SteelCorr Again Nears Construction Start-Up

The Mississippi legislature is reducing its level of financing for a new electric arc furnace (EAF) steel mill in Columbus, Miss.

According to a report in the Clarion-Ledger of Jackson, Miss., the state’s legislature is lowering its loan amount to SteelCorr LLC to $60 million from $75 million—less than 10 percent of the estimated overall $650 million cost to build the mill.

“With this memorandum of understanding, we’ll be in a better position to protect the interests of the state and support SteelCorr’s needs at the same time,” Leland Speed, executive director of the Mississippi Development Authority, stated in a news release.

According to the Clarion-Ledger, all parties have signed the agreement, the legislature voted for approval on Sept. 28, and only the governor’s signature is now required. Construction could reportedly start as soon as the first weekend in October.

Economic development agencies and government agencies in the Columbus area have also agreed to provide land, incentives and infrastructure improvements to SteelCorr.

SteelCorr was formed in 2003 and is led by former Nucor Corp. executive John Correnti. The mill has reportedly been designed to produce between 1.5 million and 2.5 million tons per year of sheet steel.

If work begins immediately, the plant may be able to open as soon as the summer of 2007.