Intel announced on Thursday it will "further slow" the pace of its Ohio factories in response to financial struggles. The chipmaker's first factory was originally supposed to open in 2025.

In a news release sent out by CEO Lip-Bu Tan on July 24, he said Intel will be “further slowing construction in Ohio.”

Intel told our partners at Columbus Business First that ‘slowing construction’ really does mean slowing and says they have not pushed back the 2031 finish at this time. DeWine said in a news conference Friday that he spoke with Intel’s new CEO following the announcement.

COLUMBUS, Ohio (WSYX) — Intel is cutting projects and slowing construction in Ohio as the company slashes chip factory investments.

State and local officials are reacting to Intel's announcement that the company was slowing construction on its $28 billion New Albany project in Licking County.

Intel’s decision to slow the pace of construction is not expected to change its timeline to open, which is set for 2030 or 2031.

Intel is further slowing its construction in Ohio, the company announced Thursday during its Q2 financial reports. Intel’s Q2 results were slightly better

Intel has announced a slowdown in the construction of its Ohio projects to align spending with market demands.

Intel’s stock dropped 9% after the chipmaker said it would slash foundry costs in its latest attempt to turnaround its struggling business.

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the fortunes of the struggling chipmaker that helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp. and Advanced Micro Devices Inc.

Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon.

The sum beat Wall Street forecasts, according to consensus estimates cited by CNBC, but it wasn’t enough to offset news about higher losses, additional layoffs, and the scaling back of Intel’s foundry business.