Podcasts & RSS Feeds
Most Active Stories
- Don't like the water shut-offs in Detroit? Now you can pay someone's overdue water bill
- Proposal 1 asks Michigan voters to weigh in on a complex tax issue
- Approaching construction on the highway? Experts say the "zipper merge" can help
- These three female candidates could be some of the most interesting leaders in Michigan
- This ballot proposal is critical to Michigan's economy, but most people won't bother to vote on it
Wed July 13, 2011
Russian steelmaker gets US loan for Michigan plant
DETROIT (AP) - The U.S. Energy Department says it has loaned $730 million to the North American arm of one of Russia's largest steel companies to modernize its Detroit-area plant.
The government and Severstal North America on Wednesday officially announced plans to upgrade and expand facilities in Dearborn that make steel for the auto industry. They say the project will employ around 2,500 construction workers and create 260 factory jobs.
The money comes from a $25 billion low-interest loan program created in 2007 to help car companies retool older factories to build green cars.
Severstal bought the Dearborn factory in 2004.