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Severstal requests $750 million US government loan for Michigan expansion

Tuesday, 05 April 2011 03:11:57 (GMT+3)   |  
       

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.


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