Eddie Kane Steel to Build Processing Facility in Kentucky
Spring Lake New Jersey US headquartered steel service centre Eddie Kane Steel Products plans to construct a USD 4.8 million steel processing facility in Meade County southwest of Louisville in Brandenburg in Kentucky. Company leaders selected Kentucky for Eddie Kane Steel’s newest location because of the state’s growing manufacturing industry and the logistical and diverse transportation advantages Kentucky offers. Work on the new facility is slated to begin this year and finish before the end of 2022. Operations at Eddie Kane Steel’s first Kentucky facility will include the distribution and processing of carbon and alloy steel plate.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority in July preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to USD 450,000 in tax incentives based on the company’s investment of USD 4.8 million and annual targets of
⦁ Creation and maintenance of 25 Kentucky-resident, full-time jobs across 15 years
⦁ Paying an average hourly wage of USD 33 including benefits across those jobs
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.
Founded in 2000 and headquartered in New Jersey, Eddie Kane Steel currently employs more than 150 people at seven facilities located across Alabama, California, New Jersey, North Carolina and Ohio. The company distributes and processes carbon and alloy steel plate, and its customer partnerships include numerous diverse industries and infrastructure projects.