A South Bend, Indiana-based steel company will invest $30.5 million in locating a facility in Hickory that will create 58 jobs, the governor’s office announced Thursday.
Family-owned Steel Warehouse provides steel for a wide range of industries, including aerospace, agriculture, automotive, construction, energy and transportation.
The 77-year-old company operates 15 locations across the U.S., Mexico and Brazil, distributing more than 2 million tons of coil, sheet and plate steel annually in hot- and cold-rolled materials. The company is known for its experience in managing inventory and providing just-in-time shipments, ensuring timely and efficient delivery to meet customer needs, according to a release from the state.
The company expects its expansion in Hickory to enhance processing capabilities and bolster the region’s industrial supply chain.
“We are excited to put down roots in North Carolina, providing cutting-edge capabilities to support our customers in the region,” says Dave Lerman, board chair for Steel Warehouse, in a statement. “We view this as an attractive place to invest for the long term.”
Salaries will vary by position with an average annual wage of $62,000, exceeding the Catawba County average of $54,151. These new jobs could potentially create an annual payroll impact of more than $3.5 million for the region, according to the state.
BizVoice reported last year the company has 950 U.S. employees, including about 500 in Indiana.
A performance-based grant of $120,000 from the One North Carolina Fund will help Steel Warehouse of North Carolina establish its new operations. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment.