Economy
Ohio Company Seeks Loan for New Steel Mill in Michigan
Written by Sandy Williams
December 6, 2017
An Ohio-based company is taking the lead on a possible new multi-billion dollar steel mill proposed in Shiawassee County, Michigan, according to a Dec. 4 report in Crain’s Detroit Business.
New Steel International reportedly is seeking a $7 billion federal loan through the U.S. Department of Energy to place a steelmaking plant in Durand, Mich., 40 miles northeast of Lansing, to make advanced high-strength steels for the auto industry.
Using the code name “Project Tim,” the company has attempted to keep the proposed mill under wraps. New Steel CEO John Schultes confirmed the existence of the project with Crain’s, but said it was too early to go public with details.
Schultes said NSI has applied to the Advanced Technology Vehicles Manufacturing Loan Program that was created by Congress in 2008. Making advanced high-strength steel for vehicles could satisfy the requirements for the loan, as could using clean-coal technology to melt iron pellets while generating electricity.
Nearly 1,000 acres would be purchased along I-69 to accommodate the mill, according to city officials and local developers.
New Steel International is headquartered in Middletown, Ohio, north of Cincinnati.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.