German Steelmaker to Open Plant in Alabama

Mount Vernon, Alabama received some of the best news that their residents could have hoped for on Friday. ThyssenKrupp AG is investing Investing $3.7 billion to build a plant. This new plant will bring Mount Vernon, located around 35 miles north of Mobile, a lot of jobs. ThyssenKrupp estimates around 29.000 jobs will be made in the production of this new plant. It is also believed that around 2,700 people will be created when the plant opens in 2010. Over the next twenty years, the plant will indirectly produce countless jobs.

This investment will make ThyssenKrupp, a German steelmaker, more competitive in North America, which is one of the fastest growing markets. The new plant is a vital part in ThyssenKrupp's growth plan. Michael Rademacher, vice chairman and CFO of ThyssenKrupp Stainless, admitted that the move to Alabama was a brave one, but said "it is also a logical and forward-looking one," Rademacher also impressed the importance of this move for ThyssenKrupp's future. Building this state-of-the-art steel and stainless steel processing plant in Alabama allows ThyssenKrupp's to take advantage of the North American Free Trade Agreement area. ThyssenKrupp' hopes to expand its market share of high-end flat steel products in Canada, the United States, and Mexico to 5 percent. The company believes placing a plant in the United States will help them increase market share because produces don't like purchasing imports, they would rather buy American made stainless steel.

This plant will produce around of 5.5 million tons of steel annually. Around 40% of this steel will be used in making automobiles. The rest of the steel will be used in construction and utility companies with 1 million tons being devoted to the production of stainless steel.

Over the last decade, Alabama has enjoyed many boosts to its economy, Mercedes-Benz, Honda ,Hyundai,International Diesel and Toyota have all built plants helping to improve Alabama's economy. Much of this has improvement has been made thanks to the help of Alabama government. This plant was no exception. ThyssenKrupp officials have praised Alabama governor Bob Riley for his outstanding leadership during the two year process. Officials say that Riley was at every meeting and eager to troubleshoot any potential problems. Riley went as far to force state Senators to work together to make a package so impressive that it would guarantee ThyssenKrupp would choose Alabama for its new plant. Even ThyssenKrupp officials agree that it was Riley and his team that won the contract for Alabama. There is no doubt about it, you residents of Mount Vernon are grateful to have Riley as a governor,

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