GADSDEN, Ala. (WBRC) – Tuesday, the Gadsden City Council approved tax incentives to locate a company at the old steel mill site in Alabama City, also known as the Gadsden Industrial Park.
Magneco/Metrel of Deerfield, Ill., and Negley, Ohio, will be investing more than $5 million to renovate 100,000 square feet of industrial space. The company will create 30 new jobs in Gadsden to start, and those jobs will pay an average of $25 per hour.
Magneco/Metrel was founded in 1981 and specializes in providing refractory products and services for companies throughout the world.
Gadsden Industrial Development Director David Hooks says this is the company’s first venture into the south. They plan to use local suppliers which Hooks believes is a win for Etowah county and the state
“In the manufacturing business companies like these have a global industrial impact,” says Hooks. “That’s important for us to have in the community and for Gadsden and Etowah county to recruit such a company as this it’s just been a fabulous opportunity for us and we look forward to continuing to move forward as the economy grows and keeps us made in Alabama.”
The project assists with the city’s efforts to revitalize and repurpose the industrial sites along the former Republic Steel footprint in the Alabama City area of Gadsden.
“I want to thank David Hooks and the Industrial Development Authority leadership for their work in recruiting this project to Gadsden,” said Mayor Craig Ford. “This space has been vacant for 20 years, so this deal is a big win for Gadsden!”
Hooks says this is also great for high school students taking career tech courses. He says once they graduate, they can use those skills to work with Magneco/Metrel to build a strong workforce in Etowah County.
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