Current:Home > FinanceCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -Wealth Momentum Network
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
View
Date:2025-04-16 08:41:24
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! (919)
Related
- The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
- Trump suggestion that Egypt, Jordan absorb Palestinians from Gaza draws rejections, confusion
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- 'Vanderpump Rules' star DJ James Kennedy arrested on domestic violence charges
- McConnell absent from Senate on Thursday as he recovers from fall in Capitol
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- Grammy nominee Teddy Swims on love, growth and embracing change
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
Ranking
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
- Intellectuals vs. The Internet
- See you latte: Starbucks plans to cut 30% of its menu
- Who are the most valuable sports franchises? Forbes releases new list of top 50 teams
- Appeals court scraps Nasdaq boardroom diversity rules in latest DEI setback
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Toyota to invest $922 million to build a new paint facility at its Kentucky complex
Recommendation
In ‘Nickel Boys,’ striving for a new way to see
Biden administration makes final diplomatic push for stability across a turbulent Mideast
Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
Bodycam footage shows high
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
Hackers hit Rhode Island benefits system in major cyberattack. Personal data could be released soon
Stamford Road collision sends motorcyclist flying; driver arrested