Elwood City is a borough in Beaver and Lawrence counties in the U.S. state of Pennsylvania. Elwood City is 30 miles (48 km) northwest of Pittsburgh and some 8 miles (13 km) south by southeast of New Castle. In the past, Ellwood City sustained many light industries such as steel-tube mills, steel-car works, building-stone and limestone quarries, foundries and machine shops, coal-mining, etc. In 1910, 2,243 people lived in Elwood City, 3,902 lived there in 1910, and 12,329 lived there in 1940. The population was 8,688 at the 2000 census.