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Cleveland-Cliffs Flat on New Emissions Targets

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has set new greenhouse gas (GHG) emissions reduction targets. The Company’s prior commitment to reduce absolute Scope 1 (direct) and Scope 2 (indirect) GHG emissions by 25% by 2030, relative to 2017 levels, has already been successfully achieved well ahead of schedule.

Cleveland-Cliffs’ new goals set forth below, relative to 2023 levels, are all supported by ongoing and planned technological developments to its ironmaking and steelmaking practices: A target to reduce Scope 1 and 2 GHG emissions intensity per metric ton of crude steel by 30% by 2035; a target to reduce material upstream Scope 3 GHG emissions intensity per metric ton of crude steel by 20% by 2035; and a long-term target aligned with the Paris Agreement’s 1.5 degrees Celsius scenario to reduce Scope 1, 2 and material upstream 3 emissions intensity per metric ton of crude steel to near net zero by 2050.

The GHG emissions reduction from 2023 to 2035 will be driven primarily by the Middletown, Ohio and Butler, Pa. projects – both to be developed in cooperation with the U.S. Department of Energy, as previously announced – as well as by other operational initiatives and energy efficiency enhancement projects, all included in Cliffs’ previously announced capital expenditure plans. As a result, Cliffs’ capex outlook remains unchanged.

CLF shares eked up four cents to $16.96.