Friday, December 19, 2003
Paul Krepps, MEDC
State Offers Aggressive Proposal to Keep Rouge Industries and U.P. Mine Productive
LANSING - Governor Jennifer M. Granholm today announced that the state of Michigan is offering potential buyers of Rouge Steel Company a strong incentive package to invest in and continue to operate the company Dearborn facility, retaining the maximum number of workers possible. The offer also ties incentives with the company's new owners continuing purchase of hematite pellets from the Tilden Mine in Marquette County.
- Alexey A. Mordashov, chairman and director general, Severstal-Group;
- Thomas J. Usher, chairman, U.S. Steel Corporation;
- Carl Valdiserri, chairman and CEO, Rouge Industries, Inc.
- John S. Brinzo, chairman and CEO, Cleveland-Cliffs Inc.
- Ron Gettelfinger, president, United Auto Workers
- Property tax abatements and/or exemptions for investments to purchase new or rehabilitate existing plants, machinery and equipment.
- Single Business Tax (SBT) credits
- Brownfield Redevelopment SBT credits for the redevelopment or improvement of a contaminated, functionally obsolete or blighted property, up to 10 percent of the eligible investment costs.
- Hematite SBT credits, recently created to encourage the purchase of hematite pellets from the Tilden Mine. Rouge Steel estimates that its present purchases qualify for an annual tax credit worth approximately $3 million annually.
- Industrial Development Revenue Bonds
- Workforce Development, employing federal, state and local resources to upgrade worker skills. Up to $500 in state funds per Rouge Steel employee would be offered in conjunction with federal funds.
- Permit Coordination
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