SeverCorr groundbreaking finally happens

SeverCorr groundbreaking finally happens

Groundbreaking took place yesterday in Lowndes County, Mississippi of a brand new, ultra modern steel mill. The new mill will be called SeverCorr and is a partnership of Severstal Group in Russia and John Correnti, a seasoned steel veteran who in the past, managed Nucor and Birmingham Steel. The mill will produce 1.5 million net tons annually starting in the third quarter of 2007. The products will range from hot rolled and cold rolled to coated sheets, all targeted to the ever growing automotive industry in the southern United States. Compared to the old car plants in the North, labor is relatively inexpensive in the South where the workforce is predominantly non-union. After leaving Nucor, John Correnti, their erstwhile wunderkind and protégé of their founder, Kenneth Iverson, took over the ailing steel maker Birmingham Steel. He was forced to cede his position, however, when Nucor took over Birmingham Steel. John Correnti vowed to return to steelmaking in the US and started building a partnership with Russia's Severstal Group. Severstal gained a foothold in the US when they took over Rouge Steel in Michigan. It is one of Russia's dominant steel maker and a regular supplier to the US with an emphasis on slabs.