Cleveland-Cliffs Reports First-Quarter 2024 Results and Announces New $1.5 Billion Share Repurchase Program
About this Location
Hot-briquetted iron (HBI) is a compact, high-quality, environmentally friendly metallic source and a premium alternative to prime scrap and imported pig iron. Our Toledo Direct Reduction facility is the first of its kind in the Great Lakes region. It is also the most modern and efficient direct reduction plant in the world. HBI is used throughout our facilities at our blast furnaces, basic oxygen furnaces, and electric arc furnaces, as well as sold to third-parties.
Producing and using HBI contributes to the company's greenhouse gas reduction initiative. Given the facility’s low-cost production, the industry focus on decarbonization, the increasing scarcity of domestic prime scrap, and the growing EAF capacity in the U.S., the Toledo direct reduction plant is expected to generate significant value for the company going forward.
