior goal of a 25% reduction in Scope 1 and Scope 2 GHG emissions by 2030 relative to 2017 levels, now aims to reduce emissions further by 2035 and 2050.
Specifically, Cleveland-Cliffs plans to reduce Scope 1 and Scope 2 GHG emissions intensity per metric ton of crude steel by 30% and Scope 3 emissions by 20% by 2035, with a long-term goal of near net-zero emissions by 2050.
These reductions will be driven by projects in Middletown, OH, and Butler, PA, conducted in cooperation with the U.S. Department of Energy (DOE), along with other operational initiatives.
Capital expenditure plans remain unchanged despite these new targets.
Cleveland-Cliffs (CLF) addressed allegations from U.S. Steel's Board on May 21, 2024, regarding its attempt to sell to foreign buyers without Union support. CEO Lourenco Goncalves emphasized the company's transparent practices and reiterated their stance on keeping U.S. Steel American-owned with Union backing. The U.S. Steel Board's claim that the Union lacked veto power is disputed by Cliffs, highlighting support from the United Steelworkers (USW) only for Cleveland-Cliffs. U.S. Steel's decision to pursue a deal with Nippon Steel, without Union endorsement, is criticized as presenting CFIUS risks and negative impacts on workers and national security. Prominent figures, including President Biden and candidate Donald Trump, have opposed the transaction to maintain U.S. Steel's American ownership.
Cleveland-Cliffs Inc. (NYSE: CLF) praised the International Trade Commission's decision to maintain tariffs on tin mill products from Japan, emphasizing Japan's unfair trade practices in the steel industry. The company's CEO highlighted the significance of American ownership in the steel sector and the need to address unfair trade practices through U.S. trade laws.