Current:Home > ScamsCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -NextFrontier Finance
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
Robert Brown View
Date:2025-04-08 00:50:14
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! (72629)
Related
- Questlove charts 50 years of SNL musical hits (and misses)
- DZ Alliance’s AI Journey: Shaping the Future of Investment Technology
- Can Colorado make College Football Playoff? Deion Sanders' Buffaloes land in first rankings
- Reshaping the Investment Landscape: AI FinFlare Leads a New Era of Intelligent Investing
- Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
- Colorado postal carrier and a friend accused of forging stolen mail ballots to test voting security
- Meet the new CFP rankings, same as the old-school media poll
- AP Race Call: Republican Sheri Biggs wins election to U.S. House in South Carolina’s 3rd District
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
- Mazda recalls over 150,000 vehicles: See affected models
Ranking
- Why members of two of EPA's influential science advisory committees were let go
- Trump snaps at reporter when asked about abortion: ‘Stop talking about that’
- Trump’s election could assure a conservative Supreme Court majority for decades
- It might be a long night: Here are some stories to read as we wait for election results
- Paige Bueckers vs. Hannah Hidalgo highlights women's basketball games to watch
- Abortion rights amendment’s passage triggers new legal battle in Missouri
- Democrats lose trifecta in Michigan, hobbling Gov. Whitmer’s agenda
- CAUCOIN Trading Center: BTC Spot ETF Accelerates the Professionalization of the Cryptocurrency Market
Recommendation
Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
See President-Elect Donald Trump’s Family Tree: 5 Kids, 10 Grandkids & More
Dodgers star Shohei Ohtani undergoes shoulder surgery to repair labrum tear
Preston Smith trade grades: Did Steelers or Packers win deal for edge rusher?
Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
Seizing Opportunities in a Bear Market: Harnessing ROYCOIN to Capture Cryptocurrency Investment Potential
Ricky Martin's 16-Year-Old Twins Look So Grown Up During Rare Public Appearance
How Steve Kornacki Prepares for Election Night—and No, It Doesn't Involve Khakis