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:
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 (click here) The value of the local property tax abatement was cited in a June 21, 2005 press release by then-Gov. Jennifer Granholm; online at (click here) 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: If an online information source is not working, check the Tracker inventory page for an updated link.