Cleveland-Cliffs Commissions $150M Anneal Line at Coshocton Works

Cleveland-Cliffs Inc. CLF has commissioned its new cutting-edge Vertical Stainless Bright Anneal Line at its Coshocton Works facility in Coshocton, OH. This $150 million capital investment has been completed, and it will provide premium stainless steel for high-end automotive and critical appliance applications. The new annealing line replaces conventional acid-based processing with a 100% hydrogen atmosphere. It also incorporates a hydrogen recovery unit to recycle hydrogen and a 50/50 mix of fresh and used hydrogen in the process.The stainless steel business has been Cleveland-Cliffs' most constant profit generator. This new line in Coshocton simply adds to that, with a projected speedy payback on this significant investment. By utilizing hydrogen and modern automation, the company is increasing the quality and productivity of this key product on which Cleveland-Cliffs customers rely. As CLF embraces the new competitive landscape in the domestic steel business, its profitability prospects are only improving.Shares of CLF are down 52.2% in the past year compared with the Zacks Steel Producers industry’s 30% decline.Image Source: Zacks Investment ResearchThe company, on its first-quarter call, said that it expects a year-over-year reduction of approximately $50 per net ton in steel unit costs in 2025 compared with its earlier expectation of a $40 per net ton reduction, mainly due to the idling of underperforming assets. Capital expenditures are projected to total around $625 million compared with $700 million expected earlier.Cleveland-Cliffs Inc. Price and Consensus Cleveland-Cliffs Inc. price-consensus-chart | Cleveland-Cliffs Inc. QuoteCLF’s Rank & Key PicksCLF currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Centrus Energy Corp. LEU and Avino Silver & Gold Mines Ltd. ASM.Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 11.1%. The company's shares have soared 157.7% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Centrus Energy's current-year earnings is pegged at 71 cents. LEU, carrying a Zacks Rank #1, surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing once, with the average earnings surprise being 272.7%. The company's shares have rallied 333.9% in the past year.Avino Silver, which currently carries a Zacks Rank #1, beat the consensus estimate in each of the trailing four quarters. In this time frame, it delivered an earnings surprise of roughly 104.1%, on average. ASM's shares have rallied 271.5% in the past year. Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Avino Silver (ASM): Free Stock Analysis Report Centrus Energy Corp. (LEU): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks