FRANKFORT, Ky. Gov. Steve Beshear has announced that North America Stainless (NAS) plans to expand its facility in Carroll County.
NAS will invest $5 million to add a fourth steel slitter line. The expansion, which is the companys 10th since it began operations in Kentucky in 1990, will also include the addition of 15 new jobs at the Ghent plant.
North American Stainless and its parent company, Acerinox, S.A., continue to make substantial investments in Kentucky, said Gov. Beshear. This announcement demonstrates the companys continued confidence in our workforce and business climate. We want to thank NAS for investing in Kentucky, and I look forward to working with the company to create even more success.
Construction on the slitter line will begin in January 2015 and is expected to be completed in early 2016. Slitting is the process of cutting large rolls of steel into more narrow rolls. The stainless steel is used in a variety of products, including appliances, automotive, plumbing, general manufacturing and the food service industry.
NAS is a subsidiary of Acerinox, S.A., headquartered in Madrid, Spain. To date, the company has invested more than $2.5 billion in its Carroll County facility, making it the largest Spanish industrial investment in the U.S. NAS, which also is the largest, fully integrated stainless steel producer in the nation, has more than 1,350 employees.
During a trip to Europe, Gov. Beshear met with Acerinox at its headquarters in Madrid to discuss energy policies and future investments. The meeting played a pivotal role in the companys decision to expand in the Commonwealth.
Our parent company, Acerinox, S.A., with its worldwide operations, has choices on where to invest, said Cristobal Fuentes, president and CEO of North American Stainless. We appreciate the Governor meeting with the executives of Acerinox, S.A. in Madrid and are very pleased that our parent company has again demonstrated its confidence in our employees, Kentucky and Carroll County by authorizing this investment. I know that with the continued support of Acerinox, S.A., Kentucky and the county that our employees will continue to compete globally.
Steel also continues to be a big driver of Kentuckys economy. The industry accounts for more than $1.4 billion in GDP and employs more than 4,000 people statewide.
A detailed community profile for Ghent (Carroll County) can be viewed here.
Information on Kentuckys 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 or follow on Twitter. Watch the Cabinets This is My Kentucky video on YouTube.