WEIRTON, W.Va. (WTRF)- ArcelorMittal has just sold their US steel assets amounting to a massive $1.4 billion. Cleveland Cliffs made the purchase, and the tin plant in Weirton will see sound capital investment improving technology and job security which may lead to more jobs over time.
Cleveland Cliffs have a strong relationship with United Steel Workers and this sale will give a leg up on the worldwide competition.
United Steel Workers Local 2911 President, Mark Glyptis, told 7News, “Most of the tin mills have not been able to survive, we’ve been one of the survivors, so we have a robust business at the moment and we want to keep it that way, and I think Cleveland Cliffs is willing to invest in us and I think the reason they bought ArcelorMittal is because it was a good sounding financial decision for them as well as a good financial decision for ArcelorMittal.”
Weirton produces 20% of all food and aerosol tin cans in the US, with a big boost in business due to the pandemic.
Cleveland Cliffs has agreed to take on all legacy costs, obligations, and future healthcare and pensions. All of the details of this deal should be worked out by the end of the year.