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
AMU: Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.
Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.
Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.