Committee approves Bethlehem Steel grant

Maryland Watch

December 17, 1997

A General Assembly oversight committee signed off yesterday on a $5.5 million state grant to Bethlehem Steel Corp. to help with its construction of a new cold-rolling steel mill at its Sparrows Point plant.

In all, Beth Steel plans to invest some $300 million in the mill in the coming three years. The new mill will need fewer workers, but state officials said without the new investment, the entire Sparrows Point plant faced closing.

Total financial assistance for the project from the state and Baltimore County will reach $70 million, including $60 million in tax-exempt revenue bonds from the Maryland Energy Financing Administration.

The Legislative Policy Committee also approved yesterday $4 million in low-interest loans to Baltimore Marine Industries, the company that purchased the former Bethlehem Steel shipyard. Of the total, $1 million would be forgiven if the company reaches employment goals at the shipyard.

The committee approved financial packages for 10 companies, totaling $12.8 million. The aid will help attract or retain 3,200 jobs, according to projections by the companies.

Pub Date: 12/17/97

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