Steel Dynamics Inc. is partnering with Spanish company La Farga Group to build a manufacturing plant that will produce wire rod from recycled copper in New Haven, Indiana. The joint venture will invest more than $39 million and create up to 35 new jobs by 2013. The newly created company will be called SDI La Farga.
"We are proud to incorporate the advanced manufacturing technology of La Farga Group in a state-of-the-art facility that deepens our commitment to Northeast Indiana and Allen County," said Mark Millet, president and COO of Steel Dynamics.
"This joint venture represents our first expansion into the United States, and we are proud to partner with Steel Dynamics, a proven leader in the metals industry," said Oriol Guixà, CEO of LaFarga Group.
The Indiana Economic Development Corporation has extended SDI La Farga up to $300,000 in performance-based tax credits and up to $20,000 in training grants. Allen County will consider additional incentives at the request of the Fort Wayne-Allen County Economic Development Alliance.
SDI has steel production facilities across Indiana and the Mid-Atlantic states. La Farga Group produces copper wires and tubes and is based in Barcelona, Spain.