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.