Jefferson County Approve Bond Sale for JSW Steel Mingo Junction
WTOV9 reported that Ohio’s Jefferson County commissioners gave their approval last week to a bond sale resolution that will bring up to USD 41
WTOV9 reported that Ohio’s Jefferson County commissioners gave their approval last week to a bond sale resolution that will bring up to USD 41 million to JSW Steel. JSW shut down last March as COVID-19 struck but through the county and the port authority has obtained tax exempt bonds up to USD 41 million to renovate the furnace and the slab caster. The bonds do not carry liability to the county or the port authority, with the overall guarantee on loans going to JSW's parent India-based company. The incentive keeps the mill alive.
Mingo Junction Mayor Ed Fithen said "We heard it was going to open again, they were going to put money back into the arc furnace and start back up. When you go by there and see all the cars in that lot from contractors, you think, well, they're doing what they said they were going to do. Baby steps, which we are doing and we're getting there. We're fixing the roads, we're getting the EPA, jobs that needed to be done we are doing those, the EQ tank, water and storm separation, these are things that people don't know that has to be done that we're doing."
JSW Steel has been closed since March of 2020 and this money will be used to upgrades electric arc furnace and caster. Once the upgrades are made, JSW Steel will bring 325 jobs back to Mingo Junction. And Naylor says the jobs will be coming soon.