Steel Ventures Expands Wurtland, Kentucky, Manufacturing Plant
09/15/2016
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.
Project Announcements
Eastman Plans Longview, Texas, Production Operations
03/27/2024
DHL Supply Chain-Vantage Data Centers NV11 Plan Nevada Operations
03/26/2024
Big Jet Expands Pittsburgh, Pennsylvania, Operations
03/26/2024
Landmark Ceramics UST Expands Mt. Pleasant, Tennessee, Operations
03/25/2024
Google Plans Cedar Rapids, Iowa, Data Center
03/25/2024
Canada-Based Premier Tech Establishes Williamsport, Pennsylvania, Operations
03/25/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The Logistics Analysis That Drives Industrial Site Selection
Q4 2023
-
Manufacturing Momentum Is Building
Q1 2024
-
Technology’s Influence on Workforce Development
Workforce Q4 2023
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023
-
Industry in the Era of the Electron
Q1 2024