Jefferson County Port Authority gives green light to max

Aug 3, 2023

STEUBENVILLE — Following a public hearing, the board of directors for the Jefferson County Port Authority approved a motion authorizing the issuance of a multi-million-dollar bond series for JSW Steel USA Ohio, Inc. Wednesday.

The Port Authority’s Economic Development Revenue Bonds Series 2023 may be issued in one or more series in an aggregate principal amount not to exceed $145 million according to a public hearing notice from the Port Authority published in the Herald-Star in the issue dated July 23.

Robert Naylor, executive director of the Port Authority, said during the hearing that, if the issuance is authorized, the bonds’ proceeds would become available to JSW Steel for its project in Mingo Junction.

Naylor said of the bond issuance after its approval, “It will allow JSW Steel to tap into the green energy market and provide economic sustainability for their footprint here in Jefferson County.”

Brenan Pergi, board member, commended the “fantastic” bond issuance project, saying, “It’s in the best interest of people from an economic standpoint.”

The bonds’ proceeds would be used for financing or reimbursement of the installation of a vacuum tank de-gasser, which is used for scrap metal solid waste disposal via a recycling process, and improvements for a continuous slab casting machine, including dynamic soft reduction technology and “the ability to produce up to 12-inch thickness slabs,” the hearing notice said.

The public hearing was conducted pursuant to Section 147(f) of the Internal Revenue Code of 1986, which is “the body of law that codifies all federal tax laws,” according to the U.S. Census Bureau. Known as a TEFRA hearing — from the Tax Equity and Fiscal Responsibility Act — the hearing offered a chance for the general public to offer comments, positive or negative, on the possible bond issuance.

No members of the general public attended Wednesday’s hearing, although significant time was allotted for the opportunity. However, the hearing was attended by a quorum of the Port Authority’s board of directors, members of the press and individuals involved with the bond series, including representatives from JSW Steel and their bond counsel, the underwriter for the bond issuance and the Port Authority’s attorneys for the project.

Naylor, who thanked the project’s team for their work, said the next step for the bond issuance is to be approved by the highest legislative authority in Jefferson County, the county commissioners — a necessary step pursuant to the IRC.

Naylor said he will present the project to the commissioners at Thursday’s meeting at 9 a.m., where the commissioners have the option to allow the bond issuance to move forward.

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