German technology conglomerate
ThyssenKrupp broke ground on a US$4.65 billion
stainless and
carbon steel processing facility in Calvert in 2007. The facility became operational in July 2010. ThyssenKrupp's stainless steel division, Inoxum, including the stainless portion of the Calvert plant, was sold to Finnish stainless steel company
Outokumpu in 2012. The remaining portion of the ThyssenKrupp plant, with a production capacity of 5.3 million metric tons that includes a hot strip mill, cold roll mill and four coating lines, was purchased by a 50/50 joint partnership of
ArcelorMittal and
Nippon Steel in February 2014 for $1.5 billion and renamed AM/NS Calvert. At the time, ThyssenKrupp was the region's 2nd largest industrial employer. ==References==