The company's previous commitments were fulfilled significantly ahead of schedule

American steelmaker Cleveland-Cliffs has announced new targets for reducing greenhouse gas emissions. The company said in a statement.

The previous commitment to reduce absolute Scope 1 and Scope 2 greenhouse gas emissions by 25% by 2030 compared to 2017 levels has already been successfully completed well ahead of schedule.

«Through the deployment of meaningful investments and our unwavering commitment to our employees and to the communities in which we operate, Cleveland-Cliffs has achieved unquestionable success in reducing GHG emissions, by more than we anticipated and way ahead of our original 2030 target date. Our outperformance has given us the ability to further pursue more ambitious and very relevant new challenges,» said Lorenko González, Chairman, President and CEO of Cleveland-Cliffs.

Cliffs’ new targets include a 30% reduction in Scope 1 and Scope 2 greenhouse gas emissions per ton of steel produced, a 20% reduction in Scope 3 emissions by 2035 compared to 2023 levels, and near-zero emissions – by 2050.

The new goal, the company notes, is supported by ongoing and planned technological developments in iron and steel production.

These reductions will be achieved through projects in Middletown, Ohio, and Butler, Pennsylvania, in cooperation with the U.S. Department of Energy and along with other manufacturing and energy efficiency initiatives. Capital expenditure plans remained unchanged.

Cleveland-Cliffs has initiated monthly spot price announcements for hot-rolled steel in response to industry trends and customer feedback. The company will send monthly letters to all flat products customers. The prices will be announced along with the monthly opening of the hot-rolled steel order book and will also be published on the company’s website.