Cleveland-Cliffs shares rose as much as 8% Friday, reversing three consecutive sessions of losses, after the steelmaker announced a $1 billion modernization of its Middletown Works facility in Ohio. The U.S. Department of Energy will provide $500 million by rescoping a previously awarded grant, with Cleveland-Cliffs matching the federal contribution. The four-year project will rebuild the blast furnace, upgrade material-handling infrastructure, install AI-powered process-control technology and add a cogeneration facility that captures blast-furnace gas to produce electricity and steam for on-site use. Work is expected to begin within weeks, with the blast-furnace rebuild targeted for completion in the first quarter of 2030 while steel production continues uninterrupted. Middletown Works produces roughly 3 million tons of raw steel annually, including automotive-grade steel for exposed body panels. The project is expected to preserve approximately 2,300 existing jobs and employ more than 1,500 workers at peak construction. CEO Lourenco Goncalves said the investment would strengthen domestic steelmaking and keep the plant among North America’s leading steel facilities. Vice President JD Vance and Energy Secretary Chris Wright are scheduled to visit the facility Friday. Cleveland-Cliffs shares remain down roughly 15% year to date, while bearish retail positioning on Stocktwits points to continuing skepticism despite the positive market response to the federal partnership.