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Swedish Steel Producer Investing $460M in Alabama

SSAB, a manufacturer of high-strength steel and related products, will invest approximately US$460 million to build a new heat treating facility in Mobile, Alabama, at the site of an existing SSAB plant. The Stockholm, Sweden-based company will create 180 new jobs as part of the expansion, which company officials say is expected to increase output at the facility from 100,000 to 400,000 metric tons per year. "This reaffirms SSAB's focus on our value-added quenched and tempered steel and our commitment to meet customers' growing demand for such products," says Olof Faxander, the company's CEO. "SSAB will further develop its strong production base in the United States.and we will continue to strengthen our strategy to be the global leader in high strength steel." The Press-Register newspaper in Mobile reports that SSAB has been offered more than $45 million in financial incentives by state and local governments.

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