Current:Home > StocksCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -CoinMarket
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
View
Date:2025-04-13 20:54:15
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! (848)
Related
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- House Republicans move closer to impeachment inquiry
- HBCU president lauds students, officer for stopping Jacksonville killer before racist store attack
- Meta says Chinese, Russian influence operations are among the biggest it's taken down
- This was the average Social Security benefit in 2004, and here's what it is now
- Millie Bobby Brown details romance with fiancé Jake Bongiovi, special connection to engagement ring
- American Airlines hit with record fine for keeping passengers on tarmac for hours
- Missouri law banning minors from beginning gender-affirming treatments takes effect
- DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
- Police in Ohio fatally shot a pregnant shoplifting suspect
Ranking
- From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
- Neurosurgeon investigating patient’s mystery symptoms plucks a worm from woman’s brain in Australia
- Joe Manganiello Gets Massive New Tattoo Following Sofia Vergara Breakup
- Swiatek rolls and Sakkari falls in the US Open. Gauff, Djokovic and Tiafoe are in action
- North Carolina justices rule for restaurants in COVID
- Police in Ohio fatally shot a pregnant shoplifting suspect
- 'Big wave:' College tennis has become a legitimate path to the pro level
- 'A Guest in the House' rests on atmosphere, delivering an uncanny, wild ride
Recommendation
John Galliano out at Maison Margiela, capping year of fashion designer musical chairs
Double threat shapes up as Tropical Storm Idalia and Hurricane Franklin intensify
Trump scheduled for arraignment in Fulton County on Sept. 6
Horoscopes Today, August 28, 2023
2 killed, 3 injured in shooting at makeshift club in Houston
Loch Ness monster hunters join largest search of Scottish lake in 50 years
Maine’s puffin colonies recovering in the face of climate change
Passenger says airline lost her dog after it escaped and ran off on the tarmac