JACKSON, Miss. (WJTV) – On Thursday, Governor Tate Reeves (R-Miss.) signed legislation that finalizes the largest economic development deal in state history.

Steel Dynamics, Inc., its subsidiaries, and its partners will be investing $2.5 billion into Mississippi. The deal will lead to the creation of 1,000 jobs with an average salary of $93,000.

“This is a game changing win for the state of Mississippi. This investment from Steel Dynamics will have a generational impact on our community,” said Governor Tate Reeves. “I’m thankful to all those who helped make this deal happen. The future of our state is bright, and today’s ceremony was further announcement to the world that Mississippi is open for business.”

Earlier this month, Mississippi lawmakers approved nearly $247 million in state incentives for an aluminum plant that could bring 1,000 jobs to the northern part of Mississippi by 2029.

The state incentive package includes $155 million in direct contributions, about $25 million for roads in and around the project site, money to help purchase land and income tax rebates.

Governor Reeves signed House Bill 1, Senate Bill 2001, and Senate Bill 2002.

Steel Dynamics is expanding its Columbus, Mississippi, campus, which is located on a Tennessee Valley Authority Mega Site, by locating two new facilities in the Golden Triangle Industrial Park: a state-of-the-art low-carbon, aluminum flat rolled mill and a biocarbon production facility.

The previous economic development deal record was in 2016, when Continental Tire announced a $1.45 billion investment to build a manufacturing plant in central Mississippi. The German company promised 2,500 jobs with an average pay of about $40,000 a year.

During a 2016 special session, legislators approved $263 million in borrowing for Continental, including $20 million to be repaid by Hinds County. With other tax breaks and aid, The Associated Press estimated the value of all incentives to Continental would exceed $600 million. The Continental plant opened in 2019.

Reeves said the state will have “aggressive” provisions to recover its investment if Steel Dynamics Inc. does not fulfill promises.

The Associated Press contributed to this report.