North American Stainless expanding facility in Carroll County to add 70 full-time jobs

LOUISVILLE, Ky. (WDRB) -- The nation's largest fully integrated stainless steel producer is expanding its operations in Carroll County.

Gov. Andy Beshear announced Thursday that North American Stainless (NAS) is adding a 4.4 million-square-foot facility, creating 70 full-time jobs, to its headquarters in Ghent, Kentucky.

"I want to thank its (NAS) leaders for continuing to put their faith in Kentucky’s workforce and investing in the commonwealth," Beshear said in a news release. "NAS is growing at an incredible rate, with this being the company’s 13th expansion since it was founded in 1990. I look forward to seeing NAS continue to grow and create more opportunities for Kentuckians.”

The $244 million expansion project will consist of a new cold rolling mill, new roll grinders, extensive upgrades of anneal and pickling lines for the new rolling mill, a new temper mill and expansion of the melt shop building to add a 400 metric ton crane.

Due to this expansion, production is expected to increase by 20% or 200,000 tons a year and will allow the company to compete with subsidized imports of stainless steel.

NAS, founded in 1990, is a part of Acerinox Group and sits on a 1,600 acres in Carroll County. NAS offers a wide range of products such as slabs, billets, plates, wire, rods and rebar. All of the production lines are at one site - the Ghent headquarters - eliminating common delays other mills can face.

NAS has added more than 3,100 full-time jobs under Beshear's administration so far. For the commonwealth as a whole, the steel industry has about 250 active facilities and employs more than 27,600 Kentuckians.

"From its founding more than three decades ago, North American Stainless has been a great friend and partner to this community,” said Ghent's Mayor Jimmy Lewellyn said in a news release. “We are so proud that NAS has continued to grow in Ghent, creating good-paying jobs and paving the way for our strong future.”

To continue the job growth in Kentucky, the Kentucky Economic Development Finance Authority (KEDFA) approved in January of a 15-year incentive agreement with NAS under the Kentucky Business Investment program. This performance-based agreement has the potential to provide up to $2.5 million in tax incentives to NAS. Also, this agreement is based on two conditions, the creation and maintaining 70 Kentucky-resident, full-time jobs across 15 years and paying an hourly wage of $36.79 including benefits across those 70 jobs.

In addition, KEDFA approved NAS for up to $400,000 in tax incentives through Kentucky Enterprise Initiative Act (KEIA). This allows approved companies to recoup Kentucky sales and use tax for construction costs, building fixtures, research equipment and development and electronic processing. If these annual goals are met, the company is eligible to keep a portion of the new tax revenue generated.