Wednesday, October 3, 2012
Corporate welfare Corporate welfare a loser for Alabama on steel mill
Posted by Max Brantley on Wed, Oct 3, 2012 at 12:48 PM
- Wikipedia
- MONEY LOSER: Thyssen Krupp mill in Calvert, Ala.
There's an Arkansas angle here in a tale of corporate welfare that appears to be playing out poorly.
The Wall Street Journal reports that ThyssenKrupp is pulling the plug on an $11.8 billion steel mill in Alabama. High production and transport costs, a weakening market and competition were listed in the article as factors.
Remember when Arkansas and Louisiana came down to the final round in the competition for this plant about five years ago? Alabama won with a whopping $1 billion worth of incentives and credits. Seems like the Arkansas site near an earthquake fault line was mentioned as a negative, but money did most of the talking, the kind of money that has encouraged the legislature to create a super fund to give away megabucks to corporate titans like Thyssen Krupp.
Please note that the steelmaker feels it met its obligation in getting the plant running and need pay none of that billion back.
OK then. Thanks for the memories.
Speaking of...
-
Legislature today: Steel bill, Obamacare keep rolling
April 3, 2013On the legislative front: * BIG RIVER STEEL: The enabling legislation for state incentives to build a steel mill in Mississippi County won approval in a House committee today. /more/
-
Prospects good for steel mill subsidies
March 29, 2013Sounds like this turkey is cooked. Direct support by House Speaker Davy Carter and slightly qualified support by Senate President Michael Lamoureux would make it appear Gov. Mike Beebe is going to get his big state subsidy to help a startup steel mill operation in Mississippi County, despite stout opposition from an existing competitor that cranked up here without such millions in taxpayer help. /more/
-
The legislature rolls on
March 25, 2013I hope to check in later as joint House-Senate committees discuss the increasingly controversial plan to provide state subsidies for a new steel mill in Mississippi County. /more/
-
Corporate welfare: Let's review all as carefully as steel mill
March 22, 2013The careful review of a major taxpayer investment in the proposed Big River steel mill is nothing but a good thing and there's no debate we can thank the new Republican legislative majority for the oversight. /more/
-
Nucor steps up opposition to steel mill subsidies UPDATE
March 21, 2013Nucor, the big steel producer with a mill in Mississippi County, is increasing its attack on the state proposal to give tens of millions in subsidies to a startup competitor run by a former Nucor executive. /more/
- More »
Comments (10)
Showing 1-10 of 10
More by Max Brantley
-
Legislative pay raise amendment comes out of committee
David Couch, a lawyer active in the Regnat Populus ethics reform movement, e-mails me to say that HJR 1009, given up for dead at the first of the week, has been reborn.
- Apr 18, 2013
-
Sierra Club says ExxonMobil far short of accounting for spilled crude
The Sierra Club said today that the ExxonMobil cleanup effort after the pipeline break at Mayflower remains several thousand barrels short of accounting for the estimated 5,000 barrels of heavy crude from Canadian tar sands territory that spilled before the pipeline was shut off.
- May 1, 2013
- More »
Event Calendar
-
Re: ExxonMobil has a plan for Lake Maumelle watershed
CBB…you touch on a good point! Most people who live in rural areas like we…
- on May 23, 2013
-
Re: Tom Cotton's attack on the Constitution
I wouldn't mind seeing the members of these families behind bars.
"So, Tea Partiers…- on May 23, 2013
-
Re: Intruder arrested on Governor's Mansion grounds
Innocent until proven guilty. Maybe he was just dropping off his résumé for State Treasurer?…
- on May 23, 2013
Top Commenters
Blogroll
Slideshows
-
May 16, 2013
Site Index
News
Cover Story / Arkansas Reporter / The Week That Was / Smart Talk / The Insider / The Observer / Editorial / Max Brantley / Ernest Dumas / Gene Lyons / Bob Lancaster / Words / Guest Writer / Letters
Entertainment
A&E Feature / To-Do List / In Brief / Movie Reviews / Music Reviews / Theater Reviews / A&E News / Art Notes / Graham Gordy / Books / Media / Dining Reviews / Dining Guide / What's Cookin' / Calendar / The Televisionist / Movie Listings / Gallery Listings
This Week's Cover
Quick Links
Special Publications
RSS
Facebook
Twitter
