NEW YORK The state of Louisiana has approved $20 million in mega-project funding for Benteler Steel/Tube GmbHs planned $900-million oil country tubular goods (OCTG) mill at the Port of Caddo-Bossier.
"Of the total being requested, $16 million will be used for port infrastructure and the remaining $4 million will be used for site and facility development," James Ecker, budget analyst with the Louisiana office of Planning and Budget, said during a session in the Louisiana House of Representatives.
"They (Benteler) will be establishing both a steel mill and a steel tube mill on 330 acres of land at the Port of Caddo-Bossier, which will create 675 direct jobs with an average salary of $50,000 annually," Ecker said.
The first phase of the project will involve a hot-rolling tube mill as well as finishing lines (amm.com, Oct. 26), with an electric-arc furnace to follow in the second phase (amm.com, Nov. 7).Benteler also recently received $29 million in incentives from the port for the facility (amm.com, Aug. 2).
"Its the biggest thing you can fit on the land thats left at the port," Louisiana Economic Development Secretary Stephen Moret said during the session.
Benteler has to reach its employment target of 675 by 2022, according to Moret.