Cleveland-Cliffs Suspends HBI Project Construction In Ohio
Zacks Investment Research | Mar 22, 2020 10:45PM ET
Cleveland-Cliffs Inc. (NYSE:CLF) announced that it is temporarily shutting down construction activities at its hot-briquetted iron (“HBI”) project site in Toledo, OH, effective Mar 20, following the guidelines from Ohio Governor’s office regarding the coronavirus pandemic.
The company will continue to analyze the COVID-19 situation and restart construction activities at its HBI project site as soon as possible. Notably, all other iron ore mining and steelmaking facilities of Cleveland-Cliffs will continue to operate.
The HBI facility was expected to start commercial production in the first half of 2020. On its fourth-quarter earnings call, the company expected to achieve nameplate capacity of 1.9 million metric tons of HBI in 2021, the first full calendar year of operation of the facility.
Shares of Cleveland-Cliffs have plunged 66% in the past year compared with the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.