America's Biggest Asphalt Plant Is Shutting When the Country Might Need It Most
- Axeon says it will close New Jersey asphalt refinery
- U.S. asphalt demand declines even after federal funding boost
Freshly laid asphalt on a state highway in Streator, Illinois,
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Axeon Specialty Products LLC is shuttering the U.S. largest asphalt refinery when the country might need it the most.
The Stamford, Connecticut-based company announced last month it plans to close its Paulsboro, New Jersey, refinery, and convert it into a terminal. The planned shutdown comes as President Donald Trump has pledged to build new roads, highways and bridges across the country. The U.S. would need 63 percent more asphalt than its consumes now just to pave roads at the rate it reached a decade ago, Energy Information Administration data show.