Expects to create 15 new jobs
FRANKFORT, Ky. (Dec. 5, 2014) — Gov. Steve Beshear today announced that North America Stainless (NAS) plans to expand its facility in Carroll County.
NAS will invest $5 million to add a fourth steel slitter line. The expansion, which is the company’s 10th since it began operations in Kentucky in 1990, will include the addition of 15 new jobs at the Ghent plant.
Construction on the slitter line will begin in January 2015 and is expected to be completed by early 2016. Slitting is the process of cutting large rolls of steel into more narrow rolls. The stainless steel is used in a variety of products, including appliances, automotive, plumbing, general manufacturing and the food service industry.
NAS is a subsidiary of Acerinox, S.A., headquartered in Madrid, Spain. To date, the company has invested more than $2.5 billion in its Carroll County facility, making it the largest Spanish industrial investment in the U.S. NAS, which also is the largest, fully integrated stainless steel producer in the nation, has more than 1,350 employees.
Foreign direct investment has played an important role in boosting Kentucky’s economy. Last year, nearly 40 percent of all capital investment and a third of new jobs announced in the manufacturing, service and technology industries were a result of foreign-owned enterprises.
Steel also continues to be a big driver of Kentucky’s economy. The industry accounts for more than $1.4 billion in GDP and employs more than 4,000 people statewide.