Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development. If you enjoy NewsFlash, thank an EDPA Partner.
Steel volumes were growing, fast, three years ago at the Port of Mobile. The Alabama State Port Authority had already built a terminal on Pinto Island for loading and unloading steel slabs on ships. As more and more steel coils, a circular spool of metal, were moving through the port, they needed someplace to put it all.
Enter maritime service providers Tri-State Maritime Services and Richardson Stevedoring & Logistics. Both companies received the request for proposal issued by the Port Authority. Together, they formed Alabama Steel Terminals, which commemorated the opening of the new facility early Tuesday.
Alabama Steel Terminals, a 50-50 joint venture between the two companies, split the cost of construction, a total $36 million. They will also jointly manage the warehouse as well. For its part, the Port Authority contributed the land, which sits on the Mobile River.
The Alabama Senate on Tuesday approved a major piece of economic-development legislation that would remodel the way the state provides incentives to companies it is trying to recruit.
The Alabama Jobs Act would create a pay-as-you-go plan for companies receiving tax abatements, along with other incentives for creating jobs in the state. Alabama's existing model provides funding upfront that sometimes totals in the millions.
A year after symposium Dothan still courting Chinese industries
by Lance Griffin
Posted on Mar 31, 2015
A funny thing happened on the way to the great Chinese business courtship of 2014.
A year ago, hundreds of Chinese entrepreneuers attended the U.S.-China Manufacturing Symposium. It was the first trip to the United States for many, much less the U.S. South. The city invited them to come back and look into doing business here. Their invitations were dunked in banana pudding and sweet tea.
Vulcan Materials' Company's Vice-Chairman will resign April 1, the company announced Tuesday.
Danny Shepherd started at Vulcan in 1973 after graduating from Georgia Tech. After leaving the company in 1993 he returned to Vulcan in 2002 as president of the Southeast Division.
