Alabama's selection as the site for the $3.7 billion ThyssenKrupp steel plant was made formal at a news conference this morning, where state, local and company officials celebrated the company's decision.

"It doesn't get a lot better than this," Gov. Bob Riley said at the 10:30 a.m. announcement. "This is an absolutely historic day for the state of Alabama and also for ThyssenKrupp."

Approximately 29,000 jobs will be generated during the construction phase for the plant, the company estimates. When it is fully operational, the plant will employ 2,700 people.

The Alabama facility will import slabs ThyssenKrupp makes in Brazil and turn them into steel suitable for automobiles and appliances, among other things. The plant site is near Mount Vernon, a burg of 1,700 people about 30 miles north of Mobile.

Bob Soulliere, president and chief executive of ThyssenKrupp Steel and Stainless USA, was on hand for the Montgomery announcement. "These jobs will support families in Alabama for a long, long time," he said. "A steel plant of this size will operate for decades. We are here to stay."

ThyssenKrupp is one of the world's largest companies, with operations in dozens of industries around the globe, 185,000 employees, $64 billion in annual revenue and $2.3 billion in profit.

Executives from the company, Mobile city and county and Alabama state legislators attended the announcement press conference.

In a statement, the company cited decisive factors in selecting the site near Mobile over a site near Baton Rouge, La.

Kim Chandler