Port of Cleveland approves financing of Charter Steel expansion

In addition, the Lake Erie port’s board of directors approved a one-year agreement with Federal Marine Terminals, Inc.    The Port of Cleveland approved a development finance agreement linking $38 million in private party investment funds to Chart Steel’s expansion of the Cuyahoga Heights facilities, the port said.
   The expansion project includes building a new rolling mill adjacent to Charter Steel’s existing coil mill and steelmaking operations in Cuyahoga Heights.
   The facility is expected to add 25 jobs and cost $146.6 million. 
   “The Charter Steel expansion is a great example of how the Port of Cleveland’s development finance work connects private dollars to catalytic economic development projects,” Port of Cleveland President and CEO Will Friedman said. “By expanding its facilities to the tune of $146 million, Charter Steel is doubling down on Northeast Ohio, creating new jobs, and building on one of our local economy’s traditional strengths – manufacturing.”
   In addition, the port’s board of directors has approved a one-year agreement authorizing Federal Marine Terminals, Inc. (FMT) to continue as terminal operator for Warehouses A, 24, 26, and the maintenance shed. The new deal also expands FMT’s role to Dock 22 and Warehouse 22, including providing stevedoring services to the Cleveland-Europe Express (CEE), the only scheduled container shipping service between the Great Lakes and Europe.
   Overall, the FMT agreement represents an increase of 5.5 percent in lease revenue over the previous 2016 agreement, according to Dave Gutheil, port vice president, maritime and logistics.