LORAIN, Ohio – Republic Steel announced it will be putting major bucks into a new system at its Lorain plant.
On Wednesday, the company said it will invest more than $85 million in an electric arc furnace and other equipment.
“This investment in our Lorain plant will help Republic Steel maintain its position as the industry leader in SBQ manufacturing,” Chief Executive Officer Jaime Vigil said. “The additional capacity created by the new furnace will allow us more flexibility and efficiency in delivering the highly engineered products our customers require.”
Construction on the new furnace is set to begin next year and should be complete in 2013. Republic Steel said it chose Lorain because its close to customers and it has a skilled workforce.
Ohio Gov. John Kasich was also on-hand for the announcement Wednesday afternoon.
In a news release from Republic Steel, the company estimates the project will create nearly 450 new jobs and bring more than $1 billion into Ohio’s economy.