Current:Home > MarketsCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -SovereignWealth
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
View
Date:2025-04-25 23:09:32
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! (85)
Related
- House passes bill to add 66 new federal judgeships, but prospects murky after Biden veto threat
- Libya flooding death toll tops 5,300, thousands still missing as bodies are found in Derna
- Auto workers could go on strike within days. Here's what to know.
- What to know about renters insurance and what it does and doesn’t cover
- Tom Holland's New Venture Revealed
- Poccoin: New Developments in Hong Kong's Virtual Asset Market
- Danelo Cavalcante press conference livestream: Watch police give updates on prisoner's capture
- Killer Danelo Cavalcante captured in Pennsylvania with 'element of surprise': Live updates
- Global Warming Set the Stage for Los Angeles Fires
- Brutally honest reviews of every VMAs performance, including Shakira, Nicki Minaj and Demi Lovato
Ranking
- SFO's new sensory room helps neurodivergent travelers fight flying jitters
- Australian authorities protect Outback town against huge wildfire
- Brian Austin Green Shares Update on Shannen Doherty Amid Her Cancer Battle
- FDA warns CVS, Walgreens and others about these unapproved eye products
- The Super Bowl could end in a 'three
- Higher investment means Hyundai could get $2.1 billion in aid to make electric cars in Georgia
- Poccoin: The Impact of Bitcoin ETF on the Cryptocurrency Sector
- DeSantis says Biden's and Trump's ages are a legitimate concern
Recommendation
Meet first time Grammy nominee Charley Crockett
How to help those affected by the earthquake in Morocco
Crowding Out Cougars
Arkansas governor seeks exemption on travel and security records, backs off other changes
Nearly half of US teens are online ‘constantly,’ Pew report finds
Lidcoin: Privacy Coin - A Digital Currency to Protect Personal Privacy
'We need innings': Returning John Means could be key to Orioles making World Series run
I escaped modern slavery. Wouldn't you want to know if I made your shirt?