Ratner Steel Supply Co., a producer of steel products, announced plans today to locate a new facility here, creating up to 30 new jobs by 2015.
The Roseville, Minn.-based company, which produces steel sheets and plates, will invest $14.25 million to build and equip a 102,000 square-foot steel service facility located at the Port of Indiana Burns Harbor in Portage. Construction will begin later this month with the facility slated to be operational in early 2013.
"Indiana's business-friendly climate continues to set up apart and gives companies like Ratner Steel a reason to establish roots here," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "In today's competitive climate, we are pleased to see an increasing number of companies choose Indiana as their location of choice."
Ratner Steel, which currently has 62 full-time employees nationwide, plans to begin hiring new sales, clerical and production associates in October.
"While we easily could have opened a facility at any location, Indiana's business climate provided just the sort of location we were looking for," said Steve Gottlieb, general manager and chief financial officer of Ratner Steel. "This new facility allows our company unequivocal access to our customers while strategically placing ourselves in a position for future growth."
Founded more than 25 years ago, the company serves customers in the agricultural, fabrication and energy industries throughout the Midwest and Canada. In 2011, Ratner Steel recorded more than $100 million in sales.
The Indiana Economic Development Corporation offered Ratner Steel Supply Co. up to $210,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Portage approved additional property tax abatement.
"Portage is the benefactor of the exceptional work of the IEDC, the Port of Indiana and the Portage Economic Development Corporation," said Portage Mayor James Snyder. "Like Ratner Steel, anyone looking to bring jobs to Portage can rest assured we have the best team and location to help them call Portage home. We are grateful Ratner Steel has chosen Portage as their expansion location and we believe they are just a start to a strong economic comeback."
Ratner Steel is the second company today to announce new jobs in northern Indiana. Earlier today, Supreme Industries, a full-line manufacturer of customized truck bodies, announced plans to invest $7.71 million to expand its Goshen operations, adding up to 350 new jobs by 2015.
About Ratner Steel
Ratner Steel is a full line flat roll sheet service center located in Roseville, Minn. For more than 25 years our areas leading fabricators, OEMs and regional service centers have put their confidence in Ratner Steel to deliver sheet products of the utmost quality, reliability and service.
About IEDC
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.