Cleveland-Cliffs says it’s abandoning plans for a new electrical distribution transformer production plant in Weirton, part of several cost-cutting moves the steelmaker is undergoing up against millions of dollars in losses across the company.
The move affecting Weirton was announced Wednesday evening. In an earnings call today, company officials elaborated on their reasoning, saying abandonment of the project would result in a capital expenditure reduction of $50 million.
Lourenco Goncalves