President Barack Obama will tout the success of his auto-bailout and the revival efforts undertaken by Indian steel magnate lakshmi Mittal’s ArcelorMittal plant in Ohio when he visits the facility in Cleveland later on Thursday.
The plant that recently celebrated 100 years of steel-making has weathered many crisis situations, including preceding owner lTV Steel’s bankruptcy in 2002 and the fallout from the 2008 financial meltdown that triggered the collapse of US auto giants – the main consumers of its steel.
“It is especially rewarding to host President Obama at this site that symbolises the strength and overall increased competitiveness of American manufacturing,” said Mittal, Chairman and CEO of ArcelorMittal, the world’s largest steelmaker, adding:
“I look forward to personally welcoming him at the mill.”
The White House lauded the Mittal plant, saying the president’s visit is in recognition of its revival effort that not only brought back people who had lost their jobs during the economic crisis but also created new jobs and hired an additional 150 people.
The Cleveland plant has emerged as ArcelorMittal’s most productive integrated mill in North America and one of the most productive worldwide, the company said. “This record has been critical to the facility’s longevity,” said Vice President and General Manager Eric Hauge, attributing the world-class productivity, while maintaining high levels of safety, to the strong commitment from both ArcelorMittal and the United Steelworkers.
He said investments of more than $70 million this year has helped to secure the Cleveland plant’s position as industry leader and position northeast Ohio as one of America’s strongest, most innovative manufacturing centers.
“We believe the bottom of the cycle is behind us,” Mittal said in a statement, adding: “As economic indicators are improving, we are cautiously optimistic about the prospects for 2014.”