U.S. Energy Secretary Steven Chu said the Department of Energy is offering a $730 million conditional loan to steelmaker Severstal Dearborn, LLC, in Dearborn, MI, U.S.
The loan will help Severstal modernize existing facilities in Dearborn as well as construct a new facility to produce next generation of advanced high strength steel (AHSS). Severstal estimates the project will generate over 2,500 construction jobs and over 260 permanent manufacturing jobs.
The DOE said the project has the potential to significantly increase the supply of AHSS in North America, mostly for supply auto makers for fuel-efficient vehicles.
to Daily News