YOUNGSTOWN, Ohio – The Ohio Tax Credit Authority approved a seven-year, 1.126% Job Creation Tax Credit to support a potential expansion at the Vallourec plant here.
The project would result in the addition of 40 full-time equivalent positions generating more than $2.3 million in new annual payroll, according to a news release from the Ohio Department of Development. It was among 12 projects approved by the authority that would create 1,126 new jobs and retain 2,686 jobs statewide.
The estimated investment by the company is $43.85 million, according to an Ohio Department of Development spokesperson. The 12 projects are expected to result in more than $73 million in new payroll and generate over $2 billion in investments across Ohio.
The proposed project at Vallourec “involves the expansion of current operations to manufacture a newly developed and industrialized production line and meet increased demand from the North American market,” the release continued.
State officials deferred further comment regarding the proposed expansion at Vallourec, which had not responded to media inquiries as of this story’s publication.
“Vallourec’s proposed expansion reflects continued confidence in the Valley’s workforce and business environment, Guy Coviello, president and CEO of the Youngstown/Warren Regional Chamber, said in an emailed statement following the meeting.
“This investment would strengthen our industrial foundation and grow the local supply chain at companies like Brilex Industries and City Machine Technologies,” he continued. “This also would further solidify the Valley as the supply chain capital of the Utica Shale.”
A Youngstown spokesperson described Vallourec as “a true partner and leader in driving economic growth in our city and region” since coming to Youngstown in 2002 in an emailed statement.
“Today’s news, combined with millions in recent economic investment in our city, is another strong vote of confidence in Youngstown’s skilled workforce and our city’s readiness to compete in the global economy,” the spokesperson continued. “We welcome their continued partnership that strengthens jobs, supports families and builds opportunity across our region. With companies like Vallourec showing their commitment to Youngstown, our momentum only grows.”