Accounting & Finance Intern

Report: northwest IN steel mills need environmental upgrades. Terri Dee 06 Apr 2026, 06:02 GMT+ A new report showed Indiana's nationally known steel plants are outdated and could function better using cleaner fuels. Burns Harbor, Indiana Harbor Works and Gary Works produce slightly more than 40% of the nation's steel. It is estimated they emit about 25 million tons of carbon dioxide each year. The study was conducted by the Environmental Resilience Institute at Indiana University, a science-based organization blending academia, research and community to address the state's environmental health challenges. Gabriel Filiptelli, professor of earth sciences, executive director of the institute and the study's co-author, said the plants' operation models have not changed in more than 100 years. "If we can get off of coal for these industries, we can keep them vital assets to Indiana and Indiana workers while significantly cleaning up the environment," Filiptelli explained. "The technology to do that is not theoretical. It's tried and true. They already make steel using these technologies in other places." A transition from coal to the new modern steelmaking fuels and fuel sources could likely stabilize or boost employment in Northwest Indiana, Fillippelli added. Between 1990 and 2017, steel mill jobs at Gary Works, ArcelorMittal and Indiana Harbor in Northwest Indiana declined by 58%. Upgrades to the outdated plants could greatly improve the health of nearby residents, Fillippelli explained. Conditions are poor in Indiana's northwest region due to extreme air pollution and poor water quality stemming from steel mill pollution. "We can get rid of a bunch of that pollution," Filiptelli emphasized. "Community members would be very happy to have cleaner communities. The health impacts alone are about $100 million a year on communities living in and around Gary, Hammond and that region." Steel companies Nippon Steel and Cleveland Cliffs plan to invest a combined $700 million to reline outdated blast furnaces at the Gary Works and Burns Harbor steel mills over the next two years.

Cleveland-Cliffs has seen shares decline 22.3% in the month following its latest earnings report, underperforming the S&P 500. The steelmaker reported a fourth-quarter 2025 adjusted loss of 43 cents per share, beating the consensus estimate of a 62-cent loss, though revenues of $4.3 billion missed expectations of $4.6 billion. The company's average net selling price per net ton of steel products rose 2% year-over-year to $993, whilst external sales volumes fell 1.5% to approximately 3.77 million net tons. Long-term debt decreased 10% sequentially to $7.3 billion. For 2026, Cleveland-Cliffs expects capital expenditures of around $700 million and targets steel unit cost reductions of approximately $10 per net ton from 2025 levels.