Cabinet for Economic Development
Governor Beshear Announces North American Stainless to Make $30 Million Investment in Ghent Facility
Company represents largest Spanish investment in the United States
GHENT, Ky. (Jan. 28, 2011) – Gov. Steve Beshear today joined community leaders and executives of North American Stainless (NAS) to announce the company’s plans to invest $10 million for increased peeled bar production plus $20 million for additional equipment upgrades in its Ghent facility. The expansion, which is the company’s ninth since it began operations in Kentucky in 1990, will also add 10 new jobs at the plant.
“North American Stainless and its parent company, Acerinox, have made substantial investments in Kentucky over the past two decades,” said Gov. Beshear. “This new $30 million investment further enhances North American Stainless’ footprint in Kentucky and is a testament to the caliber of international enterprises that call Kentucky home. It also demonstrates the company’s continued confidence in our workforce and business climate. We appreciate that confidence and look forward to working together to ensure success for decades to come.”
Construction will begin this spring, adding 35,000 square feet to North American Stainless’ Long Products facility. The project is expected to be completed by the second quarter of 2012. Peeled bar stainless steel is used in a variety of products, including many used in the aviation, automotive, chemical, plumbing, general manufacturing and food services industries.
“We are very pleased that our parent company, Acerinox, S.A., has authorized this investment and again demonstrated its confidence in our employees, Kentucky and Carroll County,” said Cristobal Fuentes, president and CEO of North American Stainless.
North American Stainless is a subsidiary of Acerinox, S.A., headquartered in Madrid, Spain, and is the largest Spanish investment in the United States. To date, the company has invested more than $2 billion in its Carroll County facility. Its 1,355 employees produce more than 40 percent of the flat rolled and long products stainless consumed in the country. In the last three years, NAS has increased its production capacity by 40 percent by also investing in upgrades and additions to its Melt Shop and Cold Rolling.
“NAS and its employees have a long history of taking an active role in working to make Carroll County a better place,” said Fourth District Congressman Geoff Davis. “This new investment not only creates jobs, it demonstrates the company’s continued dedication to our community.”
“Congratulations to North American Stainless on their latest expansion and the even greater impact they will have in Carroll County,” said Sen. Ernie Harris of Crestwood. “NAS has been a great corporate citizen for many years and I am pleased that their commitment to Carroll County continues to grow.”
“I believe now is the ideal time to invest, so the fact that North American Stainless has been given the go-ahead to make this move is certainly great news,” said Rep. Rick Rand of Bedford. “This will not only provide better job security for those who work there, it will also benefit every other factory that depends on this company to do their job. For the city of Ghent and the surrounding region, it’s a welcome gift.”
“NAS is a great corporate citizen and we thank them and Acerinox, S.A. for their continued commitment to Carroll County,” said Carroll County Judge Executive Harold "Shorty" Tomlinson. “Their total investment to the local community and this region of the Commonwealth is remarkable. I would also like to applaud Governor Steve Beshear for his leadership and working to promote the expansion of NAS.”
For more information on North American Stainless, visit www.NorthAmericanStainless.com. Information on Acerinox S.A. is available at www.Acerinox.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Ghent (Carroll County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=065.