Feralloy Corp., a Chicago-based steel processing company, plans to locate a 30-job, $17.5 million facility on Nucor Steel Gallatin’s campus near Ghent, Kentucky.
By leasing a 60,000-square-foot facility at Nucor’s steel mill in Gallatin, Feralloy will receive steel coils directly from the mill, then cut and level them into high-quality sheets per customer spec. The new facility will enable Feralloy to better serve customers in the Ohio Valley and Eastern US. Operations are scheduled to begin in October of this year with one shift of 15 employees, expanding to additional shifts soon after.
“I’d like to welcome Feralloy to Kentucky and thank its leaders for creating jobs in our state during an uncertain time. Their confidence in Kentucky’s business sector highlights our advantages for companies making long-term commitments to our communities,” Governor Andy Beshear said. “For the primary metals industry, Kentucky provides a key location nationally, low electricity rates, shipping options including rail, river and highway and an experienced workforce. These, and the momentum of our current industry partners like Nucor and Feralloy, will propel growth well into the future.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in June approved Feralloy for up to $90,000 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. In addition, Feralloy can receive resources from the Kentucky Skills Network.
Feralloy dates back to 1954 and has become a major steel service center in North America with 13 locations in the US and Mexico, serving a range of customers including small, family owned manufacturers and distributors as well as large original equipment manufacturers. Feralloy is a wholly owned subsidiary of Los Angeles-based Reliance Steel & Aluminum Co., an NYSE-listed Fortune 500 company.
Sen. Paul Hornback, of Shelbyville, said the work to establish Kentucky as a strong place to do business over the years has paid off with projects such as Feralloy’s new location.
“This is welcomed news for Ghent and all of Carroll County,” Sen. Hornback said. “Feralloy recognizes all this community has to offer, and we are grateful for their partnership with Nucor Steel at Gallatin’s campus. Partnerships like this serve to help us recover from the challenges brought on by COVID-19. The steps we have all taken over the past several years to strengthen our businesses environment provides Kentucky with opportunities for recovery from the effects of the pandemic. I thank Feralloy for this investment as well as Nucor Steel for the advantages they bring to Carroll County and its people.”
Shelby Miles, executive director of the Kentucky I-71 Economic Development Alliance, said the new addition builds on the region’s growing industrial strength.
“We are excited to welcome Feralloy as they expand their operations at the Nucor Steel Gallatin campus,” Miles said. “The addition of Feralloy in Gallatin County further provides economic opportunity and job creation in an already strong industrial corridor. We look forward to working with Feralloy as they continue to grow within our community.”