From Russia, With Steel

Why is the governor of Ohio and a Russian billionaire taking a walk on 600 acres near the Ohio River today?

Well, of course it has to do with economic development, in the form of a mega-project.

Victor Rashnikov, the owner of Russia-based Magnitogorsk Iron & Steel Works (MMK) is considering investing $1 billion into a steel mill near Portsmouth, OH. The move would create 1,000 jobs, and MMK would become the largest private employer in Scioto County. The steel mill would provide cold-rolled steel for the auto industry.

According to the Associate Press, Ohio is likely to put together a major incentive package similar to Alabama's ThyssenKrupp package. MMK is expected to make a decision within a year.

Source: International Herald Tribune via AP