Ohio Star Forge Wins Tax Credits for Expansion

Ohio Tax Credit Authority has approved $107,483 in job-creation tax credits for Ohio Star Forge, which wants to expand, Vindy.com reports.

Ohio Star Forge is likely to pursue a $19.8 million expansion, aided by tax incentives and a state training grant, instead of the steelmaker moving to Japan.

The Ohio Development Services Agency and JobsOhio are providing the 40%, six-year tax credits. The state also is providing a $30,000 workforce training grant.

The Ohio plant produces 14,000 metric tons of forgings for the fastener and automotive industries.

The Youngstown-Warren Regional Chamber announced Ohio Forge will invest $19.8 million at the plant.

That includes $14 million in machinery and equipment, $3.7 million in construction, $100,000 for land and $2 million in other costs.

Ohio Star will continue 95 jobs and add 26 new positions.  The new jobs total $1.4 million in annual pay. ©2013 GlobalFastenerNews.com