Cabinet for Economic Development
Governor Beshear Announces Olympic Steel Inc. to Locate New Manufacturing Facility in Mount Sterling
National metals service center to create 20 new jobs, invest $11.2 million
FRANKFORT, Ky. (Aug. 26, 2010) – Gov. Steve Beshear today announced Olympic Steel Inc., a national metals service center, will locate its new manufacturing facility in Mount Sterling. The company has purchased a 100,000 square-foot facility, located at 3379 Owingsville Road, to perform plate burning, machining, forming and shot blasting. The facility, which is expected to be operational during the first quarter of 2011 and create up to 20 new jobs, represents a phased capital investment of $11.2 million.
“Kentucky is proud to welcome Olympic Steel as its newest corporate citizen,” said Gov. Beshear. “The company’s decision to locate its newest service center in the Mount Sterling community will provide a positive economic boost through the creation of 20 new jobs and an $11.2 million investment. We are pleased to work with Olympic Steel to make this project possible and look forward to a long-term partnership.”
The multi-million dollar investment was aided by an incentive package approved by the Kentucky Economic Development Finance Authority (KEDFA). KEDFA preliminarily approved Olympic Steel for tax incentive benefits up to $1.5 million through the Kentucky Business Investment program. The performance-based incentive can be earned over a 15-year period through corporate income tax credits and wage assessments.
“We are pleased to announce the addition of a new facility in Mount Sterling, Kentucky,” stated Michael D. Siegal, chairman and chief executive officer. “This additional facility will allow us to better serve the growing demand for our products and services from customers in the area and reinforces our strategy of being closer to where our customers assemble their products. We are extremely thankful to the Commonwealth of Kentucky for its efforts in supporting our investment and welcoming Olympic Steel to the state. We are also proud to bring manufacturing job growth into Kentucky.”
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, aluminum and stainless flat-rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the company operates 16 facilities. For further information, visit the company’s website at http://www.olysteel.com.
“The most exciting news a community can receive is a new industry occupying an existing vacant building,” said Floyd Arnold, Montgomery County Judge Executive. “We are thrilled that Olympic Steel chose to locate its new manufacturing facility in Mount Sterling and Montgomery County. We welcome the company and the new jobs it brings, and will do our level best to take care of the company as the good corporate citizen I know it intends to be here.”
“We in Mount Sterling are truly thrilled to be able to announce a new manufacturing company in our community, but especially a strong and well-known company like Olympic Steel,” added Mount Sterling Mayor Gary Williamson. “The quality jobs it is expected to bring to our community are a blessing and we welcome the company with open arms.”
A detailed community profile for Mount Sterling (Montgomery County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=052. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.