Kentucky: Eddie Kane Steel Create 25 Jobs in Meade County

Frankfort, KY (STL.News) Gov. Andy Beshear announced 25 new, high-paying jobs for Kentuckians across the coming years as part of Eddie Kane Steel Products Inc.’s plans to construct a $4.8 million steel processing facility in Meade County.

“Today’s announcement further demonstrates how Kentucky’s manufacturing prowess and logistics leadership are creating opportunities throughout our state,” Gov. Beshear said.  “Eddie Kane Steel’s decision to locate its first Kentucky facility in Brandenburg adds to the strong economic momentum of the region and Kentucky as a whole as we add jobs and opportunity in every corner of the commonwealth.  I appreciate Eddie Kane Steel’s commitment to providing Kentuckians with high-quality jobs, and I wish the company all the best with its new operation.”

The new facility will serve as a critical hub for the company, which produces and distributes hot-rolled carbon steel plate. Operations at Eddie Kane Steel’s first Kentucky facility will include the distribution and processing of carbon and alloy steel plate.

Company leaders selected Kentucky for Eddie Kane Steel’s newest location because of the state’s growing manufacturing industry and the logistical and diverse transportation advantages Kentucky offers.  Work on the new facility is slated to begin this year and finish before the end of 2022.

“We are very grateful and excited for the opportunity to be part of the steel community of Kentucky,” said Augustine F.X. Kane, founder and president of Eddie Kane Steel Products Inc.  “I would especially like to thank David Pace of Meade County for his tireless efforts in helping us realize our goal of expanding our business operations in Kentucky.  Eddie Kane Steel Products has a very simple business concept, and it is aligned with our mission statement:  ‘Treat all others as we wish to be treated.’  God has blessed our company with great teammates, and that has translated to great vendor and customer partnerships.  Our expectations for our new Kentucky operation include having our leadership group work alongside our future Kentucky teammates and inspire them to set goals, tenaciously fight through adversity and challenges, and as a complete team, enjoy the journey of reaching those goals.”

Founded in 2000 and headquartered in New Jersey, Eddie Kane Steel currently employs more than 150 people at seven facilities located across Alabama, California, New Jersey, North Carolina and Ohio.  The company distributes and processes carbon and alloy steel plate, and its customer partnerships include numerous diverse industries and infrastructure projects.

Eddie Kane Steel will join the state’s 230-plus metals-related facilities that employ approximately 25,000 Kentuckians.  In 2021 alone, Kentucky’s metals industry has spurred more than $880 million in planned investment and over 1,500 expected new jobs for Kentucky residents.

As a distributor, the company will benefit from Kentucky’s robust infrastructure network and its premier geographic location, which places two-thirds of the U.S. population within a day’s drive – about 600 miles – of the state’s borders.

Meade County Judge/Executive Leslie Stith welcomed Eddie Kane Steel to the county’s business community.

“Eddie Kane Steel’s commitment to create high-quality opportunities for our residents marks another sign of progress for Meade County,” Judge/Executive Stith said.  “The company will make a great addition to our business community as we continue building upon our current economic momentum.”

Brandenburg Mayor Ronnie Joyner thanked the company for establishing its new facility in the city.

“I am grateful for Eddie Kane Steel’s decision to locate its first Kentucky facility in Brandenburg and bring new job opportunities to the area,” Mayor Joyner said.  “I look forward to watching the company grow here and remain committed to supporting its success in every way possible.”

David Pace, chairman of the Meade County-Brandenburg Industrial Development Authority, said the investment demonstrates the county’s growing industrial strength.

“We continue building a strong industrial presence in Meade County, and the addition of Eddie Kane Steel adds further momentum to that mission,” Pace said.  “The company’s investment serves as the latest evidence that these efforts are paying dividends.  Thank you to Eddie Kane Steel leaders for bringing this project to Meade County-Brandenburg and creating these quality opportunities for our residents.”

Eddie Kane Steel’s investment and planned job creation adds further momentum to the commonwealth’s surging economy.

In July, thanks to strong fiscal management by the Beshear administration, the state budget office reported the commonwealth ended the 2021 fiscal year with a general fund surplus of over $1.1 billion – the highest ever in the commonwealth – and a 10.9% increase in general fund receipts to $12.8 billion.

Year-to-date, private-sector new-location and expansion announcements include $2.65 billion in total planned investment and the creation of 5,800-plus full-time jobs across the coming years.  Through July, Kentucky’s average incentivized hourly wage is $23.47 before benefits, a 6.2% increase over the previous year.

In May, Moody’s Analytics published a positive economic outlook for Kentucky, noting mass vaccination as the driving force behind a sustained recovery in consumer services.  The state’s recovery, Moody’s said, benefited from earlier reopening efforts and increased demand for manufactured goods over services.  The report also found Kentucky’s manufacturing industry outperformed the nation’s since the national downturn last year.

Fitch Ratings in May improved the state’s financial outlook to stable, reflecting the commonwealth’s solid economic recovery.  The state’s April sales tax receipts set an all-time monthly record at $486.5 million, as did vehicle usage tax receipts at over $64 million.

In March, Site Selection magazine’s annual Governor’s Cup rankings for 2020 positioned Kentucky atop the South Central region, and third nationally, for qualifying projects per capita.  The commonwealth also placed seventh overall in total projects, the highest of any state with a population under 5 million.  Site Selection also recently placed Kentucky in a tie for fifth in its 2021 Prosperity Cup rankings, positioning the state among the national leaders for business climate.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in July preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program.  The performance-based agreement can provide up to $450,000 in tax incentives based on the company’s investment of $4.8 million and annual targets of:

  • Creation and maintenance of 25 Kentucky-resident, full-time jobs across 15 years; and
  • Paying an average hourly wage of $33 including benefits across those jobs.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates.  The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, Eddie Kane Steel can receive resources from the Kentucky Skills Network.  Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.