IRPT Annual Conference - April 24-26, 2018 - Cincinnati, Ohio

Proposed $5 Million Investment in MINGO JUNCTION, OHIO Steel Plant

Proposed $5 Million Investment in MINGO JUNCTION, OHIO Steel Plant

June 22, 2018: WTRF.com (full link below)

Proposed $5 Million Investment in MINGO JUNCTION, OHIO Steel Plant

JSW Steel announced on Thursday a proposal to put up to $500 million into Acero Junction, Inc.

Lawmakers said this is great news because it’s a step forward in putting America back in the forefront of steel production.

“We’ve got a ready and able work force there, steel workers,” said Representative Bill Johnson (R- Ohio 6th District).”This is steel country along the Ohio River.”

The investment by JSW Steel could make that statement even more true.

“It’s just a testimony that companies are looking to invest in Eastern and Southeastern Ohio,” Johnson continued. “We’ve got a wealth of readily available, affordable energy and we’ve got a work force that’s ready to go so that’s good news.”

India’s leading steel company would put the money into the existing plant in two phases.

The first $250 million will revamp and restart the arc furnace and slab caster and modernize the hot strip mill.

“The jobs that are gonna be created, the jobs that are gonna be saved, putting America back into production where steel is concerned, that’s a big deal,” said Johnson.

Mingo Mayor Ed Fithen told 7News that the proposal has brightened up the village and it’s all people want to talk about.

He also said every time he hears news like this he becomes more confident that improvements will happen and excited for job growth.

Senator Sherrod Brown (D – Ohio) has said he’s supporting President Donald Trump’s tariffs on steel and hopes that money goes in to the renovation of mills across the country, similar to the proposal in Mingo Junction.

“I want to make sure these tariffs are aimed at those countries that have done the damage to us and those countries that are serial cheaters in the world economy. That would be principally China,” he explained.

Hoagland also said that the investment would created 300 new, permanent jobs.

Phase two of this proposed project at Acero Junction could be related to those tariffs.

JSW Steel said in its announcement that depending upon the economy and market conditions, they would possibly spend another $250 million to add an additional electric arc furnace and manufacturing equipment to make the Mingo Junction facility a fully integrated unit.

This would take the company’s overall investment in the United States to $1 billion.

http://www.wtrf.com/community/lawmakers-react-to-proposed-500-million-investment-in-mingo-junction-steel-plant/1256719130

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