Republic Steel has announced plans to build an electric arc furnace at its steelmaking facility in Lorain. The $85 million dollar investment will create an additional 450 Republic Steel jobs, bringing total employment at the plant to over 900 jobs. Lorain was selected over other sites throughout the country, in part due to state incentives as well as a well trained labor force.
The efficient electric arc furnace, which can be started and shut down quickly, will help generate an additional $1 billion in annual economic activity.
Republic Steel is not the only bearer of good news. The northeast Ohio steel industry has seen an increase in work lately. U.S. Steel in Lorain and Timkin in Canton are planning expansions to build steel pipes to be used for drilling gas and oil in the Ohio and Pennsylvania shale. V&M Star is building a steel mill in Youngstown for the same purpose. The Cleveland area will be seeing benefits from this oil and gas boom for decades to come.
Additionally, ArcelorMittal in Cleveland has increased production due to an increase in orders from the auto industry.
This comes on top of good news the Cleveland unemployment rate is falling and well below the national average.