Mobile County board approves tax abatements for Ohio company

(25th January, 2012)

MOBILE, Alabama — The Industrial Development Authority of Mobile County approved tax abatements Wednesday for a proposed $18.5 million steel slitting facility to be located at the ThyssenKrupp Steel mill site. Heidtman Steel Products Inc. of Toledo, Ohio, is expected to start out with five employees with an average salary of $45,000 and by the end of the third year will grow to 48 new jobs.

The authority unanimously approved to offer Heidtman ad valorem and sales tax abatements worth more than $546,300 for the first year and over 10 years it jumps to more than $1.3 million. Ad valorem taxes for education, which were not exempted, will total more than $109,150 for the first year. That amount will increase to more then $2.1 million in a 10-year period.

Scott Carter, vice president of operations for Heidtman, told authority members the steel company has been looking for years to locate the “steel slitting operation” in the South and the ThyssenKrupp seemed like the perfect fit. Carter said the company would acquire wide steel coils from ThyssenKrupp and then cut the wide steel into narrower steel. He said the steel coil from ThyssenKrupp would be slit and packaged to customer specifications and shipped from the facility to customers in the region and possibly Mexico. The company’s customers include Ford, GM and Chrysler.
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