Current:Home > reviewsCleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant -MoneyStream
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
Rekubit Exchange View
Date:2025-04-08 13:31:40
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! (982)
Related
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Amazon must pay over $30 million over claims it invaded privacy with Ring and Alexa
- Inside Clean Energy: The US’s New Record in Renewables, Explained in Three Charts
- Peter Thomas Roth Flash Deal: Get $133 Worth of Skincare for Just $43
- John Galliano out at Maison Margiela, capping year of fashion designer musical chairs
- LGBTQ+ creatives rely on Pride Month income. This year, they're feeling the pinch
- California Had a Watershed Climate Year, But Time Is Running Out
- Olivia Rodrigo's Celebrity Crush Confession Will Take You Back to the Glory Days
- 'Vanderpump Rules' star DJ James Kennedy arrested on domestic violence charges
- Supreme Court sides with Jack Daniel's in trademark dispute with dog toy maker
Ranking
- 'No Good Deed': Who's the killer in the Netflix comedy? And will there be a Season 2?
- The Colorado River Compact Turns 100 Years Old. Is It Still Working?
- Methane Hunters: What Explains the Surge in the Potent Greenhouse Gas?
- Drugmaker Mallinckrodt may renege on $1.7 billion opioid settlement
- A White House order claims to end 'censorship.' What does that mean?
- Chilean Voters Reject a New Constitution That Would Have Provided Groundbreaking Protections for the Rights of Nature
- Britney Spears Condemns Security Attack as Further Evidence of Her Not Being Seen as an Equal Person
- Hailee Steinfeld and Buffalo Bills Quarterback Josh Allen Turn Up the Heat While Kissing in Mexico
Recommendation
EU countries double down on a halt to Syrian asylum claims but will not yet send people back
'Like milk': How one magazine became a mainstay of New Jersey's Chinese community
Children as young as 12 work legally on farms, despite years of efforts to change law
How randomized trials and the town of Busia, Kenya changed economics
Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
Judge Upholds $14 Million Fine in Long-running Citizen Suit Against Exxon in Texas
Reddit CEO Steve Huffman: 'It's time we grow up and behave like an adult company'
WSJ reporter Evan Gershkovich loses appeal, will remain in Russian detention