The Rising Influence of Rising Affluence

[DewDiligence]

CLF commits to build HBI plant in Toledo with capacity of 1.6MT/yr:

https://finance.yahoo.com/news/cliffs-natural-resources-inc-announces-100000377.html

Cliffs Natural Resources Inc. announced today that it has selected a site in Toledo, Ohio for the development of its first hot briquetted iron (HBI) production plant. Midrex Technologies was selected to design, engineer and procure equipment for the new plant, which will have the nominal capacity to produce 1.6 million tons of HBI per year.

Lourenco Goncalves, Chairman, President and Chief Executive Officer, said, “Today’s announcement marks a very important strategic milestone for Cliffs as we begin to implement our plans to be the sole producer of high-quality HBI for the EAF steel market in the Great Lakes region.”

Goncalves has been saying for some time that supplying feedstock for EAF steelmakers is the future of CLF and the rest of the US iron-ore industry.