SteelCorr secures financing to build Mississippi mill

SteelCorr secures financing to build Mississippi mill

Thanks to a hefty loan from the German government, Steelcorr will build a $725 million mill in Columbus, Mississippi. This $277 million loan will help fund the construction of the mill, which will take place over a period of 20 months, requiring as many as 2’000 workers to erect. SteelCorr will produce 1.5 million tons of high-grade steel per year from scrap for the automotive industry. SteelCorr president John Correnti said Friday that some technical details about financing and operating agreements still need to be worked out, and that this will take a couple weeks. Other financiers for the project include Russian steel giant Severstal German bank KfW, and GE Capital.