On 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 refurbish 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 service for companies throughout the world.
The project expands upon efforts to revitalize and repurpose the sprawling 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!
“This company will not only create 30 new good-paying jobs, but is planning to also use local suppliers, too. We are excited to see their company succeed and grow along with others as we move Gadsden forward together!” Ford said.
“This was truly a collaborative effort on behalf of the City of Gadsden, the IDA and the owner of the property,” said David Hooks, director of the Gadsden-Etowah Industrial Development Authority. “And a special thanks goes to Spire Gas and Alabama Power for their work on this project. Without the combined efforts of all involved this project would have never materialized.”