CRAWFORDSVILLE, Ind. (Sept. 30, 2016) – Steel Technologies LLC, a steel processing company, announced plans today to expand its operations here, creating up to 21 new jobs by 2019.
“In Indiana, companies like Steel Technologies continue to benefit from doing business in a state that works,” said Governor Mike Pence. “We are home to an affordable, low-tax business climate that ranks first in the Midwest and fifth overall, supporting job creators in every corner of the state. With locations across North America, Steel Technologies could have expanded anywhere, but they chose Indiana. We look forward to supporting the company’s continued growth and job creation in the Hoosier state.”
The Louisville, Kentucky-based company will invest $10.1 million to grow operations and broaden capabilities at its current 233,000-square-foot production facility at 3560 Nucor Road. Expanding the building to cover a total of 314,600 square feet, this addition will allow Steel Technologies to increase its capacity and services to support the growth of current customers and the industry in the region. Construction on the company’s expansion began this month, and the facility will be fully operational early 2017.
Steel Technologies employs more than 1,850 associates across 24 facilities located throughout the United States, Canada and Mexico. The Montgomery County facility currently employs 67 associates, with plans to hire additional production positions. Interested applicants may apply on the company’s career website.
“We are dedicated to delivering more value to our customers. The added capabilities and increased capacity allows us to expand the services we bring to our growing customer base,” said Mike Carroll, president and chief executive officer of Steel Technologies. “As a leader in advanced manufacturing, Indiana continues to offer Steel Technologies both a favorable business climate and a skilled workforce that supports our five facilities throughout the state.”
Indiana is the nation’s leading steel producer, making 23.2 million tons of steel in 2015. Today, more than 23,000 Hoosiers work in the industry and companies like Steel Technologies continue to find the workforce they need to expand in Indiana. The Hoosier state’s business climate ranks best in the Midwest and fifth in the nation, with a record number of 156,800 jobs added since 2013.
The Indiana Economic Development Corporation offered Steel Technologies up to $100,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Crawfordsville will consider additional incentives at the request of the Indiana West Advantage.
“We always enjoy seeing our local businesses expand, and we’re excited to see Steel Technologies do so,” said Phil Bane, vice president of the Montgomery County Board of Commissioners. “It’s great to see they’re making an investment in Montgomery County which both increases economic development, and builds on our current assets we have in the steel sector.”
About Steel Technologies
Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at http://www.steeltechnologies.com.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 12-member board chaired by Governor Mike Pence, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.
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