(12/4/2017) - The mysterious "Project Tim" in the Durand area was revealed Monday as a multi-billion dollar steel mill.

According to Crain's Detroit Business, New Steel International Inc. CEO John Schultes confirmed his company is part of a proposed project that has been wrapped in secrecy all year.

An unnamed ABC12 source who has been working on the development confirmed the Crain's report is accurate.

Developers are hoping to build a sprawling steel mill with a coal-fired power plant to melt iron ore. The facility would produce high-strength steel, according to the report.

New Steel International has sought a $7 billion loan the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program for construction of the plain, Crain's reported.

More than 800 acres of mostly farmland northeast of Durand on both sides of I-69 in the Vernon Township area are under option for the development.