German steelmaker Schulz GMBH will build a $300 million stainless steel pipe plant in northwestern Mississippi to serve the oil and gas industry, the state's governor and a company executive announced this week.
Schulz' CFO Rainer Floeth told press that construction of the plant will begin within the next few months, with opening slated for early 2011. The Mississippi division, the company's first in North America, will be called Shulz Xtruded Products, or SKP.
The company will make an initial investment of $80 million in the plant, then expand to a $300 million investment within five years.
Mississippi lawmakers are expected to approve $15 million in incentives for the project this week.