Barbour: Severstal repays $10M loan 4 years early

AP News
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Posted: Dec 08, 2009 10:49 AM

Mississippi Gov. Haley Barbour said Monday that the steel company Severstal North America Inc. has repaid a $10 million loan to the state four years ahead of schedule.

Severstal began production in 2007 at its minimill in the eastern Mississippi city of Columbus.

The company received the $10 million state loan to pay for infrastructure at the $600 million facility, which makes flat-rolled steel coils. The plant was to have 450 employees.

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In 2008, Severstal announced a $400 million expansion that would add 150 jobs.