Story perspectives

Cleveland-Cliffs Halts Weirton Project Amid $495M Loss

5/8/2025

29 6

Summary

Story summary

Cleveland-Cliffs will stop investment in a transformer manufacturing facility in Weirton, West Virginia, citing underperformance and low index prices.
The company reported a $495 million loss in Q1 2025 and plans to idle six facilities for $300 million in annual savings.
CEO Lourenco Goncalves highlighted a renewed focus on core operations in the automotive steel sector.
The Weirton project was projected to create 600 jobs with a $150 million investment.

1 of 1

Story summary

Cleveland-Cliffs will stop investment in a transformer manufacturing facility in Weirton, West Virginia, citing underperformance and low index prices.
The company reported a $495 million loss in Q1 2025 and plans to idle six facilities for $300 million in annual savings.
CEO Lourenco Goncalves highlighted a renewed focus on core operations in the automotive steel sector.
The Weirton project was projected to create 600 jobs with a $150 million investment.