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Michigan approves amended tax incentives for Dow, AK Steel

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 A Michigan board approved restructured tax incentives Tuesday for Dow Chemical and AK Steel and capped the credits' value similarly to how it did in agreements with automakers in recent years, despite lawmakers' criticism of the new deal for the steelmaker.

State economic development and company officials said the deals were needed in light of Midland-based Dow's full takeover of Dow Corning and West Chester, Ohio-based AK Steel's purchase of the Russian company Severstal.

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