Steel Mills
Arkansas Passes Incentives Aimed at Steel Mills
Written by Sandy Williams
April 1, 2017
On Thursday SMU reported that tax incentives aimed at helping Big River Steel expand had passed the Arkansas Senate. The Senate Bill 688 has now been approved by the House in a 79-11 vote on Friday. SMU also received a comment on the legislation from Big River Steel’s CEO, Dave Stickler.
Rep. Monte Hodges, D-Blytheville, told the House that SB688 would “ensure a positive cost benefit to the state in the evaluation of a potential future steel project that meets other eligibility criteria.”
“It has to be done. It has to be built. The jobs have to be in place before we give them a cent,” he said. “That’s what I really like about this incentive.”
Dave Stickler, Big River Steel’s chief executive officer, said the company is pleased by the Senate’s interest in encouraging steel investment in the region. In a statement sent to Steel Market Update Mr. Stickler said:
“With several notable accomplishments already achieved, including establishing new records in terms of first month production levels and being able to operate profitably by the second month, Big River Steel looks forward to building on this momentum,” said Stickler. “To this end, we are pleased that the Arkansas Senate has taken steps to encourage additional steel investments in the state of Arkansas. As anyone in the steel industry must do to thrive, we are continually evaluating a range of opportunities.”
Mr. Stickler will be interviewed on stage by SMU CEO and Publisher, John Packard, during the 7th SMU Steel Summit Conference in Atlanta on August 28, 29, 30th 2017.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
American mills urge Trump to maintain no exceptions on steel tariffs
"We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel," the companies wrote.
Cliffs CEO touts employee cash bonus for buying US-made vehicles
Cleveland-Cliffs Inc. has introduced a new employee incentive program to promote American-made vehicles, support domestic production, and strengthen US supply chains.
Auction of AHMSA assets is next step in bankruptcy proceedings
An inventory valuation of the assets of Altos Hornos de Mexico SA (AHMSA) has been completed. Local reports suggest an auction for the assets of the bankrupt steel company could come as soon as the end of this month.
US mills increase shipments in January
AISI reported a 4.1% rise in US steel mill shipments from December to January.
Reports: Algoma Steel halts US shipments, plans layoffs in wake of tariff war
Facing an uncertain tariff trade war, Algoma Steel took action this week, halting steel shipments to the US, laying off employees, and prepping for an unknown future, according to local media reports.