'Green steel' company in Mass. to lay off 71 workers
Healey toured Boston Metal's Woburn facility in April 2024, as she promoted an economic bill that ultimately invested $400 million into climate tech initiatives.
SEATTLE (Scrap Monster): A steel company that Gov. Maura Healey lauded amid the state's competitive push into the climate tech sector plans to lay off dozens of workers.
The Woburn-headquartered company that produces steel without carbon emissions and extracts metals from mining waste will terminate 71 employees on March 14, according to a recent notice filed with the state.
Boston Metal's manufacturing facility in Brazil had an 'unforeseen critical equipment failure' on Jan. 30 that prevented the company 'from meeting a key operational milestone tied to a pending financing transaction,' a spokesperson said.
'As a result, we lost access to committed capital essential to supporting our operations in both Brazil and the U.S,' the spokesperson said. 'The unanticipated loss of financing required immediate action to preserve cash and ensure the continuity of the broader business.'
Healey toured Boston Metal's Woburn facility in April 2024, as she promoted an economic bill that ultimately invested $400 million into climate tech initiatives. In June at the ClimaTech global conference in Boston, Healey name-dropped Boston Metal in front of more than 300 clean energy experts and investors.
'Steel was first invented in this country — in Massachusetts, not in Pittsburgh, but right here in Saugus, Massachusetts in 1640,' the governor said. 'Today, we have a company, Boston Metal, that's about producing 'green steel.' '
Massachusetts has experienced a spate of big layoffs recently, raising fresh concerns about the state's competitive edge as officials also grapple to handle affordability challenges in housing, health care and energy.
Courtesy: www.wbur.org