FRANKFORT – Gov. Steve Beshear Monday 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.
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, according to a press release from the governor's office.
“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.
“We are so excited about the location and the new expansion plans for Olympic Steel,” Mount Sterling Mayor Gary Williamson said. “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.”