The groundbreaking ceremony for what is the “biggest economic development project” in state history has been set, with construction on the $2.5 billion Aluminum Dynamics facility in Lowndes County to begin this Tuesday.
In early November, Reeves called legislators into a special session to pass three bills that would create a special fund called the Triple Crown Project Fund for the expansion of Steel Dynamics’ campus in Columbus.
“More and more people are wanting to do business here and more and more people are wanting to invest their capital here and hire Mississippians,” Reeves said. “And because of that, every day we are delivering more and more economic opportunity for our people. Opportunity that will help lead to more meaningful careers and create more generational wealth.”
The project, which is anticipated to bring over 1,000 jobs with an average salary of $93,000 to the area, will nearly double the previous largest corporate capital investment in state history. Steel Dynamics has also stated that it will pay for the college education of each of the employee’s children.
“That business unit includes all the different functions, whether it’s engineering, sales, IT, accounting. All those things would be at the site of the facility… as well as production jobs,” said Rick Poinsatte, Vice President of Business Development at Steel Dynamics. “There are entry-level jobs as well. We have the opportunity for someone to take that job and continue to build their skills.”
During the session, the Mississippi legislature discussed how the state’s up-front investment — which is set to total $246,798,000 — will be spent, along with additional tax incentives, grants, and inducements.
Once Reeves signed the legislation two weeks later, a total of $54 million was immediately made available to the company. The other tranches of funding will be given after the plant’s completion and once hiring goals are met.
Now, construction efforts are set to begin on the new facility’s grounds, with the official groundbreaking ceremony set for March 7 on Charleigh Ford Jr. Drive.