Posted on 21 Aug 2020
EVRAZ North America has decided to move ahead with the planned expansion of its Pueblo, Colorado steel plant. The company will invest approximately $500 million towards the expansion of the Rocky Mountain steel plant, which in turn will generate around thousand jobs in the region.
According to company press release, the expansion comprises of construction of 240-megawatt solar installation, which will be developed in partnership with Xcel Energy and Lightsource BP. The solar installation will be built and owned by Lightsource BP. Also, Xcel Energy has agreed to purchase electricity from the plant. The construction of the solar facility is expected to commence this fall and will be completed late next year.
The Colorado Economic Development Commission has already approved a performance-based job growth incentive tax credit of $2.8 million over eight years. This is in return for creation of 205 new jobs. It has also approved an advanced waiver for Enterprise Zone Investment Tax Credits of $14 million. The expansion project is also funded by the Pueblo Economic Development Corporation, sources said.
Founded in 1881, EVRAZ Pueblo is a major producer of steel products including rail, seamless pipe and coiled reinforcing bar.
Source:Scrap Monster
