Current:Home > FinanceCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -Blueprint Wealth Network
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
View
Date:2025-04-26 05:41:58
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! (17)
Related
- Bill Belichick's salary at North Carolina: School releases football coach's contract details
- Out of Africa: Duke recruit Khaman Maluach grew game at NBA Academy in Senegal
- Iowa's Patrick McCaffery, son of Hawkeyes coach Fran McCaffery, enters transfer portal
- Black pastors see popular Easter services as an opportunity to rebuild in-person worship attendance
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- Republican states file lawsuit challenging Biden’s student loan repayment plan
- Baltimore bridge collapse and coping with gephyrophobia. The fear is more common than you think.
- 2024 NCAA Tournament: What to know about locations, dates, times and more for Sweet 16
- California DMV apologizes for license plate that some say mocks Oct. 7 attack on Israel
- Guatemala's president says U.S. should invest more to deter migration
Ranking
- Why members of two of EPA's influential science advisory committees were let go
- Horoscopes Today, March 26, 2024
- Rebel Wilson Shares She Lost Her Virginity at Age 35
- A timeline of the Francis Scott Key Bridge collapse
- DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
- A timeline of the Francis Scott Key Bridge collapse
- 'Shirley': Who plays Shirley Chisholm and other politicians in popular new Netflix film?
- ‘Murder in progress': Police tried to spare attacker’s life as they saved woman from assault
Recommendation
The Super Bowl could end in a 'three
NYC will try gun scanners in subway system in effort to deter violence underground
Riley Strain Case: Family Orders Second Autopsy After Discovery
Trump backers try again to recall Wisconsin GOP Assembly speaker as first effort stalls
Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
An Oil Company Executive Said the Energy Transition Has Failed. What’s Really Happening?
Alessandro Michele named new creative director of Valentino after Gucci departure
Love Is Blind's Brittany Mills Reveals the Contestant She Dated Aside From Kenneth Gorham