North American Stainless to make USD 30 million investment in Ghent facility

Monday, 31 Jan 2011

Governor Steve Beshear joined community leaders and executives of North American Stainless to announce the company’s plans to invest USD 10 million for increased peeled bar production plus USD 20 million for additional equipment upgrades in its Ghent facility.
The expansion, which is the company’s ninth since it began operations in Kentucky in 1990, will also add 10 new jobs at the plant.

Construction will begin this spring, adding 35,000 square feet to North American Stainless’ Long Products facility. The project is expected to be completed by the second quarter of 2012. Peeled bar stainless steel is used in a variety of products, including many used in the aviation, automotive, chemical, plumbing, general manufacturing and food services industries.

Governor Beshear said “North American Stainless and its parent company, Acerinox, have made substantial investments in Kentucky over the past two decades. This new USD 30 million investments further enhances North American Stainless’ footprint in Kentucky and is a testament to the caliber of international enterprises that call Kentucky home. It also demonstrates the company’s continued confidence in our workforce and business climate. We appreciate that confidence and look forward to working together to ensure success for decades to come.”

Mr Cristobal Fuentes president and CEO of North American Stainless said “We are very pleased that our parent company, Acerinox SA, has authorized this investment and again demonstrated its confidence in our employees, Kentucky and Carroll County.”