Steel Ventures Expands Wurtland, Kentucky, Manufacturing Plant
According to state officials, 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.
"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 Governor Matt 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.”
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 also receive resources from the Kentucky Skills Network.
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