{"id":343320,"date":"2024-09-16T06:44:54","date_gmt":"2024-09-16T04:44:54","guid":{"rendered":"https:\/\/climatescience.press\/?p=343320"},"modified":"2024-09-16T06:44:57","modified_gmt":"2024-09-16T04:44:57","slug":"steel-giant-may-have-to-bail-on-500-million-biden-harris-admin-green-grant-ceo-says","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=343320","title":{"rendered":"Steel Giant May Have to Bail On $500 Million Biden-Harris Admin Green Grant, CEO Says"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

The Daily Caller<\/a><\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Nick Pope<\/a>
<\/strong>Contributor<\/p>\n\n\n\n

The Biden-Harris administration gave a major steel producer $500 million to go green in March, but the company may have to walk away from the handout, its CEO told Politico.<\/p>\n\n\n\n

The Department of Energy (DOE) announced<\/a> in March that Cleveland-Cliffs was selected<\/a> for receipt of half a billion dollars to help the company produce \u201cgreen,\u201d low-carbon steel. However, CEO Lourenco Goncalves told Politico<\/a> that his company may have to forego the funding because buyers are seemingly not interested in paying more to buy the company\u2019s \u201cgreen\u201d steel and because Cleveland-Cliffs still has to front more than $1 billion to convert one of its coal-powered facilities to hydrogen<\/a>-powered.<\/p>\n\n\n\n

\u201cThere are only two ways to fix that: One is they change their minds and pay. So far, not very successful. The other way is for me to go back to what I was before and emit more,\u201d Goncalves told Politico, referencing buyers\u2019 unwillingness to pay a premium for more eco-friendly steel. \u201cThat\u2019s a decision that I\u2019m going to have to make very soon.\u201d (RELATED: Biden Vowed To Protect American Steel \u2014 But Another Effort Of His Could Destroy It)<\/a><\/strong><\/p>\n\n\n\n

\n

Dems\u2019 Massive Green Energy Agenda Is Walking America Right Into China\u2019s Hands, Analysis Claimshttps:\/\/t.co\/YHH5A3e0fy<\/a>\u2014 Daily Caller (@DailyCaller) August 27, 2024<\/a><\/p>\n<\/blockquote>\n\n\n\n

The DOE has also named<\/a> Cleveland-Cliffs as the recipient of a different $75 million grant meant to help the company replace two of its natural gas-powered furnaces at its facility in Butler, Pennsylvania, according to Politico. The $500 million grant is intended to cover some of the costs of converting to hydrogen power at a plant in Middletown, Ohio.<\/p>\n\n\n\n

However, even with the $500 million infusion from the government, the economics of the Middletown conversion still may not make sense for the company, Goncalves told Politico. Cleveland-Cliffs is one of the top suppliers of steel to the auto industry, which has also faced its own green troubles as automakers lose considerable<\/a> sums<\/a> of money on increased electric vehicle<\/a> (EV) production that the Biden-Harris administration has effectively mandated with stringent<\/a> regulations<\/a>.<\/p>\n\n\n\n

\u201cI\u2019m still trying to figure out if it even makes sense with the grants because the grant is $500 million, the entire project is $1.6 billion. I still have to pony up $1.1 billion,\u201d Goncalves told the outlet. \u201cI\u2019m not going to do it if the government and the general public are not really supportive of that.\u201d<\/p>\n\n\n\n

Goncalves added that he is concerned that his company will lose market share to competitors in India and China, where production is comparatively inexpensive and environmental standards are not as rigorous, according to Politico. To date, purchasers have demonstrated that they would rather buy cheaper, less environmentally-friendly steel than pay a premium for a \u201cgreen\u201d product.<\/p>\n\n\n\n

It is unclear exactly how much more the company\u2019s \u201cgreen\u201d steel costs buyers, but one estimate<\/a> from BloombergNEF pegs the premium at about 40%, according to Politico.<\/p>\n\n\n\n

The company has already received a portion of the $75 million grant, and it is still negotiating with the DOE over the terms of the $500 million grant for the Middletown facility, Politico reported. If the company ultimately decides to walk away from the Middletown grant, it would be a major setback for the administration\u2019s wider push to make the industrial sector of the U.S. economy more climate-friendly.<\/p>\n\n\n\n

