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SeverCorr Accelerates Plan for Expansion
(Columbus, Mississippi, April 23, 2007): A year-and-a-half after breaking ground at its 1,400-acre steel mill in Lowndes County, MS, SeverCorr today announced plans to accelerate expansion of the plant. Plans include the installation of a second production line that will more than double the mill’s capacity, increasing its annual production to 3.4 million tons of high-quality steels for use in the automotive, building, agricultural, pipe & tube, and appliance industries.
Although the intention to expand the plant has always been part of the overall strategy for the facility, that growth was originally scheduled to begin two-to-three years following the completion of the first phase of construction. However, strategic partners in the organization now believe it is appropriate for the expansion to begin sooner.
“Our investors, partners and government officials are very supportive about the building of America’s next-generation steel mill,” said John Correnti, Chief Executive Officer of SeverCorr. “Their belief in SeverCorr and belief in this project are driving the acceleration of the expansion and we are grateful to have their partnership.”
Alexey Mordashov, CEO of SeverCorr’s strategic partner OAO Severstal, said, “Our own focus on growth and value creation can be seen in this commitment to SeverCorr. The expansion of the SeverCorr facility is a positive reflection on all involved.”
Expansion details will follow regulatory approvals and finalization of capital structure and equipment specifications. SeverCorr will work closely with local and state officials through this process to define the expansion’s impact in terms of job creation and economic development.
About SeverCorr LLC: SeverCorr was formed in 2003 to design, engineer, build and operate a state-of-the-art steel facility to service growing manufacturing opportunities in the Southern United States. In October of 2005, SeverCorr broke ground on a next-generation steel mill near Columbus, Mississippi. At the completion of its initial phase, the plant will produce 1.5 million tons of high-quality steels a year for use in the automotive, building, agricultural, pipe & tube, and appliance industries. A unique feature of the company is its 1400-acre mega-site, which has been designed to accommodate expanded operations, production partners and related manufacturers onsite.
CONTACT: Mark Bula
662-848-0992 Ext. 0299
mbula@mktgminds.com
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