Cleveland-Cliffs invests $150 million in new line at Coshocton plant

CLEVELAND − A ribbon cutting ceremony will be held at 11 a.m. July 2 at Cliffs’ Coshocton Works facility, to mark the completion of a $150 million capital investment.

Cleveland-Cliffs Inc. made the announcement on its website, saying a state-of-the-art vertical stainless bright anneal line has been added. It will supply premium stainless steel for high-end automotive and critical appliance applications. The new annealing line uses a 100% hydrogen atmosphere, replacing the conventional acid-based processing, and includes a hydrogen recovery unit to recycle hydrogen and use a 50/50 mix of new and used hydrogen in the process.

“Since acquiring AK Steel in 2020, our stainless steel business has been the most consistent profit generating unit for Cleveland-Cliffs," Lourenco Goncalves, the company's president and CEO, said in the announcement. "This new line at Coshocton only enhances that, with an expected quick payback on this major investment. By using hydrogen and advanced automation, we’re dramatically improving the quality and productivity of this critical product that our customers rely upon Cleveland-Cliffs for. As we embrace the new competitive landscape in the domestic steel industry, our profitability prospects are only getting stronger.”

The ceremony will be attended by key elected officials along with Cleveland-Cliffs’ executives, employees, and key customers.