Cabinet for Economic Development
Olympic Steel Surpasses Initial Growth Plans, Adds Second Facility
$11.2 million investment grows to 60 total jobs at two sites
FRANKFORT, Ky. (Jan. 9, 2012) – Governor Steve Beshear today announced Olympic Steel will expand the scope of its plans to locate in Mount Sterling. The company first announced last summer it would locate a new steel service center there, creating 20 new jobs.
As a result of increased growth, Olympic Steel will purchase an additional 100,000-square-foot facility and create another 40 jobs, bringing its new employment to 60.
The project investment totals $11.2 million.
“We’re always thrilled to welcome a new company to Kentucky and even more thrilled when a company exceeds even its own initial expectations,” Gov. Beshear said. “The location of Olympic Steel’s two new steel service centers is a great addition to Mount Sterling, bringing 60 new jobs and a multi-million dollar investment to the community. Kentucky looks forward to a long and successful partnership with Olympic Steel.”
Olympic Steel will now occupy two Mount Sterling plants, which will facilitate steel processing, machining and material handling. The existing facility, located at 3329 Owingsville Road, has been operational since the first quarter of 2011. The recently purchased facility, located at 175 Clarence Drive, is expected to become operational by second quarter 2012.
“We are excited to further expand our footprint in the Commonwealth of Kentucky,” said Raymond Walker, senior vice president of the eastern region for Olympic Steel. “We appreciate the support we have received from local agencies and officials in making this transaction possible. Particularly, we would like to acknowledge Sandy Romenesko, executive director of the Mount Sterling-Montgomery County Industrial Authority, for her diligent efforts in moving this project forward.”
To encourage the additional job creation in Mount Sterling, the Kentucky Economic Development Finance Authority amended an approved incentive package for Olympic Steel that will increase the maximum tax incentive amount to up to $2.5 million through the Kentucky Business Investment program.
“This is exciting news for Montgomery County and the region,” said Sen. R.J. Palmer II, of Winchester. “Olympic Steel has been a good corporate friend to our area, and this investment will bring with it 40 more much needed jobs. This is a welcome opportunity for our workforce and a boost to our economy.”
“Olympic Steel has made tremendous strides in recent months, which speaks volumes about its workforce and the company’s dedication to excellence,” said Rep. Richard Henderson, of Jeffersonville. “I’m happy the state is playing a role in helping to make this possible, and want to thank Gov. Beshear for his efforts. I look forward to seeing the company grow even more in the years ahead.”
“We are so excited about the location and the new expansion plans for Olympic Steel,” said Mount Sterling Mayor Gary Williamson. “They have proven to be a tremendous asset to our community and in this economy, new job creation is a very welcome event. The creation of 60 new jobs adds to the tax base and the overall economic well-being of the community, and we are so glad they have chosen Mount Sterling.”
“Olympic Steel is a great company with a proven track record, and we are thrilled they have chosen our community to reside and expand,” said Wallace Johnson, Montgomery County Judge-Executive. “We are one of the top 10 fastest growing communities in the state, and it’s because of companies like Olympic Steel that have helped us continue to grow our population and our economy. Thank you, Olympic Steel, for your faith in our community. We pledge our support to you.”
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Mount Sterling (Montgomery County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=052.
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products. The company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Olympic Steel currently operates from 29 facilities in North America. For further information, visit the company’s website at www.olysteel.com.