Lowndes County acquires funding for SteelCorr site

Lowndes County acquires funding for SteelCorr site

A half-billion dollar steel mill just cleared one more vital hurdle in Columbus, Mississippi. The Lowndes County Board of Supervisors approved the purchase of a 1’550 acre parcel of land where newly formed SteelCorr Corporation will build a $650 million steel mill. $6.5 million of the requested $12 million from a US Department of Agriculture Rural Development loan will be used to make the actual land purchase. The remaining money will go towards site preparations and improvements. The county will lease almost 1’400 acres to the company so they can build the mill which will process scrap into 1.5 million tons high quality steel for the automotive industry. SteelCorr is privately financed by a handful of companies and investors including Russian steelmaker Severstal and Arkansas-based Stephens Investment. SteelCorr is expected to close the deal later this month in New York.