Ohio-based New Steel International is one of several companies pursuing construction of a multi-billion dollar steel manufacturing facility in Michigan. The present 1,000-acre site under review is located between the cities of Lansing and Flint, which are several hours drive northwest of Detroit, Michigan.
New Steel has sought a $7 billion federal loan from the US Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program (ATVMLP) for its new high-strength steel plant. The $25 billion loan fund has previously provided financing to companies such as Ford Motor. The state-of-the-art steel plant is designed to use clean coal-burning technology to process iron pellets and capture a portion of the energy produced for on-site electricity. The company reportedly has investor interest from several large companies including General Motors. The ability of the plant to be realized will depend on federal funding and state support.