Cleveland-based Cliffs Natural Resources, an iron ore and mining company, has chosen Toledo as the location for a $700-million facility that would be the first of its kind in the Midwest, Crain’s Cleveland reports. The new iron processing plant “will have the capacity to produce 1.6 million tons of hot briquetted iron (HBI) per year” to be used in steel making. The project is “under consideration to receive about $30 million in grants and [other incentives] from JobsOhio,” while the city of Toledo will “provide a Toledo Expansion Incentive of 30% for ten years.” Cliffs would create 130 permanent jobs as well as “1,200 construction jobs over the next two years” if the project is confirmed; the plans are contingent on receiving final approvals for financial incentives.
Cliffs Natural Resources plans to build $700M iron processing plant in Toledo
