Eddie Kane Steel Products plans to construct a $4.8mn plant in Meade County, Kentucky, to make and distribute carbon and alloy steel plates.
The new factory will create 25 new jobs in the county with room to add to the workforce in the long term. Construction is expected to begin this year and will be completed before the end of next year, according to media reports.
In July, the Kentucky Economic Development Finance Authority preliminarily approved a 15-year incentive deal with Eddie Kane as a part of the Kentucky Business Investment program. The agreement ensures up to $450,000 in tax incentives based on the investment and the condition that the company creates 25 full-time jobs for residents at an average wage of $33 per hour with additional benefits for the length of the agreement.
The Meade County facility will be Eddie Kane’s eighth facility. The New Jersey headquartered steelmaker operates seven other plants and distribution centers in Alabama, North Carolina, New Jersey, Ohio, and California. Since its inception in 2000, the company has produced over 54,000mt of steel products.