Steel Products Prices North America
July 26, 2017
Cliffs Looks Forward to HBI Facility, Section 232 Action
Written by Sandy Williams
Cliffs Natural Resources is psyched to begin construction on its HBI facility. The company is currently in discussions with potential financial partners that align with Cliffs’ strategy for growth. CEO Lorenzo Goncalves says a financial partner for a $700 million private investment is not necessary to move the project forward, but would be nice to have.
The HBI plant to be constructed in Toledo, Ohio, will be fed by pellets from Cliffs’ own mines and will serve EAF mills in the Great Lakes region. Goncalves plans to run HBI production the same way the company does its iron ore pellets—reliable and consistent quality, tailor-made for each customer, he said. The facility will have a capacity of 1.6 million long tons and be completed in 2020. The HBI facility will expand Cliffs’ customer base to both blast furnace and EAF steelmakers, as well as providing a high margin outlet for 2.5 million long tons of its own pellets.
