Nuclear manufacturing plant work stalls
Work has come to a halt at the Areva nuclear component manufacturing center in Virginia due to poor market conditions and an uncertain future for nuclear policy.
According to WTKR-TV3 in Newport News, Va., the Areva Newport News 300,000-sq-ft nuclear component manufacturing plant is stalled indefinitely.
When the project broke ground in July 2009, Huntington Ingalls Industries Inc. and French nuclear company Areva had planned to begin manufacturing heavy components for nuclear power plants in January 2012, a project that officials said would create 540 jobs and result in a $363 million capital investment.
Now, less than two years later, Areva said it is shelving the project due to unfavorable market conditions and uncertainty over U.S. energy policy.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey