Governor signs electric rate break for metal makers

JEFFERSON CITY, Mo. — Gov. Eric Greitens has enacted a new law allowing utility regulators to approve lower electricity rates to lure metal manufactures to Missouri.

Greitens said Thursday he has signed legislation that had been passed last month during a special session he called.

The law is intended to entice a steel-works facility and aluminum smelter to open near New Madrid, Missouri. But the special electricity rates also could be sought by other new or expanding businesses that use large amounts of power.

A business from India is looking at opening a steel mill that could create more than 200 jobs in New Madrid.

A Switzerland-based company also is considering reopening part of the former Noranda aluminum-smelting facility that closed last year.

Pertinent address:

New Madrid, Mo.