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On July 18, 2008, together with several global, multi-US$ billion institutional investors and a management team of five seasoned steel executives, GPP formed Steel Development Company. Steel Development Company is building its business to create long-term value in the global steel industry by building a portfolio of greenfield minimills at competitive capital costs while employing some of the world’s most advanced steelmaking and processing technology.
Mr. Levy has developed a successful track record of assembling highly structured senior debt packages for his global steel industry clients. Frequently these senior debt instruments involve the participation of foreign government guarantees via export credit agencies. As a result of these efforts, Mr. Levy has been able to provide his clients with more than US$1 billion of the most efficiently-priced capital under the most challenging of market circumstances. By virtue of his experience in structuring these debt transactions, Mr.
In Correnti's time at Nucor - now the largest steelmaker in the US - the company pioneered the development of mini-mills and replaced a model based on integrated production - whereby steelmakers would normally make iron, and then turn that into steel, all at the same site - with a system that takes scrap metal and unfinished iron and turns it into high-end steel products for use in industries such as car making. SeverCorr employs the same rationale. The 1.5 million tonnes per year plant (expandable to 3 million) is being built in Columbus, Mississippi.
"There's always room for an efficient low-cost quality producer," he says. He says the company will be a low-cost producer with a long-term energy arrangement with the Tennessee Valley Authority. Global Principal Partners LLP in Cleveland arranged financing for the project.