The North American subsidiary of Russian steel giant Severstal will receive a $730 million US Energy Department loan to help finance expansions to its Dearborn, Michigan plant. SteelOrbis previously reported that Severstal NA requested a $750 million loan in April to produce lightweight, high-strength steel for automakers.
The loan is a part of President Barack Obama's Advanced Technology Vehicles Manufacturing plan which has awarded $8.4 million in auto-related financing/loans since 2009. Major auto manufacturers such as Ford Motor Co. and Nissan Motor Corp. are previous recipients of the government loan program.