Cliffs Natural Resources Inc. to Locate in Toledo
Cliffs Natural Resources Inc. has selected the City of Toledo to locate a new hot briquetted iron (HBI) manufacturing facility. Riverfront property with multi-modal logistics and competitive utility rates were major factors in their location decision. The company will construct a $700 million facility at the Ironville Terminal at the Port of Toledo. Cliffs will create 130 new jobs in the manufacturing sector and support 1200 construction jobs over two years.
“As with any company interested in locating or expanding here, our people came to the table nimble and ready to work with Cliffs. We are committed to continuing to work with this company to move the project forward,” said Mayor Hicks-Hudson. “Our Economic Development team and the Department of Public Utilities will continue to work with the company through the air and other permitting processes.”
City of Toledo water professionals worked closely with Cliffs engineers to develop an ingenious solution to provide lower water utility costs, through the use of recycled wash water for production purposes. In addition to its attractive utility rates, the City of Toledo will provide a Toledo Expansion Incentive of 30% for ten years, with an estimated value of $1,046,654, with an estimated annual income tax to the city of $315,000.
The City of Toledo recognizes and thanks the Toledo-Lucas County Port Authority, Jobs Ohio, Regional Growth Partnership, Lucas County, Ohio Rail Development Commission and Midwest Terminals for their partnership in this project.