Cleveland-Cliffs Inc. (NYSE:CLF) is one of These 10 Stocks Went Bulletproof.
Cleveland-Cliffs rallied for a second day on Tuesday, adding 6.84 percent to close at $8.12 apiece as investors cheered the official launch of its $150-million finishing line at an Ohio mill.
The facility is a state-of-the-art Vertical Stainless Bright Anneal Line at its Coshocton Works facility in Coshocton, Ohio, and is ready to supply premium stainless steel for high-end automotive and critical appliance applications.
According to Cleveland-Cliffs Inc. (NYSE:CLF), the new annealing line uses a 100 percent hydrogen atmosphere, replacing the conventional acid-based processing, and includes a hydrogen recovery unit to recycle hydrogen and use a 50/50 mix of new and used hydrogen in the process.
“Since acquiring AK Steel in 2020, our stainless steel business has been the most consistent profit-generating unit for Cleveland-Cliffs. This new line at Coshocton only enhances that, with an expected quick payback on this major investment,” said Cleveland-Cliffs Inc. (NYSE:CLF) President and CEO Lourenco Goncalves.
A welder in a hardhat soldering steel plates to a blueprint plan.
“By using hydrogen and advanced automation, we’re dramatically improving the quality and productivity of this critical product that our customers rely upon Cleveland-Cliffs for. As we embrace the new competitive landscape in the domestic steel industry, our profitability prospects are only getting stronger,” he underscored.
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Disclosure: None. This article is originally published at Insider Monkey.
