FRANKFORT, Ky. — 25 new, high-paying jobs for Kentuckians coming in the upcoming years as part of Eddie Kane Steel Products Inc.’s plans to construct a $4.8 million steel processing facility in Meade County.
The new facility will serve as a critical hub for the company, which produces and distributes hot-rolled carbon steel plates. Operations at Eddie Kane Steel’s first Kentucky facility will include the distribution and processing of carbon and alloy steel plate.
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.
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.
Eddie Kane Steel will join the state’s 230-plus metals-related facilities that employ approximately 25,000 Kentuckians. In 2021 alone, Kentucky’s metals industry has spurred more than $880 million in planned investment and over 1,500 expected new jobs for Kentucky residents.
As a distributor, the company will benefit from Kentucky’s robust infrastructure network and its premier geographic location, which places two-thirds of the U.S. population within a day’s drive – about 600 miles – of the state’s borders.
Eddie Kane Steel’s investment and planned job creation add further momentum to the commonwealth’s surging economy.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) 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 $450,000 in tax incentives based on the company’s investment of $4.8 million and annual targets of:
- Creation and maintenance of 25 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $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.
In addition, Eddie Kane Steel can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training, and job training incentives.
For more information on Eddie Kane Steel, visit EddieKaneSteel.com.
A detailed community profile for Meade County can be viewed here.
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