By August 21, 2015 Read More →

Ravenswood aluminum plant to get $15M state loan

CHARLESTON, W.Va. — Constellium Rolled Products, the large aluminum product manufacturer in Jackson County, may soon be expanding its business with the help of state financing.

On Thursday, the West Virginia Economic Development Association — the state agency that assists businesses in acquiring financing — gave preliminary approval to a $15 million low-interest loan request from Constellium. That financing package will be part of a larger $35 million investment at the company’s Ravenswood plant.

Constellium, the largest employer in Jackson County, plans to use that multimillion-dollar loan — which would have an interest rate of 0.75 percent — to install new equipment at its Ravenswood facility, according to WVEDA documents.

According to a press release by the company, the loan money will be put towards a new “state-of-the-art” furnace that will be used to manufacture advanced aluminum alloys. The furnance is expected to be in place by the middle of 2016 and will help expand the company’s aerospace sector.

“This new pusher furnace is expected to enhance our high-quality service and product offering to aerospace customers,” said Ingrid Joerg, president of Constellium’s Aerospace and Transportation business unit. “We are delighted to have such active support from the State of West Virginia.”

Once the furnace is installed, the company could employ 18 more people, according to the WVEDA. The plant now employs 1,006…

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