North American Stainless planning seventh expansion at Ky. plant

Nov 17, 2005 | 02:27 PM | Maria Guzzo

North American Stainless Inc. is again planning to expand its plant in Ghent, Ky.

NAS, owned by Acerinox SA, Madrid, has received approval from the Carroll County Fiscal Court to apply for $125 million worth of taxable industrial revenue bonds. The money will help pay for upgrades that include additional melting and processing capacity.

Service center sources expressed concern that the additional capacity would make it easier for NAS to flood the market with commodity-grade stainless, potentially hurting other stainless producers.

NAS will apply for the bonds through the Kentucky Economic Development Finance Authority, the state agency responsible for creating new jobs and new investment in the state, although a spokeswoman said NAS has not yet approached the agency for approval.....

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