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Michigan Approves Amended Tax Incentives for Dow Chemical, AK Steel

We have an update on new moves tied to Midland-based Dow Chemical.

Tuesday, the Michigan Strategic Fund Board approved amended tax incentives so Dow Chemical has more time to add jobs and AK Steel can qualify for tax credits following a merger.

Back in 2005, the state gave the OK to incentives for Severstal Dearborn, which merged into AK Steel in 2014.

Both Republican and Democratic lawmakers have criticized the Michigan Economic Development Corporation’s negotiations because legislation to let AK Steel claim the credits stalled in 2016.

Additionally, Dow is still looking at a date to merge with DuPont.

Once that happens, they plan to spin off into three public companies; one focusing on agriculture, one on material science and one on specialty products.