Alstate Steel Expands Albuquerque, New Mexico, Operations
To support the expansion the State of New Mexico is pledging $250,000 from its Local Economic Development Act (LEDA) job creation fund. The City of Albuquerque is pledging an additional $50,000 in city LEDA funds. The assistance is pending full review and approval from the Albuquerque City Council and will be awarded as Alstate meets economic development benchmarks detailed in the proposed Project Participation Agreement.
“Our decision to stay in New Mexico was not based solely on incentives, but on the expertise of the state and local team, your leaders, and the ability to move quickly and partner with us for everyone's success. That has stuck with me," Alstate Steel President Jeff Wallis said. “The culture that I have always expressed in my companies is to care about our clients.”
Founded in 1986, Alstate Steel has evolved into an industry leading manufacturer and steel development solution partner.
“This company has been in New Mexico for 25 years, has experienced significant growth, and is now providing services in 14 states,” Cabinet Secretary Alicia J. Keyes said. “Expanding New Mexico’s manufacturing footprint is a priority for this administration and incentivizing Alstate’s expansion will create an additional 28 new manufacturing jobs at an average salary of $49,000, while also retaining 42 current jobs. These employees will now be able to stay in New Mexico to live and work.”
The Albuquerque Regional Economic Alliance (AREA), the region’s private nonprofit economic development organization, provided technical assistance to the company in its expansion effort.
“The AREA team mobilized the moment we learned about Alstate’s potential departure from the region and reached out to our partners so that we could collectively get a compelling support package together,” said Danielle Casey, president and CEO of AREA. “We will continue to lead business retention efforts because we know, as evidenced with Alstate, that one phone call can be a game changer.”
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