Frankfort, KY — Steel Ventures Inc., an affiliate of Huntington-based Steel of West Virginia Inc., plans a $16 million buildout of an existing facility in Wurtland to establish a 65-job galvanizing and distribution operation.
“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,” Gov. Matt Bevin said. “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.”
From Steel Ventures’ Wurtland complex, 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.
Sen. Robin Webb, of Grayson, said the plant will bring an economic boost now and in the long-term.
“I welcome Steel Ventures to northeast Kentucky as well as the jobs and investment its new galvanizing plant will bring. Our community has a world-class workforce ready to fill the 65 full-time jobs generated from this investment. This will also provide opportunities for our displaced steel workers,” she said. “I look forward to a long and successful partnership with Steel Ventures as a regional and state corporate partner.”
Rep. Lew Nicholls, of Greenup, congratulated Steel Ventures and said the new plant would make a positive impact.
“I am proud of the announcement of jobs in our region. I am especially proud of the partnership of the city of Wurtland, Greenup County with the Kentucky Cabinet for Economic Development to help an existing company to expand and create jobs in our community,” Nicholls said.
Ashland Alliance President and CEO Tim Gibbs said the project is a strong indicator of what can be accomplished when entities of northeastern Kentucky work together.
“By working with Steel Ventures, Inc.’s management, we were able to help them find the pathway for expansion in this region and in Kentucky,” he said. “Partners including the Woodlands Foundation, Kentucky Power, and Greenup County Fiscal Court all contributed towards this expansion and the jobs and investment that comes with it.”
Greenup County Judge-Executive Robert “Bobby” Carpenter welcomed the company.
“We are happy for the addition of 65 jobs from an existing company with a solid track record. Greenup County is doing its best for employment and growth for our community,” he said.
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 receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.