Russian steelmaking giant Severstal has requested a $750 million loan from the US government to expand its Dearborn, Michigan operations. Expanding the operations would allow the Dearborn steel mill to produce lightweight, high-strength steel for automakers.
The US Energy Department has said that if Severstal is granted the loan under President Barack Obama's $25 billion incentive program, it would be the first Russia-based company to receive a US government loan under Obama's Advanced Technology Vehicles Manufacturing plan.