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Severstal, Russia‘s largest steel
plant will make investment to
retool plant, creating 260 new jobs.
Russia’s largest steel company plans to invest millions of dollars in modernizing its Dearborn, Michigan steel plant.
Severstal is expected to announce Wednesday its plan to use a $730 million federal government loan to modernize a Dearborn, Michigan plant location.
The company said the project will employ 2,500 construction workers and create 260 factory jobs.
The money comes from a $25 billion low interest loan program created in 2007 that is intended to help automotive companies retool older factories to build “green” cars. Severstal makes a lightweight, high-strength steel which makes vehicles more fuel efficient.