Aleris Corporation Begins Construction On $350 Million Aluminum Rolling Mill In Hancock County, Kentucky
The investment, which will include two continuous annealing lines and a new wide cold mill, positions the company for long-term growth while maintaining steady employment for approximately 800 workers. Construction will begin this fall, with a goal of shipping automotive body sheet to customers by early 2017.
“The shift toward significantly greater aluminum use in automotive manufacturing represents a transformational opportunity for our industry,” said Steve Demetriou, Aleris Chairman/CEO. “We have provided advanced automotive solutions to premium automakers in Europe for many years. This expansion project will position Aleris, and specifically our Lewisport site, to play a key role in the transformation as it takes hold in North America.”
To encourage the investment in Lewisport, the Kentucky Economic Development Finance Authority preliminarily approved Aleris for tax incentives up to $11 million through the Kentucky Reinvestment Act (KRA). KRA is designed to assist companies that need to make significant capital investment in Kentucky facilities in order to remain competitive.
KEDFA also approved the company for tax benefits up to $750,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
The company has operated its 1.6-million-square-foot mill in Hancock County since 1964. Aleris chose to expand in Kentucky due to the Commonwealth’s strategic location and business-friendly environment.
According to Governor Steve Beshear’s Office “the expansion will equip Aleris with the capabilities and the technology to serve the North American automotive industry as it shifts to broader aluminum use to make lighter vehicles. It’s the single-largest project investment by a company in Kentucky in more than a year.”
“I’m very excited to celebrate the groundbreaking of such a significant project,” said Governor Beshear. “The demand for aluminum is growing exponentially, and Aleris’ investment will help ensure the Commonwealth is at the pinnacle of the industry. I want to thank Aleris for its continued investment in Kentucky and our workforce.”
Trends in Office and Industrial Parks
“Made in America” Executive Order to Affect International Companies and FDI
34th Annual Corporate Survey & the 16th Annual Consultants Survey
2020 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
Another Look at Rural Economies
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List