ThyssenKrupp, the $61 billion (US) German company, announced yesterday that it has narrowed its search for a new US plant site to Louisiana and Alabama. They are looking to build a $2.9 billion state-of-the-art steel and stainless steel manufacturing and processing facility in one of those two states. This would be the second-largest investment in a new industrial project in the US since 2002.
In the US alone, ThyssenKrupp employs about 25,000 employees, with annual sales of $9.7 billion. This plant will eventually employ about 2,700 people, but the construction phase will require almost 30,000 jobs. According to this company fact sheet, “the new U.S. plant will be a cornerstone of the company’s NAFTA strategy.” (Emphasis ours)
We will keep you posted on their eventual decision, but while the Dobbs-ians rail about “globalization”, they always seem to forget that the door of investment swings both ways. They also forget that NAFTA opened markets for US-made goods and attracted foreign investment, as here. The challenge is to continue to create a climate in this country that attracts manufacturing. We do that by addressing the 32% cost disadvantage we have with our global competitors.
We’ve written in this space before about the positive impact of globalization on Indiana — twice — South Carolina, Georgia and the US at large. The planned ThyssenKrupp project is yet another reminder of the benefits of free and open trade.
Bring it on.
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