Tuesday, July 12, 2011

Dearborn's Severstal to get $730M retooling loan

The U.S. Energy Department is expected to announce Wednesday it will award a $730 million retooling loan to Dearborn-based steelmaker Severstal North America to build high-strength lightweight steel for cars and trucks, four people briefed on the matter said.

The loan from the $25 billion Energy Department Advance Technology Vehicle Manufacturing program, is expected to allow Severstal to add 260 permanent jobs and support 2,500 construction jobs at its facilities in Dearborn.

The loan to the Russian-owned steelmaker will take several months to close.

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