LOWNDES COUNTY — According to Gov. Haley Barbour, the state has completed its economic development commitments to steel manufacturer Severstal North America Inc.
In a letter, Barbour informed the Mississippi Legislature that Severstal repaid a $10 million loan for infrastructure development to the state four years ahead of schedule. The Legislature had also provided the company with a $60-million contingent loan guarantee, and the state has now been removed from liability on this loan.
Severstal, which began production in 2007, received economic development incentives to construct a $600-million facility that provided 450 jobs. Only a year after opening, the state-of-the-art manufacturing plant announced a $400-million expansion plan that would add 150 jobs.
“I am optimistic about our state’s long-term economic outlook,” Barbour said. “Though the effects of the recession will demand a transformative government structure, Mississippi can continue the valuable job-creation partnerships that will enable the state to thrive once this down cycle is complete.”