Current:Home > MarketsCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -OceanicInvest
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
Poinbank View
Date:2025-04-09 23:05:44
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! (421)
Related
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- Is vaping better than smoking? Here's what experts say.
- 2-year-old dies after being left in a hot car in New York. It’s the 12th US case in 2024.
- Lucas Turner: What is cryptocurrency
- Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
- After crash that killed 6 teens, NTSB chief says people underestimate marijuana’s impact on drivers
- Rally shooter had photos of Trump, Biden and other US officials on his phone, AP sources say
- Summer 'snow' in Philadelphia breaks a confusing 154-year-old record
- Have Dry, Sensitive Skin? You Need To Add These Gentle Skincare Products to Your Routine
- What Heather Rae and Tarek El Moussa Are Doing Amid Christina Hall's Divorce From Josh Hall
Ranking
- 'Most Whopper
- Golf's final major is here! How to watch, stream 2024 British Open
- We are more vulnerable to tornadoes than ever before | The Excerpt
- Joe Jonas Details Writing His “Most Personal” Music Nearly a Year After Sophie Turner Split
- This was the average Social Security benefit in 2004, and here's what it is now
- FACT FOCUS: Trump, in Republican convention video, alludes to false claim 2020 election was stolen
- US agency says apps that let workers access paychecks before payday are providing loans
- Kenney Grant, founder of iconic West Virginia pizza chain Gino’s, dies
Recommendation
Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
Ben Affleck and Jennifer Lopez Didn’t Acknowledge Their Anniversary—Here’s What They Did Instead
16 Life-Changing Products You Never Knew You Needed Until Now
Trader Joe's viral insulated mini totes are back in stock today
Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
Biden tests positive for COVID
U.S. Navy exonerates Black sailors unjustly punished in WWII Port Chicago explosion aftermath
Last Chance for Amazon Prime Day 2024 Deals: Top Finds Under $25 on Beauty, Home, Travel, Kids & More