A Vallourec Star subsidiary is in the final stages of deciding if it will invest $81.5 million for the construction of a steel-pipe threading facility at the former Genmak Steel building and an additional 67,500 square feet nearby in the city’s Ohio Works Business Park.
Vallourec’s answer on using the Youngstown property for its VAM USA LLC subsidiary is expected in less than 90 days, said city Finance Director David Bozanich.
The facility would employ 84 full-time workers by early next year, according to VAM’s 10-year, 75-percent real- property tax abatement application. It listed an estimated annual payroll of $2.9 million on one part of the application and $3.7 million on another.
“We’ve been working with the company for an extended period of time,” Bozanich said. “We committed to a tax abatement as part of the deal in advance of their decision. We’re extremely pleased to be in the running for this project.”
Mayor John A. McNally said, “It would be fantastic news if this happens. We want to let them know we want them to make a decision to come here. It’s a substantial investment and substantial job creation. The folks at Vallourec and VAM have been great to work with.”
Read more: http://www.vindy.com/news/2014/jan/14/expanding-again/