Cleveland-Cliffs Applauds DOE’s Final Transformer Efficiency Standard Rule
April 04 2024 - 10:37AM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the
Department of Energy’s (DOE) final transformer efficiency standard
rule that will provide for the continued utilization of
Grain-Oriented Electrical Steel (GOES) in virtually all of Cliffs’
current distribution transformer end markets.
With this revised rule, the DOE acknowledged the fundamental
importance of GOES and the essential role played by
Cleveland-Cliffs steel plants in Butler, PA and Zanesville, OH in
effectively sustaining the functionality of the U.S. electric grid.
Cleveland-Cliffs and the United Auto Workers (UAW) worked
collaboratively to educate the DOE on the shortcomings of the
originally proposed distribution transformer rule and the danger of
relying on Amorphous Metal, which is produced in very limited
volumes and exclusively from imported materials.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and
Chief Executive Officer said, “We are grateful that the U.S.
Department of Energy (DOE) was open to the feedback provided by
Cleveland-Cliffs and our clientele of transformer manufacturers,
and adopted major changes to the originally proposed transformer
efficiency rule. The final rule ensures Cliffs’ ability to continue
producing highly-efficient GOES in the United States. Once this
rule is enacted, we expect to actually see an increase in demand
for our GOES, opening the possibility of future investments and
expansion of our plants in Butler, PA and Zanesville, OH.”
Cleveland-Cliffs currently employs 1,500 workers in Butler, PA
and Zanesville, OH. Following the issuance of this rule,
Cleveland-Cliffs can confidently make investments that will not
only sustain these good-paying middle class jobs, but also increase
the opportunities of employment for its skilled UAW-represented
workforce.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in
North America. Founded in 1847 as a mine operator, Cliffs is also
the largest manufacturer of iron ore pellets in North America. The
Company is vertically integrated from mined raw materials, direct
reduced iron, and ferrous scrap to primary steelmaking and
downstream finishing, stamping, tooling, and tubing.
Cleveland-Cliffs is the largest supplier of steel to the automotive
industry in North America and serves a diverse range of other
markets due to its comprehensive offering of flat-rolled steel
products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs
employs approximately 28,000 people across its operations in the
United States and Canada.
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