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Commercial Metals Company | Steel Recycling Plant
$51.5 million in New Markets Tax Credit financing which played a pivotal role in advancing the development of a $250 million steel micro-mill.
The facility will utilize sustainable processes pioneered by CMC in cleanly recycling a virtually endless supply of raw material otherwise destined for landfills. CMC, a global Fortune 500 company founded in 19 15 and based in Irving.Texas, is one of the world’s largest recyclers and manufacturers of metals. CMC operates six m ills in North America and Europe, with an annual production capacity of five million tons.
The completion of the first NMTC financing included an equipment tranche and a real estate tranche through four Community Development Entit ies (CDEs), as well as a wide-ranging package of incentives from local, regional and state entities.T he NMTC finan cing generated in excess of $10 million in net benefit to CMC, coupled with significant investments from the Governor’s Quick Action Closing Fund ($4M), the Durant Industrial Authority ($4.6M), the Choctaw Nation as part of their certified Promise Zone ($2M),Tax Increment Financing Bond Finance, and local utilities, wh ich initiated new infrastructure support work in ant icipation of construction and production requirements.
The Durant electric arc furnace (EAF) micro-mill facility will produce an annual 380,000 tons of rebar used in construction and infrastructure. It will incorporate innovative technology in which recycled scrap feedstock is melted, cast and rolled in one continuous process from input to shipping, eliminating the traditional fossil fuel fired blast furnace and reducing carbon emissions by more than 58 percent.