Steel Dynamics Project Clears First Hurdle

(photo courtesy of our partners at WTHI-TV)

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A major expansion in Terre Haute is one step closer to fruition. Our partners at WTHI-TV report the Vigo County Council has given preliminary approval to a tax abatement request for Fort Wayne-based Steel Dynamics’ (Nasdaq: STLD) $230 million expansion of its Heartland facility, which is expected to create more than 80 jobs.

The steelmaker plans to add new galvanizing and paint lines as part of the expansion. According to documents filed with the county, the new jobs would come with an average $85,000 annual salary, in addition to benefits.

Steel Dynamics is seeking a 10-year, 100% tax abatement for the project.

“The request they had before us qualifies for this abatement. It meets the parameters, the growth, the investment in order to move forward to final phase,” Aaron Loudermilk, president of the Vigo County Council, said. “It has been a challenge for local business to fill employee positions at times. My hope they achieve those numbers and my hope is that the bulk of those people that go and work at that facility are from West Central Indiana.”

The council is expected to make a final vote on the tax abatement at its meeting next month.