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Subsidy Tracker Individual Entry

Company: ThyssenKrupp
Parent Company: Cleveland-Cliffs
Subsidy Source: multiple
Location: Alabama
County: Mobile
Project Description: steel plant
Year: 2007
Major Industry of Parent: mining and minerals
Specific Industry of Parent: mining
Subsidy Value: $1,073,000,000
Subsidy Value in 2023 Dollars: $1,585,330,155
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 2,000
Wage Data: $58037
Wage Data Type: average annual salary
Capital Investment: $5,000,000,000
Source of Data: The value of the subsidy package, the jobs and investment projections, and the wage data are taken from: Jeff Amy, "Incentives Pass $1B for ThyssenKrupp Plant," Mobile Register, April 28, 2011. The announcement that the mill would be purchased by ArcelorMittal and Nippon Steel was reported in: Kelli Dugan, "Partners to buy ThyssenKrupp mill for $1.55B," Mobile Register, December 1, 2013.
Notes: In 2011, Mobile County voted to increase tax abatements for the original owner, ThyssenKrupp, from $444 million to $612 million ($487 million in property tax abatements and $125 million in sales taxes abatements) over 20 years based on a new investment level of $5 billion. The subsidy package also included $461 million in workforce training and an unspecified amount of investment tax credits. To lure the company to the state, the Alabama Legislature extended the length of property tax abatements for large industrial projects from 10 to 20 years and the length of investment tax credits from 20 to 30 years. In May 2012 the company announced it wanted to sell the plant, and it was reported that the subsidies would transfer to the new owner. (Katherine Sayre, "ThyssenKrupp may sell Mobile mill," Birmingham News, May 16, 2012.) The deal to sell the mill to ArcelorMittal and Nippon Steel was announced in late 2013 (Kelli Dugan, "Partners to buy ThyssenKrupp mill for $1.55B," Mobile Register, December 1, 2013. )
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.