AP Sources: Russian steelmaker to get US loan

[The Northerner]

DETROIT (AP) — Two people briefed on the matter say the North American arm of Russia's largest steel company is getting a $730 million loan from the U.S. government.

They say Severstal plans to modernize a plant in Dearborn, Mich., that makes steel for the auto industry. The project will employ around 2,500 construction workers and create 260 factory jobs.

The people asked for anonymity because the Department of Energy wasn't expected to make the announcement until Wednesday morning. Energy Department spokeswoman Karissa Marcum wouldn't comment on the announcement on Tuesday. A message seeking comment was left with Severstal North America, which is based in Dearborn.

The money comes from a $25 billion low-interest loan program created in 2007 to help companies retool older factories to build more energy-efficient cars. Severstal makes a lightweight, high-strength steel that can make cars more fuel efficient.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5iPGRs1SUQiaFQG87Bqo-zHscYy7A?

[midnight]

1. Outrages.... Outsource our jobs, and then give them our tax

dollars to retool their factories instead of ours.... And also... Let them have our Nasa program....