Current:Home > StocksCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -AssetScope
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
View
Date:2025-04-26 10:39:26
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! (454)
Related
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Indigenous Climate Activists Arrested After ‘Occupying’ US Department of Interior
- Gigi Hadid arrested in Cayman Islands for possession of marijuana
- SAG actors are striking but there are still projects they can work on. Here are the rules of the strike.
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- A Silicon Valley lender collapsed after a run on the bank. Here's what to know
- Louisiana university bars a graduate student from teaching after a profane phone call to a lawmaker
- A lawsuit picks a bone with Buffalo Wild Wings: Are 'boneless wings' really wings?
- Grammy nominee Teddy Swims on love, growth and embracing change
- Tourists flock to Death Valley to experience near-record heat wave
Ranking
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- The Best Waterproof Foundation to Combat Sweat and Humidity This Summer
- The unexpected American shopping spree seems to have cooled
- A lawsuit picks a bone with Buffalo Wild Wings: Are 'boneless wings' really wings?
- Scoot flight from Singapore to Wuhan turns back after 'technical issue' detected
- Dancing With the Stars Alum Mark Ballas Expecting First Baby With Wife BC Jean
- Novo Nordisk will cut some U.S. insulin prices by up to 75% starting next year
- The Biden administration demands that TikTok be sold, or risk a nationwide ban
Recommendation
Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
A Clean Energy Milestone: Renewables Pulled Ahead of Coal in 2020
Texas says no inmates have died due to stifling heat in its prisons since 2012. Some data may suggest otherwise.
Save 44% on the It Cosmetics Waterproof, Blendable, Long-Lasting Eyeshadow Sticks
Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
Only New Mexico lawmakers don't get paid for their time. That might change this year
Banks gone wild: SVB, Signature and moral hazard
Las Vegas police search home in connection to Tupac Shakur murder