November 22, 2008

Mississippi governor approves incentive bill for rebar mill

AP reported that a new state law allows the northeast Mississippi city of Amory to issue USD 5 million in bonds to help a company develop a steel rebar minimill.

Gov Haley Barbour signed the bill into law Wednesday. Legislators passed it last week.

EcoSteel Recycling LLC said that its mill will create at least 150 jobs. Rebar is a steel reinforcing product used in most major concrete projects, especially bridge and highway construction.

Officials said the state will not spend any money. EcoSteel Recycling will repay the city. The official added that the company's target market will be Hurricane Katrina reconstruction and other projects within a 350-mile radius.