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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?

State lawmakers on Wednesday approved a $247 million tax incentives deal for Steel Dynamics Inc., a Fort Wayne, 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

The company for the third quarter of 2022 reported record steel shipments of 3.2 million tons, net sales of $5.7 billion 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 jobs.

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

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 leaders 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 government 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 air pollution control equipment.

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

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

Mississippi News

Events happening this weekend in Mississippi: December 20-22

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www.wjtv.com – Kaitlin Howell – 2024-12-20 12:03:00

SUMMARY: This weekend (December 20-22), Mississippi offers a variety of festive events. In Jackson, enjoy Food Truck Friday, candlelight concerts, a Grinch movie screening, and Journey to the North Pole. In Ridgeland, experience Merry Bingo, Christmas on the Green, and Fleet Feet Coffee Run. Vicksburg hosts Rock the Halls, while Natchez offers a European Christmas Shopping Village. Other activities include Santa scuba diving at the Mississippi Museum of Natural Science, Million Dollar Quartet Christmas, and Magic of Lights in Brandon. Hattiesburg features Lights of the Wild and Teddy Bear Tea with Santa. Numerous holiday events are available across the state.

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Mississippi News

Attorneys seek protective order in Jackson bribery case

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www.wjtv.com – Kaitlin Howell – 2024-12-19 14:36:00

SUMMARY: Prosecutors in Jackson are seeking a protective order to prevent the release of sensitive information in a bribery case involving Hinds County District Attorney Jody Owens, Jackson Mayor Chokwe A. Lumumba, and City Councilman Aaron Banks. The motion aims to protect personal, financial, and grand jury information, fearing it could impair investigations and fair trial rights. The three officials face charges related to a bribery scheme involving $80,000 in bribes for approving a real estate development project. Other individuals, including former City Councilwoman Angelique Lee and Sherik Marve Smith, are also implicated, with Smith pleading guilty to conspiracy.

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Suspect in the killing of UnitedHealthcare’s CEO struggles, shouts while entering courthouse

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www.wjtv.com – MICHAEL R. SISAK and MARK SCOLFORO, Associated Press – 2024-12-10 14:27:00

SUMMARY: Luigi Nicholas Mangione, a 26-year-old Ivy League graduate, was arrested in Pennsylvania and charged with the murder of Brian Thompson, CEO of UnitedHealthcare. Mangione, who expressed disdain for corporate greed and the health insurance industry, was found with a gun matching the murder weapon and fraudulent IDs. He initially gave false identification but was recognized at a McDonald’s. Mangione, who wrote a three-page document expressing anti-corporate sentiments, is being extradited to New York. His family, shocked by his arrest, expressed condolences to Thompson’s family. Mangione had no prior criminal complaints but had a history of severe back pain.

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