Here on the Florida Pipe & Steel blog, we’re dedicated to covering any spurts of good news stemming from the American steel industry. This giant industry that helped spur economic development in past decades has taken many hits in recent years. Across our land, however, there are some signs that U.S. operations in steel, an important sector of manufacturing, are still alive and well.
One example of this is the announcement of a new multi-million dollar project to construct a steel pipe coating facility in northern Kentucky, reported in this story published by Cincinnati.com. TMK IPSCO, a Houston-based subsidiary of a Russian corporation, will invest $19.8-million to begin developing the facility this summer somewhere in the region.
Increases in investment for oil and natural gas distribution infrastructure are a main reason for the creation of the new manufacturing plant, according to the company. The above story reports that up to 40 people could be employed by the facility at a base wage of $10.88 per hour. The Kentucky Economic Development Finance Authority has offered $650,000 in tax credits over 10 years as part of the deal negotiations; under the agreement, TMK IPSCO must keep almost all of its 370 employees as full-time workers in its Wilder plant, also in this region.
There are still plenty of developing industries, which need the steel products that only firms like this can provide. Steel may be a multi-billion dollar industry worldwide, but even million-dollar investments like this can make a big impact in a local economy. Here at Florida Pipe & Steel, we’re encouraged by the prospects that steel can have in natural resource extraction and other infrastructure industries.
The American steel industry is one that can still show a sizable return on investment. Make sure to check our blog often to hear more about the state of the steel industry in our own country.