SteelCorr Awaits Financing to Proceed with Mississippi Steel Mill

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). Steel industry start-up, SteelCorr Incorporated (Birmingham, Alabama) is awaiting financing, which it now expects to be finalized by mid-July, to proceed with construction of a steel mill near Columbus, in Lowndes County, Mississippi. The grassroot, $725 million steel mill will melt scrap steel and utilize electric arc furnace technology to produce about 1.5 million tons per year of flat rolled steel for the automotive industry. If constructed, the mill will be one of only a handful of new mills that have been constructed in the U.S. in the last ten years. The last grassroot steel mill with steel making capability to come online in the U.S. was Steel Dynamics' Columbia City, Indiana, mill in 2002. Prior to that, Ipsco and Nucor were the only two recent builders of steel mills in the U.S., bringing mills online in 2002 and 2001 respectively.

SteelCorr is named after its principal backer, John Correnti, who is no stranger to the steel industry. Correnti previously served as president of Nucor and was instrumental in its growth during the 1990's.

Earlier this year, SteelCorr, spurred by $110 million in state and local incentives, picked the site in Mississippi over sites in other southern states, including one in Osceola, Arkansas, as first reported by Industrialinfo.com in September 2004. SteelCorr hopes to begin construction this year, as soon as the necessary financing comes together.

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