Commissioners from Lorain County, Ohio announced Wednesday the authorization of $75 million in recovery zone bonds to be issued to steelmaker US Steel to expand operations at its Lorain facility.
The funds are expected to be used to install machinery to heat, treat, and finish tubing and casing products for the natural gas exploration-a project moved from its original Texas location because of area demand for the plant's products. The project will ensure the 508 existing jobs at the Lorain plant, as well as create up 80 additional jobs.
Lorain County commissioner James Cordes explained that working to secure the bonds began months ago back in July when commissioners were only attempting to secure $45 million in bonds, but when the state only granted $40 million, US Steel returned and claimed it needed more to expand.