Columbus steel mill speeds up schedule

Published 5:09 pm Wednesday, April 25, 2007

SeverCorr is speeding up its plans to add a second production line at its steel mill now under construction in Lowndes County.

The 1,400-acre site can accommodate new facilities. The expansion originally was scheduled to take place two or three years from now, after the first phase of construction is finished.

SeverCorr officials said Tuesday there is no reason to wait.

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Once in operation, the plant will be able to more than double its capacity to 3.4 million tons of steel, said SeverCorr CEO John Correnti.

“Our investors, partners and government officials are very supportive about the building of America’s next-generation steel mill,” Correnti said. “Their belief in SeverCorr and belief in this project are driving the acceleration of the expansion.”

Alexey Mordashov, CEO of OAO Severstal, SeverCorr’s strategic partner, said the decision “is a positive reflection on all involved.”

More details will be released after regulatory approvals and finalization of capital structure and equipment specifications, Correnti said.

SeverCorr, at the completion of its initial phase, will produce 1.5 million tons of steel.