Indiana-based steel firm to spend more than $230M on Mississippi plant

Indiana-based Steel Dynamics plans to invest $230 million to upgrade its northeast Mississippi steel mill, creating 45 jobs.

The company, headquartered in Fort Wayne, said it plans to spend $140 million to add more galvanizing capacity to coat steel with rust-preventing zinc. Steel Dynamics said it has unmet demand for galvanized steel.

Steel Dynamics said it will also invest $90 million to $100 million to increase production of high-grade steel for automakers and others.

Mississippi will give Steel Dynamics $2.7 million to pay for railroad infrastructure and concrete paving. Lowndes County will repay a separate $1.4 loan from the state for rail work, plus $150,000 for sewer improvements.

Steel Dynamics will also benefit from an existing agreement that cuts property taxes on all new investments by two-thirds for 10 years.

Shares in Steel Dynamics were up nearly 1 percent Tuesday, to $46.96 each.

Steel Dynamics is the state's fourth largest public company, with $9.5 billion in revenue in 2017, trailing only Anthem Inc., Eli Lilly and Co. and Cummins Inc.

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.