Missouri embraces new aluminum smelter

MARSTON, Mo. — A new aluminum smelter will open in the Missouri Bootheel region in May, replacing roughly half of the jobs lost when another smelter shut down two years ago.

Magnitude 7 Metals plans to hire 450 people for its plant in the former Noranda Aluminum smelter in New Madrid County, near the tiny town of Marston, about 150 miles south of St. Louis. CEO Bob Prusak said 140 people have already been hired. One line of the plant will open in May, and the second in November.

Republican Gov. Eric Greitens said the plant provides an opportunity for the economically troubled region to turn around its fortunes.

About 900 jobs were lost when Noranda shut down in March 2016, a huge blow to New Madrid County, where 24 percent of residents live below the poverty line. Statewide, Missouri’s poverty rate was 14.8 percent in 2015, according to census data. housing market bubble and subsequent financial crisis. The firm also became a target of intense populist anger during the Great Recession. It emerged from the crisis transformed, focusing less on risky trading and is now exploring new businesses like consumer loans.

The two people considered as candidates to replace Blankfein are Harvey Schwartz and David Solomon, who share the position as chief operating officer, the Journal said, citing undisclosed sources. Both Schwartz and Solomon have been considered successors to Blankfein in the past in reports.

Blankfein is one of only a couple big Wall Street CEOs who ran their firms before the financial crisis and still are at the helms today.