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The agreement could save the California-based company more than $100 million in electricity costs. The arrangement is for 10 years, starting with production at the new facility, or for 12 years starting with construction. The incentive is tied to a variety of conditions, including employment benchmarks.

But the group wasn't able to get a handle on its electricity costs in Ohio because the state has yet to decide how rates will be regulated in the future, said David Stickler, managing director of Global Principal Partners LLC, which is working with Steel Development. He said nobody was able to say what the plant's power costs would be over the next five to seven years.

Immelt said “certainty of demand” is required to spur hiring.

Immelt said that the “government in the U.S. has always been a catalyst to drive growth. This is not President Obama versus President Bush: The [National Institute of Health] has been a catalyst for the world’s best healthcare system. The Defense Department spawned… the Internet and modern transportation technology for generations. The nuclear industry was built [by] the Defense Department.”

Infrastructure is a facilitator of competitiveness and productivity… whether it’s broadband or highways or ports or electricity grids