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Steel Dynamics, Inc., the nation’s fifth largest producer of carbon steel products, announced plans to expand its operations in Pittsboro, IN, creating approximately 50 new jobs by 2013.
The company will invest $76 million to expand its engineered bar products division to increase the mill’s capacity to produce special-bar-quality (SBQ) steel bars and the site’s product offerings. Facility upgrades and new equipment installation are expected to be complete by the end of summer next year.
“Steel Dynamics is a homegrown Indiana company that has achieved huge global success,” said Gov. Mitch Daniels. “Creating the best business climate in the country has been our focus from day one and we’re beyond happy that Steel Dynamics continues to succeed globally and grow locally in the Hoosier State.”
With the additional capacity, the Pittsboro facility will be among the largest single-site SBQ facilities in North America and capable of producing 950,000 tons of SBQ bars annually. In 2011, the mill produced 638,000 tons of steel bars.
“We are appreciative that Indiana continues to be a state where Steel Dynamics can expand our product offering and increase our productivity while further establishing our future in our Pittsboro home,” said Barry Schneider, vice president and general manager of Steel Dynamics’ engineered bar products division. “The recent enactment of the right-to-work legislation is further evidence of Indiana’s commitment to providing the most competitive business environment possible for global companies like us to grow.”
Headquartered in Fort Wayne, Steel Dynamics has operations at 34 locations in 19 cities throughout Indiana, including Indianapolis, Columbia City, Butler, Pittsboro and Jeffersonville. The company, which currently employs 386 full-time associates in Pittsboro and more than 3,100 across the state, will begin hiring new skilled manufacturing, technical and administrative positions in Pittsboro next year.
The Indiana Economic Development Corporation offered Steel Dynamics, Inc. up to $600,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Hendricks County will support the project through additional incentives at the request of the Hendricks County Economic Development Partnership.
“We are very excited about the expansion of Steel Dynamics in Pittsboro, Hendricks County,” said, Eric Wathen, Hendricks County commissioner. “Not only does Steel Dynamics offer quality jobs to central Indiana residents they provide strong corporate leadership throughout Hendricks County from their local team.”