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Steel Dynamics receives major incentives deal

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What is Steel Dynamics, the Fortune 500 company that lawmakers gave $247M?

lawmakers on Wednesday approved a $247 million tax incentives deal for Steel Dynamics Inc., a Fort , Indiana-based company that already has a manufacturing presence in Mississippi, to expand and build an aluminum mill near Columbus.

Steel Dynamics, a Fortune 500 company founded in 1993, is the third-largest producer of carbon steel products in the U.S. and one of the largest metal recyclers. It owns facilities across the U.S. and in Mexico.

READ MORE: Lawmakers pass $247M in incentives for aluminum mill

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The company for the third quarter of 2022 reported record steel shipments of 3.2 million tons, net sales of $5.7 and an adjusted net income of $994 million. The company is considered one of the most profitable steel companies in the world and it employs around 10,000 people.

The company already operates a scrap-fed electric arc furnace steel mill in Columbus and plans to build a massive aluminum flat-rolled mill and other new operations in Mississippi that the company says will create at least 1,000 new high paying .

Mississippi Gov. Tate Reeves on Wednesday, after state lawmakers approved the incentive deal, praised Steel Dynamics and the people who work at its existing Columbus plant.

“Do not forget the and women employed at Steel Dynamics today,” Reeves said. “They would not be investing $2.5 billion today if not for the fact that show up every day for work and they produce.”

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According to industry reports, electric vehicles are requiring substantially more aluminum than traditional automobiles, and Steel Dynamics is positioning itself to take advantage of this. Company in late summer, when discussing plans for a new plant, said labor and energy costs at their planned facility will be much less than traditional because of state-of-the-art equipment they plan to install. They said the aluminum rolling mill will work along with satellite recycling centers in the U.S. and Mexico.

Steel Dynamics' existing Columbus steel mill was previously owned by Severstal North America and was bought by Steel Dynamics in 2014. The company said its Columbus mill “is currently the most technologically advanced (electric arc furnace) facility in North America” and can produce 3.4 million tons of steel a year. It serves the auto, agriculture, appliance and construction industries along with HVAC and pipe companies.

In 2021, Steel Dynamics settled a lawsuit with the U.S. Environmental Protection Agency after the federal alleged the company was not complying with emissions standards at two of its facilities in Butler, Indiana. The company agreed to pay a civil penalty of $475,000 and spend $3 million to upgrade its pollution control equipment.

READ MORE: Odd coalition of Dems, GOP questions governor's plan to give company millions for aluminum plant

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This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

Mississippi News

Nettleton hires Houston DC Kyle Bond as next head football coach

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www.wcbi.com – Jon Sokoloff – 2024-03-28 20:51:30

SUMMARY: Nettleton High School has hired Kyle Bond as its new head football coach. With over a decade of coaching experience, Bond started at Kossuth High School in 2012 and has since worked at and Booneville, where he led the team to an undefeated regular season and division championship in 2018. Bond spent the last four seasons as the defensive coordinator at Houston. He takes over from John Ketih, who left to become an assistant principal at New Albany Middle School. Bond's coaching experience and at Houston make him a promising addition to the Nettleton football program.

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Mississippi News

Aberdeen mayoral election: Incumbent Charles Scott

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www.wcbi.com – Allie Martin – 2024-03-28 18:45:46

SUMMARY: Voters in Aberdeen, Mississippi, will head to the polls for municipal elections, with Charles Scott running for reelection against challenger Dwight Stevens. In an interview, Mayor Scott discussed his goals for a second term, highlighting his focus on improvements, youth leadership, and community involvement. He emphasized his experience in the military as preparation for the mayoral role and mentioned his pride in securing grant money for the Aberdeen Port. Scott also outlined plans for Aberdeen Vision 2030, a roadmap for future . The election will take place on Tuesday, with no Republican challenger, meaning the winner will become the next mayor.

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Mississippi News

Mostly clear through Easter weekend – Home – WCBI TV

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www.wcbi.com – Ashleigh Bryant – 2024-03-28 18:26:14

SUMMARY: Clear conditions are expected to continue through the end of the in Columbus, Mississippi. Temperatures will drop into the 30s on Thursday night with possible patchy frost. Friday will bring more sunshine with high temperatures in the low to middle 70s. The will see temperatures pushing towards 80 degrees with no rain expected. Next week, warm and humid will flow into the Deep South, with a of scattered showers and thunderstorms on Tuesday. It is still uncertain if these storms will be severe, but it is being monitored closely.

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