Cleveland-Cliffs Commissions Hydrogen-Powered Stainless Steel Anneal Line at Coshocton Works

Cleveland-Cliffs Inc. (NYSE:CLF) is one of the best basic materials stocks to invest in. On June 20, Cleveland-Cliffs announced the commissioning of its new state-of-the-art Vertical Stainless Bright Anneal Line at its Coshocton Works facility in Coshocton, Ohio.

The expansion involved a $150 million capital investment and is designed to supply premium stainless steel for high-end automotive and appliance applications. The new annealing line incorporates a 100% hydrogen atmosphere, replacing traditional acid-based processing, and features a hydrogen recovery unit that recycles hydrogen, using a 50/50 mix of new and used hydrogen in the process.

The investment in the new Vertical Stainless Bright Anneal Line at Coshocton Works shows Cleveland-Cliffs’ commitment to innovation and sustainability.

Cleveland-Cliffs Inc. (NYSE:CLF) offers hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized and galvannealed, aluminized, galvalume, enameling, and advanced high-strength steel products.

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Disclosure: None. This article is originally published at Insider Monkey.