The tougher the times, the sweeter the deal for employers
Dec 01, 2008 | 08:25 AM
Major metal companies and metal-consuming manufacturers, particularly stampers and fabricators, have consistently received economic incentives from state and local governments, and often pit one against the other for the best deal.
Some of the projects will reach fruition if both sides hold to the long-term view that global steel demand will grow during the next decade and beyond.
A short list of plans announced by metal producers during 2008, including efforts by state and local governments to help those plans succeed, shows foreign investment to be quite significant. "From Russia with Love" could be the theme of the first two project announcements.
•?OAO Severstal, Cherepovets, Russia, is looking to invest up to $1 billion in its U.S. operations over the next several years, and executives at its Dearborn, Mich., mill are aggressively attempting to attract public funding. The Dearborn plant, formerly Rouge Steel Co., is one of several Severstal facilities being eyed for the investment, and Dearborn City Council is considering an economic incentive package aimed at attracting that $1 billion. The city and state have said they intend to move quickly to beat potential offers from other states.....
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