Steel Dynamics Planning Terre Haute Expansion
(photo courtesy of our partners at WTHI-TV)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is planning a $230 million expansion at its Terre Haute facility. The company says it will add nearly 400,000-square-feet of space to the Heartland facility in the Vigo County Industrial Park and create more than 80 jobs.
The addition would house new galvanizing and paint lines, and the Terre Haute Economic Development Corp. says the new jobs would come with an average annual wage of $80,000, excluding benefits.
Steel Dynamics is requesting a 10-year, 100% tax abatement for the project. Terre Haute EDC President Steve Witt tells our partners at WTHI-TV if the abatement is approved, it would be a first.
“They have said this is the incentive that they want and that’s what it’s going to take to bring the project to the community,” said Witt. “Neither the city or county has ever done a 100% tax abatement for 10 years before, so this is new.”
In a letter to the Vigo County Council, Witt said the project would help attract other companies to the community.
“The THEDC is currently in discussion with additional companies who would each achieve a comparative advantage by constructing new facilities in close proximity to Steel Dynamics’ Vigo County facility,” he said. “This thought, along with the number of new jobs to be created and retained (and their corresponding, outstanding wage and benefit packages) coupled with the significant, proposed new investment, justifies the company’s rather unconventional tax abatement request.”
The abatement request will be on the agenda for the Vigo County Council’s meeting next Tuesday, but no action will be taken. Witt says a preliminary vote could be taken at the council’s business meeting on August 10, with a final vote in September.