Gerdau Ameristeel Investing $25 Million at Kentucky Steel Mill

Kentucky Governor Steve Beshear and officials from Gerdau Ameristeel have announced plans for the steel company to invest $25 million at its steel mill in Calvert City, Ky. The funds will be used to install a new re-heat furnace at the plant, with construction slated for completion by the end of 2012.

“Kentucky is sending a clear message to its existing industries that we want to be a true partner in their success, and Gerdau Ameristeel’s $25 million investment in its Calvert City steel mill is a great example of this kind of partnership,” says Gov. Beshear in a release. “With the passage of my incentives for new Kentucky legislation last summer, the Commonwealth became one of the first states to pioneer a program that focuses on job retention for our existing industries, recognizing that the jobs we save are as important as the jobs we create.”

The new reheat furnace is expected to provide a 20-30 percent increase in productivity and a 20 percent reduction in gas consumption.