Subsidy Tracker Individual Entry

Company: 
Severstal
Parent Company: 
Cleveland-Cliffs
Subsidy Source: 
multiple
Location: 
Michigan
City: 
Dearborn
Project Description: 

steel plant

Year: 
2005
Major Industry of Parent: 
mining and minerals
Specific Industry of Parent: 
mining
Subsidy Value: 
$119,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
2,000
Capital Investment: 
$1,300,000,000
Source of Data: 

The state subsidy value, the number of retained jobs and the amount of the investment came from a June 21, 2012 press released issued by Gov. Rick Snyder; online at http://www.michiganadvantage.org/Press-Releases/Snyder-celebrates-grand-... The value of the local property tax abatement was cited in a June 21, 2005 press release by then-Gov. Jennifer Granholm; online at http://www.michiganadvantage.org/Press-Releases/250-Million-Severstal-In...

Notes: 

The package included a Retention MEGA tax credit worth $49 million over 20 years; brownfield credits worth $51 million; an unspecified amount of training funds; and local property tax abatements worth an estimated $19 million. The facility, which the Russian firm Severstal sold to AK Steel in 2014, is part of the former Ford Rouge plant. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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