CALVERT, Ala. (AP) -- ThyssenKrupp AG has announced it's spending another $350 million on the carbon steel side of its complex in Calvert, which brings the total cost of its investment to $5 billion.
Ekkehard Schulz, chairman of ThyssenKrupp's executive board, told shareholders that the company's board had approved spending $3.6 billion for the carbon steel section, up from $3.25 billion.
Schulz spoke at the firm's annual meeting in Bochum, Germany, and said the main reasons for the price hike include higher costs for infrastructure, fire protection systems and cooling equipment.
He also announced that the price for the Brazilian mill that will feed raw steel slabs to carbon steel operations in Calvert and Germany would increase to $7.3 billion, up from $6.1 billion.
