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Stock impact report

Hyundai to make ‘low-carbon' steel at $6B plant in Louisiana [Yahoo! Finance]

Cleveland-Cliffs Inc. (CLF) 
Last cleveland-cliffs inc. earnings: 2/20 07:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
The announcement came as part of a broader $21 billion investment into U.S. manufacturing facilities including EV factories. Unlike much of the Midwestern, coal-based steel production that supplies the domestic automotive industry, the Hyundai Steel plant in Ascension Parish, roughly an hour west of New Orleans in the heart of the Bayou State's so-called Cancer Alley, proposes to use an electric arc furnace. This technology is increasingly popular in the U.S. and around the world, and if powered by clean electricity it can produce steel without emitting nearly any CO2. But electric arc furnaces can't refine raw iron to produce “primary steel” — they rely instead on recycled scrap metal. Rather than using coal to turn iron ore into the precursor for making steel, Hyundai's newly announced plant will likely use natural gas in the direct reduced iron (DRI) process, industry analysts say. “Is this a step toward sustainable, green steel? Maybe not so much,” said Matthew Groch, senior Show less Read more
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