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Steel project inching forward: complicated financial closing delayed until early September.

Publication: Mississippi Business Journal
Publication Date: 29-AUG-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
COLUMBUS -- SteelCorr's financial closing was scheduled for the week of July 25 in New York, but the complicated deal has been delayed until early September.

"We thought we'd have this deal closed a long time ago, but it's like watching paint dry on the wall," said SteelCorr CEO John Correnti.

Charleigh Ford, executive director of the Columbus Lowndes Development Link, said the loan "for all practical purposes is complete. They're just turning pages now."

"We had dinner recently with (SteelCorr folks) and somebody asked why it's taking so long, and they said, try to go to a bank and borrow $750 million," said Ford, with a chuckle. "It's not an easy process."

SteelCorr's new $750-million technologically-advanced steel mini-mill to be built on the 1,550-acre Tennessee Valley Authority (TVA)-certified megasite in Lowndes...

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