Steel Technologies Expanding Operations in County
The Paper has learned that Steel Technologies LLC, a steel processing company, plans to expand its operations in Montgomery County, creating up to 21 new jobs by 2019.
According to the Indiana Economic Development Corporation, Louisville-based Steel Technologies will invest $10.1 million to grow operations and broaden capabilities at its current 233,000-square-foot production facility at 3560 Nucor Rd. Expanding the building to cover a total of 314,600 square feet, this addition will allow Steel Technologies to increase its capacity and services to support the growth of current customers and the industry in the region. Construction on the company’s expansion has already begun and the facility is expected to be fully operational in the coming months.
According to the IEDC, Indiana Gov. Mike Pence was impressed with the move.
“In Indiana, companies like Steel Technologies continue to benefit from doing business in a state that works,” Pence said. “We are home to an affordable, low-tax business climate that ranks first in the Midwest and fifth overall, supporting job creators in every corner of the state. With locations across North America, Steel Technologies could have expanded anywhere, but they chose Indiana. We look forward to supporting the company’s continued growth and job creation in the Hoosier state.”
Montgomery County Commissioners vice president Phil Bane agreed.
“We always enjoy seeing our local businesses expand, and we’re excited to see Steel Technologies do so,” Bane said. “It’s great to see they’re making an investment in Montgomery County which both increases economic development, and builds on our current assets we have in the steel sector.”
According to the IEDC, there were incentives for Steel Technologies to expand here. IEDC offered Steel Technologies up to $100,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. In addition, the city of Crawfordsville will consider incentives at the request of the Indiana West Advantage, Montgomery County’s economic development organization.
Steel Technologies’ plant here in Montgomery County currently employs 67 people. However, the company has plans to hire more production help. Across the U.S., Canada and Mexico, Steel Technologies employs more than 1,850 people.
“We are dedicated to delivering more value to our customers. The added capabilities and increased capacity allows us to expand the services we bring to our growing customer base,” Mike Carroll, president and chief executive officer of Steel Technologies, told IEDC. “As a leader in advanced manufacturing, Indiana continues to offer Steel Technologies both a favorable business climate and a skilled workforce that supports our five facilities throughout the state.”
Indiana is the nation’s leading steel producer, making 23.2 million tons of steel in 2015. Today, more than 23,000 Hoosiers work in the industry and companies like Steel Technologies continue to find the workforce they need to expand in Indiana. The Hoosier state’s business climate ranks best in the Midwest and fifth in the nation, with a record number of 156,800 jobs added since 2013.