Largest Economic Development project in state history finalized
$2.5 billion capital investment would create 1,000 jobs with a $93,000 average salary
Gov. Tate Reeves and the Mississippi Legislature Tuesday finalized the largest economic development project in state history. This $2.5 billion corporate investment by Steel Dynamics, Inc., its subsidiaries, and its partners expect to create 1,000 jobs with an average salary of $93,000 in Lowndes County.
Steel Dynamics is expanding its Columbus campus, which is located on a Tennessee Valley Authority Mega Site, by locating two new facilities in the Golden Triangle Industrial Park: a state-of-the-art low-carbon, aluminum flat rolled mill and a biocarbon production facility.
A $1.9 billion recycled aluminum flat rolled mill will be built on a 2,000-acre site. This recycled aluminum flat rolled mill will serve the sustainable beverage packaging, automotive and industrial markets. The large-scale site will allow for a select number of customers to co-locate, which could increase investment in the community and add numerous additional jobs. Construction is expected to begin in 2023 with completion of the aluminum mill in 2025.
“With this record-breaking investment, Steel Dynamics is creating 1,000 high-quality, blue-collar jobs that pay more than double the current average salary of Mississippi,” said Gov. Tate Reeves. “I want to thank Steel Dynamics, the Mississippi Legislature, the Mississippi Development Authority, Joe Max Higgins and Golden Triangle Development LINK, and everyone involved in this project whose diligent work was instrumental in securing this tremendous economic development win for the people of our great state.”
Additionally, Steel Dynamics joint venture SDI Biocarbon Solutions, LLC will be constructing a biocarbon production facility. Construction of the biocarbon production facility is expected to begin in 2022 and be completed late in 2023.
On Nov. 2, the Mississippi Legislature approved financial assistance for the project through the Mississippi Major Economic Impact Authority. The funds will be used for site acquisition and site preparation, infrastructure improvements and workforce training. Lowndes County also is providing land and public infrastructure. The Tennessee Valley Authority and 4-County Electric Power Association also are assisting with the project.
“Since locating in Lowndes County in 2014, Steel Dynamics has undergone several expansions – each one a sterling example of an industry-leading company finding the formula for success in our state,” said MDA Deputy Executive Director Laura Hipp. “Today’s announcement is a monumental success for Mississippi, and it will create significant economic opportunities across the Golden Triangle Region for many generations to come.
Steel Dynamics plans to fill positions at the facilities over the next few years.