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Feb.26.2021 1USD=6.4713RMB
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Ground Broken for Massive Steel Mill Expansion Near Mobile

//en.steelhome.cn [SteelHome] 2021-02-20 19:17:36

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Ground has been broken for a massive expansion project that will add an electric arc furnace to the AM/NS Calvert steel mill north of Mobile.

In a news release dated Tuesday, ArcelorMittal announced that a small gathering of internal leadership had held a groundbreaking on Feb. 2 for the project, which it valued at $775 million. Thats a significant escalation from the $500 million figure previously offered by the company. A company spokesperson said that news of the groundbreaking had been delayed until the company released its quarterly earnings report.

Other previously unreported figures now available include the states portion of economic incentives supporting the project: $60.2 million, atop about $29 million previously detailed by Mobile County economic development officials.

According to figures recently provided by the Alabama Department of Commerce, state incentives include a Jobs Credit valued at $3,816,933 over 10 years, an Investment Credit valued at $54,831,360 over 10 years and AIDT workforce development services valued at $1,531,000.

In return the state estimates 74% return on investment, $109.8 million in total new state revenue and $344 million in new payroll. Those estimates are calculated on a 20-year basis rather than the 10-year basis used for the incentives.

The AM/NS name signifies that the mill is a joint venture between ArcelorMittal and Nippon Steel-Sumitomo Metals. It currently ships in the slab steel it converts into various products ready for industrial use, with the majority coming in through the port of Mobile, where it represents a substantial portion of the State Docks business. The new furnace will be able to produce 1.5 million tons of steel slabs per year.

A brief timeline of the expansion project so far:

February 2020: As then-President Donald Trump visited India, ArcelorMittal Chairman Lakshmi Mittal said his company planned a multi-billion dollar investment in Alabama. Trump indicated that hed already heard something about the project and was enthusiastic: Well, you let me know. Ill be there for the groundbreaking.

August 2020: The company officially announced the $500 million project, saying it would create 500 construction jobs in addition to 200 direct jobs and 100 indirect jobs.

September 2020: ArcelorMittal retains ownership of AM/NS Calvert amid a $1.4 billion deal to sell most of its assets in the United States.

November 2020: An ArcelorMittal executive describes how the company worked with Ford to produce a highly specific new type of steel for use in the carmarkers hotly anticipated new Bronco. While the new furnace wasnt directly tied to the development of this product, it will increase the mills flexibility and responsiveness as it develops other new specialty products.
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