Severstal Gets DOE Loan to Develop High-Strength Steels
Severstal North America, Dearborn, Mich., has received a conditional commitment for a $730 million loan from the U.S. Department of Energy. Proceeds from the loan will be used to construct Severstal’s finishing facilities in Dearborn, which will produce the next generation of advanced high strength steels for automotive applications.
AHSS is a critical component for vehicle manufacturers as they seek to meet U.S government fuel efficiency goals and crash standards. Upon completion of the modernization projects, Severstal’s Dearborn facilities will house a 2.1 million ton per year coupled pickle line tandem cold-rolling mill, a 500,000 ton per year hot-dip galvanizing line and a 500,000 ton per year continuous annealing line, all with 72-inch width capability.
“We are grateful to have received this conditional commitment from the U.S. Department of Energy’s Loan Programs Office. The loan will help advance U.S. manufacturing, create new jobs and support energy conservation efforts. It will allow Severstal North America to build state-of-the-art facilities to produce a broad range of advanced high strength steels for future generations of lighter, more fuel-efficient vehicles,” says Sergei Kuznetsov, CEO of Severstal North America.