EVRAZ North America has decided to continue with the planned expansion of its steel plant in Pueblo, Colorado. The company is investing about $ 500 million to expand its Rocky Mountain steel mill, which in turn will create about a thousand jobs in the region.
According to a company press release, the expansion includes the construction of a 240 megawatt solar plant to be developed in partnership with Xcel Energy and Lightsource BP. The solar plant will be built and owned by Lightsource BP. Xcel Energy also agreed to buy electricity from the plant. Construction of the solar power plant is expected to begin this fall and be completed late next year.
The Colorado Economic Development Commission has already approved a $ 2.8 million job-stimulating tax credit over eight years. This is in return for the creation of 205 new jobs. It also approved an extended waiver of tax breaks for corporate investment in the amount of $ 14 million. Sources said the expansion project is also funded by the Pueblo Economic Development Corporation.
EVRAZ Pueblo, founded in 1881, is a major manufacturer of steel products, including rails, seamless pipes and rebar.