KY: Steel Ventures to Invest $16M, Build 65-Job Galvanizing Facility
16 Sep, 2016
Gov. Matt Bevin announced Steel Ventures Inc., an affiliate of Huntington, W.V.-based Steel of West Virginia Inc., plans a $16 million buildout of an existing facility in Wurtland to establish a 65-job galvanizing and distribution operation.
"Our administration is committed to helping breathe new life into the Eastern Kentucky economy. Significant investments from companies like Steel Ventures are essential to achieving that goal,” said Gov. Bevin. “These newly created jobs will greatly benefit the region and grow Kentucky’s metals industry. I am grateful to Steel Ventures for this continued investment in Eastern Kentucky.”
From Steel Ventures’ Wurtland complex, the new plant will meet the demand for galvanizing both regionally and nationwide. It will allow the company to coat a variety of products including truck trailer cross members, I-beams, guardrail posts, complex fabricated assemblies and parts. The plant will receive steel from Steel of West Virginia’s Huntington facility as well as other businesses and plants in the surrounding region.
Sen. Robin Webb, of Grayson, said the plant will bring an economic boost now and in the long-term.
“I welcome Steel Ventures to northeast Kentucky as well as the jobs and investment its new galvanizing plant will bring. Our community has a world-class workforce ready to fill the 65 full-time jobs generated from this investment. This will also provide opportunities for our displaced steel workers,” she said. “I look forward to a long and successful partnership with Steel Ventures as a regional and state corporate partner.”
Rep. Lew Nicholls, of Greenup, congratulated Steel Ventures and said the new plant would make a positive impact.
“I am proud of the announcement of jobs in our region. I am especially proud of the partnership of the city of Wurtland, Greenup County with the Kentucky Cabinet for Economic Development to help an existing company to expand and create jobs in our community,” Rep. Nicholls said.
Greenup County Judge-Executive Robert Carpenter welcomed the company.
“We are happy for the addition of 65 jobs from an existing company with a solid track record. Greenup County is doing its best for employment and growth for our community,” he said.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in April preliminarily approved the company for tax incentives up to $2 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, KEDFA approved Steel Ventures for up to $150,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
Steel Ventures can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
A detailed community profile for Boyd and Greenup counties can be viewed at http://bit.ly/BoydGreenup.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky. Watch the Cabinet’s “This is My Kentucky” video on YouTube.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2015 totaled a state record $5.1 billion, spurring more than 16,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.