Neither Cleveland-Cliffs nor the DOE responded immediately to the Daily Caller News Foundation\u2019s requests for comment.<\/p>\n\n\n\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Biden-Harris administration gave a major steel producer $500 million to go green in March, but the company may have to walk away from the handout, its CEO told Politico.<\/p>\n","protected":false},"author":121246920,"featured_media":343325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820710,691830605,691820954,691825380],"class_list":{"0":"post-343320","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-biden-harris-administration","9":"tag-cleveland-cliffs","10":"tag-department-of-energy-doe","11":"tag-green-energy-agenda","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/09\/0Screen-Shot-2024-09-14-at-12.16.35-PM-e1726330722849.png?fit=1280%2C549&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1rjq","jetpack-related-posts":[{"id":241040,"url":"https:\/\/climatescience.press\/?p=241040","url_meta":{"origin":343320,"position":0},"title":"The Biden Administration finally admits its mistake in canceling Keystone XL","author":"uwe.roland.gross","date":"22\/01\/2023","format":false,"excerpt":"At long last, the Biden administration is admitting what experts have always known: reckless energy policies have disastrous consequences.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-974.png?fit=799%2C538&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-974.png?fit=799%2C538&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-974.png?fit=799%2C538&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-974.png?fit=799%2C538&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":292517,"url":"https:\/\/climatescience.press\/?p=292517","url_meta":{"origin":343320,"position":1},"title":"Biden Admin\u2019s Latest Subsidy Proposal May Undercut Its Own Green Energy Agenda","author":"uwe.roland.gross","date":"24\/12\/2023","format":false,"excerpt":"The Biden administration proposed eligibility rules for hydrogen industry subsidies Friday, but some conditions may ultimately stymie innovation and production of the technology, Bloomberg News reported.","rel":"","context":"In \"Green Energy\"","block_context":{"text":"Green Energy","link":"https:\/\/climatescience.press\/?tag=green-energy"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Green_H2_Generation_Plants_IDOM.jpg?fit=1200%2C612&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Green_H2_Generation_Plants_IDOM.jpg?fit=1200%2C612&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Green_H2_Generation_Plants_IDOM.jpg?fit=1200%2C612&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Green_H2_Generation_Plants_IDOM.jpg?fit=1200%2C612&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Green_H2_Generation_Plants_IDOM.jpg?fit=1200%2C612&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":256338,"url":"https:\/\/climatescience.press\/?p=256338","url_meta":{"origin":343320,"position":2},"title":"Biden and the Bank Crash \u2013 Why Biden\u2019s Green Energy Push is Driving US Banks into Insolvency","author":"uwe.roland.gross","date":"07\/05\/2023","format":false,"excerpt":"Here I make the case that the financial crisis engulfing the USA\u2019s banks and financial sector can be traced straight back to Biden\u2019s inflationary green energy push.","rel":"","context":"In \"Bank of America\"","block_context":{"text":"Bank of America","link":"https:\/\/climatescience.press\/?tag=bank-of-america"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":289228,"url":"https:\/\/climatescience.press\/?p=289228","url_meta":{"origin":343320,"position":3},"title":"Biden\u2019s EV Boondoggle Enriches\u00a0Himself","author":"uwe.roland.gross","date":"29\/11\/2023","format":false,"excerpt":"green plant leaves growing on coin stacking money saving business finance success wealth investment budget concept. stack coin on wood table with green blur background. From Science Matters By\u00a0Ron Clutz The Greenest thing about the New Green Deal is the Money. The spending on \u201cGreen Energy Projects\u201d is enormous and\u2026","rel":"","context":"In \"Electric Vehicle Subsidies\"","block_context":{"text":"Electric Vehicle Subsidies","link":"https:\/\/climatescience.press\/?tag=electric-vehicle-subsidies"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0GettyImages-1151815644.jpg?fit=1200%2C795&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0GettyImages-1151815644.jpg?fit=1200%2C795&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0GettyImages-1151815644.jpg?fit=1200%2C795&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0GettyImages-1151815644.jpg?fit=1200%2C795&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0GettyImages-1151815644.jpg?fit=1200%2C795&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":290153,"url":"https:\/\/climatescience.press\/?p=290153","url_meta":{"origin":343320,"position":4},"title":"COP 28: UN fashion police and Kamala\u2019s cash","author":"uwe.roland.gross","date":"06\/12\/2023","format":false,"excerpt":"US vice-president, deputising for Joe Biden, tells summit that world faces a \u2018pivotal moment\u2019 in the alleged climate crisis. By Craig Rucker They are talking about limiting your access to fashion at the UN climate conference in Dubai. Really. However, V.P. Kamala Harris isn\u2019t worried about limits on her power\u2026","rel":"","context":"In \"$3 billion\"","block_context":{"text":"$3 billion","link":"https:\/\/climatescience.press\/?tag=3-billion"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-06-090055.png?fit=1181%2C709&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-06-090055.png?fit=1181%2C709&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-06-090055.png?fit=1181%2C709&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-06-090055.png?fit=1181%2C709&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-06-090055.png?fit=1181%2C709&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":291708,"url":"https:\/\/climatescience.press\/?p=291708","url_meta":{"origin":343320,"position":5},"title":"West-Wide Energy Corridor (WWEC): Revisions","author":"uwe.roland.gross","date":"17\/12\/2023","format":false,"excerpt":"In remarks made at the Bipartisan Policy Center in May, 2023, John Podesta, a senior advisor in the Biden\/Harris administration, spoke about revising energy policy.","rel":"","context":"In \"100% clean power\"","block_context":{"text":"100% clean power","link":"https:\/\/climatescience.press\/?tag=100-clean-power"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/image-408.png?fit=1100%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/image-408.png?fit=1100%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/image-408.png?fit=1100%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/image-408.png?fit=1100%2C600&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/image-408.png?fit=1100%2C600&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/343320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=343320"}],"version-history":[{"count":3,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/343320\/revisions"}],"predecessor-version":[{"id":343326,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/343320\/revisions\/343326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/343325"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=343320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=343320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=343320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}