Severstal Dearborn to Receive Loan
July 13, 2011
According to a Reuters report, Severstal Dearborn is expected to receive a $730 million loan from the U.S. Department of Energy to manufacture advanced high-strength steel for the auto industry. The loan will help fund nearly $1 billion in plant improvements and is also expected to create approximately 250 jobs. Severstal Dearborn’s expansion project includes a continuous annealing line that will heat and cool steel strips in a process that creates lighter, stronger steel and a wide-exposed hot-dip galvanized line that coats the steel with zinc.