Current:Home > ScamsCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -Keystone Capital Education
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
View
Date:2025-04-12 00:59:02
CHARLESTON, W.Va. (AP) — Cleveland-Cliffs announced Monday it will produce electrical transformers in a $150 million investment at a West Virginia facility that closed earlier this year.
The company hopes to reopen the Weirton facility in early 2026 and “address the critical shortage of distribution transformers that is stifling economic growth across the United States,” it said in a statement.
As many as 600 union workers who were laid off from the Weirton tin production plant will have the chance to work at the new facility. The tin plant shut down in February and 900 workers were idled after the International Trade Commission voted against imposing tariffs on tin imports.
The state of West Virginia is providing a $50 million forgivable loan as part of the company’s investment.
“We were never going to sit on the sidelines and watch these jobs disappear,” West Virginia Gov. Jim Justice said in a statement.
The Cleveland-based company, which employs 28,000 workers in the United States and Canada, expects the facility will generate additional demand for specialty steel made at its mill in Butler, Pennsylvania.
In a statement, Lourenco Goncalves, Cleveland-Cliffs’ president, chairman and CEO, said distribution transformers, currently in short supply, “are critical to the maintenance, expansion, and decarbonization of America’s electric grid.”
The tin facility was once a nearly 800-acre property operated by Weirton Steel, which employed 6,100 workers in 1994 and filed for bankruptcy protection in 2003. International Steel Group bought Weirton Steel in federal bankruptcy court in 2003. The property changed hands again a few years later, ultimately ending up a part of Luxembourg-based ArcelorMittal, which sold its U.S. holdings to Cleveland-Cliffs in 2020.
Weirton is a city of 19,000 residents along the Ohio River about 40 miles (64 kilometers) west of Pittsburgh.
veryGood! (4329)
Related
- Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
- Live updates | UN aid resolution and diplomatic efforts could yield some relief for Gaza
- Authorities return restored golden crosses to the domes of Kyiv’s St Sophia Cathedral
- What is a song that gives you nostalgia?
- Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
- Grammy nominee Gracie Abrams makes music that unites strangers — and has Taylor Swift calling
- Wisconsin leader pivots, says impeachment of state Supreme Court justice over redistricting unlikely
- The Czech central bank cuts key interest rate for the first time since June 2022 to help economy
- All That You Wanted to Know About She’s All That
- Who had the best concert of 2023? We rank the top 10 including Taylor Swift, Beyoncé, U2
Ranking
- Meet first time Grammy nominee Charley Crockett
- Man with mental health history sentenced to more than 2 decades in wife’s slaying with meat cleaver
- People's Choice Country Awards 2024 will return to Nashville's Grand Ole Opry House
- California law banning guns in certain public places temporarily halted by judge
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- High school student revived with defibrillator after collapsing at New York basketball game
- Trump transformed the Supreme Court. Now the justices could decide his political and legal future
- Will the Rodriguez family's college dreams survive the end of affirmative action?
Recommendation
The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
Kamala Harris to embark on reproductive freedoms tour as Biden campaign makes abortion a central issue
Actor Jonathan Majors found guilty on 2 charges in domestic assault trial
Why Lisa Kudrow Told Ex Conan O'Brien You're No One Before His Late-Night Launch
Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
Cameron Diaz says we should normalize sleep divorces. She's not wrong.
From fugitive to shackled prisoner, ‘Fat Leonard’ lands back in US court and could face more charges
Wisconsin Republican proposal to legalize medical marijuana coming in January