LORAIN, Ohio (May 5, 2014) -- Republic Steel, the nation’s leading provider of special bar quality (SBQ) steel, today welcomed Ohio Lt. Gov. Mary Taylor to tour the company’s new electric arc furnace (EAF) in Lorain.
“On Nov. 16, 2011, we announced our plan to build a new electric arc furnace in Lorain,” said Republic Steel President and Chief Executive Officer Jaime Vigil. “Today, we officially announce with great pride that our plan has become reality. Republic Steel has invested more than $110 million into this project. This investment is a symbol of our commitment to our future and to the future of Northeast Ohio.”
Republic thanks Ohio Gov. John Kasich, Lorain Mayor Chase Ritenauer and the City of Lorain for the economic incentives and support that made it possible to build the new furnace in Lorain. The company also thanks Lt. Gov. Taylor and her team for their show of support today.
As of today, Republic has added 169 employees in Lorain. When the new furnace reaches its operations peak, the Lorain plant will have added approximately 449 employees, and brought more than $1 billion in annual economic activity to Ohio. The new jobs are in addition to the 489 jobs Republic retained by committing to its Lorain operations.
The electric arc furnace increases Republic’s steel production capacity by 1 million tons annually and will allow Republic to increase production on the Lorain 9”-10” rolling mill for coil product and the 20” rolling mill for large bars, improve delivery performance and reduce lead times.
Trial and production heats have been successfully processed through the new EAF, steel refining and billet cast process. Melt shop production will continue to ramp up over the next few months, with bloom cast production expected to begin later this month.
“This is a great moment for Republic Steel and Northeast Ohio,” Vigil said. “The new EAF strengthens our position as the leader in SBQ steel production. We’re excited about this new chapter, for being able to increase our production capacity to better serve our customers, and to foster new job growth in Northeast Ohio. We look forward to a healthy and profitable future for Republic in Northeast Ohio thanks to the investments we’ve made here. We also thank the State of Ohio and the City of Lorain for being great partners with Republic.”
Republic Steel is North America’s leading supplier of special bar quality (SBQ) steel, a highly engineered product used in axles, drive trains, suspensions and other critical components of automobiles, off-highway vehicles and industrial equipment. Republic’s products include hot-rolled steel bars, cold-finished steel bars and bottom-poured ingots. With headquarters in Canton, Ohio, and steelmaking capabilities in Canton and Lorain, Ohio, the company operates value-added rolling and finishing facilities in Canton, Lorain, and Massillon, Ohio; Lackawanna, N.Y.; Gary, Ind.; and Hamilton, Ontario. Republic employs approximately 2,300 people.