Subsidy Tracker Individual Entry

Company: 
Nucor
Parent Company: 
Nucor
Subsidy Source: 
multiple
Location: 
Louisiana
County: 
St. James
Project Description: 

iron and steel plant

Year: 
2010
Major Industry of Parent: 
metals
Specific Industry of Parent: 
steel
Subsidy Value: 
$255,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,250
Wage Data: 
$75000
Wage Data Type: 
annual average wage
Capital Investment: 
$3,400,000,000
Source of Data: 

The value and the breakdown of the subsidy package, and the job, wage and investment projections are taken from: Robert Travis Scott, "Nucor bonds move forward; State official details incentives for plant," New Orleans Times-Picayune, September 17, 2010 and a September 15, 2010 press release issued by Gov. Bobby Jindal; available online at: http://www.gov.state.la.us/index.cfm?md=newsroom&tmp=detail&articleID=2480

Notes: 

The package included $160 million in grants and loans applied in stages over five phases (all five phases have to be initiated by 2015; phase one already received $60 million). The package also included up to $40 million in Quality Jobs Program over 10 years and sales tax rebates or investment tax credits worth up to $55 million over five years. Nucor also received an unspecified amount in local property tax abatements and was authorized for $600 million in tax-exempt Gulf Opportunity Zone bonds; the company is responsible for repaying the bonds (listed in a separate entry in the main Subsidy Tracker data for the Gulf Opportunity Zone Bond Program but not included in the total here). Overlap with main Subsidy Tracker data: a $18.8 million Quality Jobs award in 2012.

Source Notes: 
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