Cleveland-Cliffs Reports First-Quarter 2024 Results and Announces New $1.5 Billion Share Repurchase Program
Our Commitment to Reduce GHG Emissions
One of the most important issues impacting our planet is climate change. While the American steel industry is already among the cleanest and most energy efficient in the world, we are doing our part to reduce our GHG emissions. Our Strategy and Sustainability Committee of the Board of Directors—chaired by our Chairman, President and Chief Executive Officer—oversees Cliffs’ ESG-related risks and opportunities, including climate change. We are a proud member of the DOE’s Better Climate Challenge, and we were recognized as a Goal Achiever in 2023 for our achievements in absolute emissions reduction. In 2023, Cliffs’ Scope 1 and 2 GHG emissions remained below our 25% reduction goal ahead of our 2030 target year. Additionally, in 2023, we further reduced both our company-wide GHG intensity as well as our integrated BF-BOF average intensity.
We are a leader in supporting the commercial development and deployment of clean hydrogen as a decarbonization strategy for domestic iron and steel production. We conducted successful hydrogen trials at our Middletown Works blast furnace and Indiana Harbor blast furnace #7, where we also commissioned a dedicated hydrogen pipeline in anticipation of the future DOE hydrogen hub in Indiana.
In 2023, Cliffs introduced the CLIFFS H™ surcharge for prime steel products, including from our integrated mills, that are made with Cliffs’ HBI. While CLIFFS H™ is an important step toward decarbonizing the production of sophisticated grades of steel, in 2023 we saw the most consequential steps advancing toward the next phase, CLIFFS H2™, in which we plan to implement the use of hydrogen as a reductant.