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.
BUFFALO, N.Y. (AP) — Firefighters in Buffalo continue to battle a stubborn blaze at a plant that manufactures industrial lubricants. Buffalo media outlets report that the fire started before 6 a.m. Wednesday at the Niagara Lubricant Co. in the city's Black Rock neighborhood. Thick black smoke spewed from the three-story structure several hours after the fire started.
Yuri Kageyama, AP Business Writer TOKYO (AP) — Toyota's president said the car maker plans to take 100 percent ownership of two auto-assembly companies it partly owns and combine one of them with two other subsidiaries in an effort to strengthen Japanese manufacturing. Toyota Motor Corp.
GROTON, Conn. (AP) — Electric Boat has notified workers that it plans to lay off 104 employees at its Groton shipyard. A spokesman for the Groton-based division of General Dynamics Corp. says the layoffs reflect a projected softening of the workload for carpenters, machinists and pipefitters.
July 13, 2011 BUFFALO, N.Y. (AP) — Firefighters are battling a fire at a plant in Buffalo that manufactures industrial lubricants. Buffalo broadcast media outlets report that the blaze started before 6 a.m. Wednesday at the Niagara Lubricant Co. located in the city's Black Rock neighborhood.
Dee-Ann Durbin, Tom Krisher, AP Auto Writers DETROIT (AP) — Two people briefed on the matter say the North American arm of Russia's largest steel company is getting a $730 million loan from the U.S. government. They say Severstal plans to modernize a plant in Dearborn, Mich.
Stephen Ohlemacher, Associated Press WASHINGTON (AP) — President Barack Obama aims at corporate fat cats when he calls for a tax increase on companies that own private jets. But he hits an American manufacturing industry that is just starting to show life after years of slumping sales and thousands of job losses.
GREENVILLE, S.C. (AP) — The chair of President Barack Obama's jobs and competitiveness council is touring his company's gas turbine plant in Greenville to focus on manufacturing in America. General Electric Co. Chairman and CEO Jeffry Immelt is scheduled to meet Wednesday with employees and touring GE's manufacturing and engineering complex.
CARTERSVILLE, Ga. (AP) — Gov. Nathan Deal announced an agreement aimed at allowing Toyo Tire to continue expanding its operations in Bartow County, northwest of Atlanta. Deal said the agreement will expand Bartow County's bonding capacity an additional $910 million. Deal said that will enable Toyo to expand its current facility in Bartow County, adding up to 470 new jobs over the next few years.
TOPEKA, Kan. (AP) — A Topeka economic development board has signed off on a package of incentives for construction of a new Mars Chocolate North America factory south of the city. The Topeka Capital-Journal reports that the Joint Economic Development Organization on Monday unanimously approved the $9.
CARY, N.C. (AP) — A privately-owned company that makes products that control vibration, motion and noise will build up its headquarters near Raleigh over several years and get state help with the expansion, Gov. Beverly Perdue's office said Tuesday. Lord Corp. could pocket up to $1.
STAMFORD, Conn. (AP) — Industrial manufacturer Crane Co. said Tuesday it bought WT Armatur GmbH & Co. for about $38 million. The German company makes bellows sealed globe valves, along with specialty valves, for chemical, fertilizer and thermal oil applications, Crane said. WT Armatur employs 95 people and posted 2010 sales of about $21 million, Crane said.
Matthew Lee, Associated Press WASHINGTON (AP) — American diplomacy abroad is critical to creating jobs and improving economic conditions at home, Secretary of State Hillary Rodham Clinton said Tuesday, urging Congress not to slash the Obama administration's foreign policy budget.
Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — The number of U.S. job postings didn't increase in May, a sign that hiring is unlikely to pick up this summer. Employers advertised nearly 3 million job openings, the Labor Department said. That is the same amount as in April and down from 3.
MEMPHIS, Tenn. (AP) -- International Paper Co. said Monday it has launched an unsolicited tender offer for smaller rival Temple-Inland Inc. for about $3.3 billion. The offer, at $30.60 per share in cash, is effective Tuesday and ends Aug. 9. It is a 46 percent premium to Temple-Inland's closing price on June 6, the day Temple-Inland rejected International Paper's initial offer at the same price.
NEW YORK (AP) -- Alcoa Inc.'s second-quarter earnings rose as improvement in the manufacturing sector brought higher sales and prices that offset rising raw material costs. The aluminum manufacturing giant reported double-digit increases in sales to the packaging, commercial transportation, and building and construction industries.
WASHINGTON (AP) -- The U.S. trade deficit surged in May to the highest level in more than two and a half years, driven upward by a big increase in oil imports. The Commerce Department said Tuesday that the deficit increased 15.1 percent to $50.2 billion in May. That's the largest imbalance since October 2008.
WATSEKA, Ill (AP) — An Illinois metal products company has been cited with safety violations after two workers suffered amputation injuries at the firm's Watseka metal stamping facility. T&D Metal Products was cited by the U.S. Department of Labor's Occupational Safety and Health Administration.
PITTSBURGH, July 11, 2011 /PRNewswire-USNewswire/ -- The United Steelworkers (USW) today said it was very disappointed to learn that Goodyear Tire issued a WARN notice to its members at Local 878L, informing them that their services would no longer be needed at the Union City, Tenn. facility scheduled for shutdown.
NEW YORK (AP) — Industrial metals fell Monday on fears that a growing debt crisis in Europe and weak job growth in the United states would dampen demand at the world's factories. Copper for September delivery fell 4.4 cents to settle at $4.368 a pound, October platinum dropped $5.