Gerdau Ameristeel will invest $25 million in its Calvert City, Kentucky steel mill. The funds will allow for the installation of a new re-heat furnace. Construction should be complete by the end of 2012. Gerdau will also retain 139 employees.

Incentives for a New Kentucky, a state incentives program, is helping fund the project. The company has been pre-approved through the Kentucky Reinvestment Act to receive up to $6 million.

"As a proud Kentucky corporate citizen, Gerdau Ameristeel appreciates the support provided by state and city officials in this important investment project, with particular thanks to the efforts of Governor [Steve] Beshear," says Terry Donovan, a manager at Gerdau Ameristeel in Calvert City. "Our Calvert City employees also played an important part in the company's decision to bring this investment to Calvert City, in recognition of their high level of engagement and productivity."

The new furnace will offer up to 30 percent better productivity, and a 20 percent reduction in gas consumption.