Construction complete on Cleveland-Cliffs' HBI plant in Toledo

Updated: October 23, 2020 07:55 PM

Cleveland-Cliffs' HBI plant in Toledo is now in the commissioning phase. That was a major update from their 3rd quarter earnings call from Friday morning.

Lourenco Goncalves, CEO, said, "We have now entered the final stage of commissioning. And at this time, we are pleased to inform you that we look forward to producing HBI in a few more weeks." HBI stands for hot-briquetted iron.

Pellets from Northshore Mining are feeding that plant. Goncalves said they will be using some of the HBI to feed their own EAF and blast furnaces, and then will be selling the rest to other clients.

He also said this is a more environmentally friendly way to make steel, with fewer emissions and no import costs, compared to pig iron.

As for the steel industry, Goncalves said demand for new cars and trucks remains strong, and the automotive market is a major client.

The planned purchase of ArcelorMittal USA is still on track. Goncalves said they are working through the regulatory approvals for that transaction.

"We expect to close 2020 on a high note," Goncalves added.

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