U.S. Steel wins tax breaks from one of America's poorest cities Feb 08 2019 [Reuters]
United States Steel Corporation (X)
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Source: Reuters
U.S. Steel wins tax breaks from one of America's poorest cities | Reuters 8 Min Read GARY, Indiana (Reuters) - United States Steel Corporation founded Gary, Indiana in 1906 - naming it after co-founder Elbert Henry Gary - and the city’s fortunes have been closely tied to the company ever since. When the firm started losing business to cheap Asian imports in the 1970s, waves of layoffs followed as Gary became a haven of blight, crime and lost population. Last year, the city harbored hopes for a revival after President Donald Trump imposed tariffs on steel imports and the company planned a $750 million investment to modernize Gary Works, its largest North American plant. But it’s now clear those hopes will not translate into new steel jobs, even after the city and state offered the firm a $47 million tax break package. The whole point of the investment is to make the plant more efficient, so the incentives will help finance a project that city and company officials concede could ultimat
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