Russian Steelmaker Gets Loan For MI 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.