Lowndes County gets loan for SteelCorr site

Lowndes County gets loan for SteelCorr site

Officials of Lowndes County, Miss., have borrowed $12 million to buy a 1’550-acre parcel of land just east of the Golden Triangle Regional Airport and they plan to prepare it for the construction of a new SteelCorr mill. Plans call for the plant to be built on 1’380 acres of the property known as Lowndes County Megasite. The county plans to lease the property to the SteelCorr, on the understanding that the company will employ 450 people to turn up to 1.5 million tons of scrap iron a year into rolled steel. At least 1’500 workers will be needed to build the plant over a period of 16-20 months. Lowndes County officials have said they will still attempt to purchase the land at $8 million even if the SteelCorr deal does not go through. The loan will actually close July 8. The Lowndes County Board of Supervisors authorized the purchase of the property upon the signing of a memorandum of understanding between state and local governments and SteelCorr.