| || $3.7-Billion Investment in US by ThyssenKrupp; German Ambassador Scharioth Welcomes Decision |
14th May, 2007
German Ambassador Dr. Klaus Scharioth welcomes the decision by the ThyssenKrupp Supervisory Board in Germany to build a $3.7-billion state-of-the-art steel and stainless steel manufacturing and processing facility in the United States. Release link: http://www.germany.info
The new plant complex, which is scheduled to begin operations in 2010, will be located in Northern Mobile and Southern Washington counties in Alabama and is expected to be one of largest private industrial development projects in the U.S. in the coming decade.
The new plant complex will employ 2,700 people when it is fully operational. The construction itself will generate approximately 29,000 jobs during the building phase.
The Alabama complex, which will produce carbon steel and stainless steel, will serve industries such as automotive, appliances, and precision machinery in North America.
The ThyssenKrupp Group, based in Dusseldorf, Germany, will complement German business activities in Alabama, which have been traditionally high. So far, German-owned affiliates account for 11.9 percent, or 8,400, of the 70,600 jobs created by foreign-owned affiliates in Alabama, including DaimlerChrysler and EADS, among others. Fifteen percent of Alabama's exports flowed to Germany in 2004.
ThyssenKrupp's investment is proof of the vibrant transatlantic economic relationship, which benefits citizens and economic competitiveness on both sides of the Atlantic.
The decision by this well-established German company coincides with the statement by President Bush welcoming foreign direct investment in the U.S.
The overall economic contribution of US subsidiaries of German majority- owned business in the United States in employment currently amounts to around 750.000 jobs, a capital stock investment of over $203 billion is attributed to US subsidiaries of German companies.