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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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