The St. Louis Board of Aldermen has recommended that the St. Louis Port Authority provide a property tax abatement to Mayfield Heights, Ohio-based PSC Metals to relocate an auto shredding plant from Alton, Illinois, to a facility in St. Louis.
According to an online report from the St. Louis Post-Dispatch, the abatement extended will run for 10 years and be a 75 percent personal property tax abatement tied to an expansion project PSC Metals is undertaking in St. Louis.
The auto shredder in Alton has been idled for several years. PSC Metals says it will spend close to $9 million to dismantle and relocate the shredding plant to St. Louis. Relocating the shredder to St. Louis will allow PSC Metals to retain around 60 jobs in the region, says the metals recycling firm.
The Alton shredding plant was operated for several years by Azcon Metals and was owned for a brief time by Indiana-based MetalX, which sold it to PSC Metals in 2018.
PSC Metals, with around 30 locations in the United States, operates its Hall Street St. Louis facility within the port authority’s port district boundaries.
The Port Authority’s board approved the measure Feb. 12. The Board of Aldermen voted in favor of the deal in late January.