Current:Home > FinanceCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -Zenith Money Vision
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
View
Date:2025-04-18 05:59:10
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! (65912)
Related
- John Galliano out at Maison Margiela, capping year of fashion designer musical chairs
- Pushed to the edge, tribe members in coastal Louisiana wonder where to go after Ida
- A second Titanic tragedy: The failure of OceanGate's Titan
- Kids Born Today Could Face Up To 7 Times More Climate Disasters
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- 1 Death From Hurricane Ida And New Orleans Is Left Without Power
- Divers Are Investigating The Source Of Oil Spill Off The Coast Of Louisiana
- Get $104 Worth of MAC Cosmetics Products for Just $49 To Create an Effortlessly Glamorous Look
- US appeals court rejects Nasdaq’s diversity rules for company boards
- A Wildfire Is Heading For Lake Tahoe, Sending Ash Raining Down On Tourists
Ranking
- Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
- A new report shows just how much climate change is killing the world's coral reefs
- Cash App Founder Bob Lee Dead at 43 After Being Stabbed in San Francisco Attack
- The Wind Is Changing In Lake Tahoe, And That Could Help Firefighters
- Bodycam footage shows high
- How Climate Change Is Fueling Hurricanes Like Ida
- You'll Be On The Floor When You Hear Ben Affleck Speaking Fluent Spanish
- Thousands Are Evacuated As Fires Rampage Through Forests In Greece
Recommendation
Senate begins final push to expand Social Security benefits for millions of people
Outdoor Workers Could Face Far More Dangerous Heat By 2065 Because Of Climate Change
Goodbye, Climate Jargon. Hello, Simplicity!
The 23 Most-Wished for Skincare Products on Amazon: Shop These Customer-Loved Picks Starting at Just $10
Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
Laura Benanti Shares She Suffered Miscarriage While Performing in Front of 2,000 People Onstage
Key witness in Madeleine McCann case reveals chilling discussion with prime suspect: She didn't even scream
Climate Change Is Making Some Species Of Animals Shape-Shift