Announced in January 2023, project is metal fabricator’s 13th expansion since 1990
GHENT, Ky. (Jan. 31, 2024) – Today, Gov. Andy Beshear joined local officials and leadership from North American Stainless (NAS) and its parent company, Spain-based Acerinox, to celebrate the one-year mark since the company announced a $244 million expansion at its Carroll County facility, a project creating 70 full-time jobs.
“Metals is an ever-growing sector in Kentucky and one that touches every other industry,” said Gov. Beshear. “North American Stainless is the largest producer of stainless steel in the United States, and I’m excited to join them today in celebrating this great milestone. I want to thank NAS leadership for continuing to put their faith in the commonwealth and our talented workforce. The company has grown at an incredible rate, and I look forward to seeing that growth continue in the coming years.”
The expansion to the company’s 4.4 million-square-foot Ghent facility consists of a new cold rolling mill, new roll grinders, extensive upgrades of anneal and pickling lines to support the new rolling mill, a new temper mill and the expansion of the melt shop building. The expansion presents NAS with the opportunity to counter subsidized imports. The project also increases NAS’ annual total production capacity.
All major equipment for the expansion – including the melt shop crane, cold rolling mill, roll grinders and skin pass mill – have been contracted with the equipment in fabrication.
The building foundation construction is underway for the melt shop and excavation for the cold rolling mill foundations is underway. Site preparation for the skin pass mill has also been completed.
“We are thrilled to celebrate this expansion of our facility, a testament to our commitment to sustainability, economic growth in Kentucky and supporting our national security,” said North American Stainless CEO Cristobal Fuentes. “NAS would like to extend its gratitude to Gov. Beshear, state, federal and local officials for their partnership in making this expansion a reality. North American Stainless is proud to call Kentucky home. This expansion not only bolsters our capacity to provide consumers with sustainable, American-made stainless steel, but also positions us to compete effectively against subsidized imports of stainless steel.”
“This $244 million investment allows us to reinforce the circular economy, an area in which we serve as a role model, by adding new digital solutions to process the increased demand of stainless steel with improved productivity and efficiency,” said Acerinox CEO Bernardo Velázquez Herreros. “We are proud to invest further in our Kentucky factory North American Stainless, as it has established itself as a market leader both in the United States and across North America. At Acerinox, we are grateful to participate in the benefits of the commonwealth’s leadership and robust economic development.”
As part of the Acerinox Group of companies, NAS is a Delaware general partnership with Stainless Steel Invest Inc. as its managing general partner. NAS is situated on 1,600 acres in Carroll County. Founded in 1990, the company has become the largest fully integrated stainless steel producer in the United States and remains focused on being the leading producer of high-quality stainless steel in the Western Hemisphere.
NAS offers a full range of stainless flat including slabs, billets, plate, sheet and strip, as well as long products including wire, rods, angles and rebar. All of NAS’ production lines are located at one site, which allows the company to avoid inherent delays that are common in mills.
In 2016, NAS was awarded the Corporate Investment & Community Impact (CiCi) Award from Trade & Industry Development magazine for a $150 million expansion in Carroll County that created 36 full-time jobs.
Carroll County Judge/Executive David Wilhoite spoke on the economic impact NAS has had on the county: “North American Stainless has played a vital role in the economic growth of Carroll County over the years. Investing over $3 billion in the local community and creating over 1,500 jobs for the region, North American Stainless is a cornerstone of Carroll County and the Commonwealth of Kentucky. We are excited about the expansion and look forward to working with NAS in the future.”
Ghent Mayor Jimmy Lewellyn talked about the job creation the expansion is bringing: “The North American Stainless expansion is an excellent addition to our county and region. It will supply additional, well-paying jobs and improve our citizen’s overall quality of life.”
Carrollton Mayor Robb Adams congratulated NAS on the project: “On behalf of the city of Carrollton, I would like to congratulate North American Stainless on their upcoming expansion. Our relationship with local industries is very important to Carrollton and it continues to shape who we are as a city and community. As a community we continue to see the positive impacts of our industrial partners.”
Donny Kauffman, president of the Carroll County Chamber of Commerce, mentioned NAS’ impact on the community: “North American Stainless has proven to be a vital part of our community. The Carroll County Chamber of Commerce is excited about the new expansion and all the possibilities it brings to the business community.”
NAS’s investment and job creation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $29.3 billion in announced investments, creating more than 51,800 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $591 million investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear has also announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in January 2023 preliminarily approved an incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide tax incentives based on the company’s investment and annual job and wage targets.
Additionally, KEDFA approved NAS for tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, NAS can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on North American Stainless, visit NorthAmericanStainless.com.
A detailed community profile for Carroll County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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