This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Alcoa's NC Jobs-for-license Offer, A Year Later

In Mississippi, an initial silicon metal production operation was forecast to employ 200 at $45,000 a year. A silicon metal purifying operation employing about 750 was part of a second phase. Mississippi promised $75 million in loans and grants, and Lowndes County guaranteed to lease the land and build roads and other improvements.

But the company planning the big project, Silicor Materials Inc., has missed deadlines to get started this year, said Joe Max Higgins, chief executive officer of Golden Triangle Development Link, the business recruiting agency for Lowndes and two other counties. Silicor Materials, of which Correnti is executive chairman, has had trouble concluding funding commitments, Higgins said.

Silicor Materials is facing a Dec. 31 deadline to put up $150,000 to cover Lowndes Country's expenses if the deal falls through, Higgins said. The money would be refunded if construction on the silicon metal plant gets started.

"When they're dropping the ball on Times Square, when the ball hits zero, if there's not the $150,000 deposited into our account, we will nullify the loan and incentive package" the county offered, Higgins said. "My people here don't understand: How can a guy be building a $200 million project and then have a problem with escrowing $150,000 when he's missed two critical deadlines?"

Correnti said in an interview he's willing to walk away from the Mississippi project rather than post the money.

"We're not going to put any money down on escrow. I never have on any project I've ever done. If people don't have the patience for it, so be it. That's OK," he said.

Correnti has had mixed success in Mississippi. He was instrumental in opening a steel mill in Columbus in 2007. A Russian company later bought out Correnti and other senior managers and changed its name to Severstal. Correnti also promised a steel rebar mill that hasn't materialized in Amory.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs