Business & Education
1:57 pm
Thu December 26, 2013

Calvert ThyssenKrupp steel plant sold

CALVERT, Ala. (AP) — Residents of the small town located outside of the gates of Alabama's ThyssenKrupp steel mill say they aren't overly worried about a deal to sell the mill. People in Calvert say they have faith that the new owners of the mill will keep the world's most modern steel manufacturing plant running in southeast Alabama and will continue to hire local workers. ThyssenKrupp began construction of the $5 billion plant in 2007. Just five years later, the company announced it planned to sell the plant because of the economic downturn and growing expenses related to importing raw materials from Brazil. ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. plan to buy the mill in a $1.55 billion deal that still must be approved by regulators.