Olympic Steel Surpasses Initial Growth Plans, Adds Second Facility in Mount Sterling
1/10/2012 2:36:00 PM
FRANKFORT, Ky. â€“ 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.
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."
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.