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FOR IMMEDIATE RELEASE
October 7, 2005

GOV. BLAGOJEVICH ANNOUNCES IMPORTANT OPPORTUNITY RETURNS SUPPORT IS BRINGING U.S. HEADQUARTERS OF WORLD?S LARGEST STEEL MAKER AND MORE THAN 200 JOBS TO CHICAGO

CHICAGO - Gov. Rod R. Blagojevich today announced that Mittal Steel, the world’s largest steel producer, has chosen to locate its U.S. corporate headquarters in downtown Chicago, bringing 212 new jobs to Illinois. The company’s decision was made possible in large part due to $7.5 million in Opportunity Returns support. Mittal’s executive offices will be located in the new One South Dearborn building, which is scheduled for completion in December.

"It is only logical that a world-class corporation would want to locate its U.S. headquarters in a world-class city. By being pro-active and ensuring that businesses have all the tools they need to compete and thrive, we’re creating an extremely attractive business climate that is continuing to lure internationally successful companies from across the globe to our state. This is hopefully only the beginning of a productive partnership with Mittal Steel that will pay important economic dividends for years to come. The message is clear, we’ll never stop investing in companies that invest in Illinois," Gov. Blagojevich said.

The Opportunity Returns investment package will be administered by the Illinois Department of Commerce and Economic Opportunity (DCEO). DCEO will provide Economic Development for a Growing Economy (EDGE) corporate income tax credits over ten years based on job creation; a grant for construction, renovation, machinery and other infrastructure improvements; and Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of Mittal’s workforce.

"Mittal Steel is the largest and most global steel company in the world, so that it is very fitting for us to locate our domestic headquarters in one of America's truly world-class cities," said Louis L. Schorsch, chief executive officer of Mittal Steel usa. "We were very impressed with the commitment and support provided by Gov. Blagojevich and the mayor, and we look forward to building on that foundation for the future."

 

Mittal Steel expects to occupy its new quarters at One South Dearborn in January, bringing together members of a management team who have been based in Northwest Indiana, Ohio and elsewhere.

 

"Attracting a quality company like Mittal to Chicago, along with more than 200 new jobs it will bring, is a huge victory for our local economy. Major projects like this one demonstrate that Gov. Blagojevich’s constant work on the frontlines to make Illinois an extremely competitive place to do business is paying off," said State Senator Mattie Hunter (D-Chicago).

 

"Under Gov. Blagojevich’s leadership, a great number of highly successful companies have announced their decision to locate or expand their operations in the Chicagoland area in the last year. Not only does that mean a wealth of new jobs for this economy, but an accelerated rate of economic growth and more widespread economic opportunity for the people of our community," State Rep. Ken Dunkin (D-Chicago) said.

 

Mittal Steel USA is part of Mittal Steel Co. N.V., the largest steelmaker in the world. Mittal Steel Company N.V. (NYSE: MT; AEX: MT) has operations in 14 countries, on four continents. Mittal Steel encompasses all aspects of modern steelmaking, to produce a comprehensive portfolio of both flat and long steel products to meet a wide range of customer needs. It serves all the major steel consuming sectors, including automotive, appliance, machinery and construction. For 2004, Mittal Steel had revenues of US$22.2 billion and steel shipments of 42.1 million tons. The company trades on the New York Stock Exchange and the Euronext Amsterdam under the ticker symbol "MT."

Mittal Steel USA, formed in April 2005, consists of Ispat Inland Inc. and Mittal Steel USA ISG Inc., formerly International Steel Group. It has operations in 12 states of the United States and in Trinidad and Tobago. It employs about 21,000 people and has annual production capacity of 21 million tons.

"In today’s global economy, companies have choices. To act as a vital resource that can help fuel business growth, Gov. Blagojevich understands we need to not only deliver financial support, but aggressive outreach, hands-on assistance and customized investments. By doing so, Illinois will continue distinguishing itself as a world-class place to do business for leading companies such as Mittal Steel and keep our state’s economy moving forward," DCEO Director Jack Lavin said.

Gov. Blagojevich’s Opportunity Returns regional economic development strategy is the most aggressive, comprehensive approach to creating jobs in Illinois’ history. Since a one-size-fits-all approach to economic development just doesn’t work, the Governor has divided the state into 10 regions – each with a regional team that is empowered and expected to rapidly respond to opportunities and challenges. Opportunity Returns is about tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to businesses. It is about upgrading the skills of the local workforce, increasing the access to capital, opening new markets, improving infrastructure, and creating and retaining jobs. Opportunity Returns is about successfully partnering with companies and communities, both large and small, to help all of Illinois reach its economic potential.



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