U. S. Steel Endorses Gov. Granholm's Tax Package
United States Steel Corporation (NYSE: X), one of the largest employers in downriver Detroit, today announced its support of Gov. Jennifer Granholm's major reform of the Single Business Tax (SBT), saying the package, as proposed by the governor, would create an incentive for manufacturers to invest in the state, help stem the state's loss of high-paying manufacturing jobs, and boost the security of the 2,400 jobs at the company's Great Lakes Works in Ecorse and River Rouge.
"As proposed by the Governor, the reform package recognizes the favorable impact of manufacturers on the Michigan economy," said Fred Harnack, general manager of U. S. Steel Great Lakes Works. "In addition to being an incentive for U. S. Steel to invest in its operations here, we believe the tax reform package would make Michigan more attractive to other manufacturers and help provide job security for workers in the state."
Harnack noted that while some aspects of the governor's proposal will benefit the company, others could offset those benefits. Overall, the proposal is a net positive for the business climate facing U. S. Steel.
The proposal would reduce the SBT rate in Michigan and provide credits for personal property taxes imposed on manufacturing equipment.
"Michigan's high energy costs are serious burdens for companies in the state," said Harnack. "A fair business tax climate would help offset those costs."
U. S. Steel's operations in Michigan are important to the economies of the surrounding communities. It is estimated that every job in a steelmaking facility supports four to five jobs in the region.
"The bold steps laid out in the governor's plan will help keep good-paying jobs in Michigan," said Harnack. "We hope the Michigan Legislature moves quickly to review and approve the proposal, so that businesses will have certainty about an improved job and investment climate in the state."
For more information about U. S. Steel visit http://www.ussteel.com/ .
SOURCE: United States Steel Corporation
CONTACT: John Armstrong, +1-412-433-6792, or Carlee Vargo,
Web site: http://www.ussteel.com/
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