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Banker Steel plans $2M facility expansion

Keywords: Tags  Banker Steel Co., modular buildings, company expansion, modular construction, Atlantic Yards, Samuel Frizell

NEW YORK — Structural steel fabricator Banker Steel Co. is expanding its Lynchburg, Va., facility by 45,000 square feet and adding 50 employees in order to produce remotely constructed building modules using tubular steel for a new contract, a spokesman for the company told AMM on Thursday.

The $2-million site expansion will allow the Lynchburg-based company to create modularly constructed building units for a multimillion-dollar contract that is part of a $4.9-billion development in Brooklyn, N.Y., the spokesman said. The modules will be manufactured piecemeal in Virginia and assembled on site into a 32-story building in Brooklyn.

The building modules use tubular steel rather than steel beams and require different production methods than any of Banker Steel’s other lines, he said. The company’s newly expanded work force will specialize in the new product.

"We’re the only company that has tackled building and engineering modular structures on this scale," the spokesman said.

Banker Steel signed the contract with private developer Forest City Ratner Cos. at the end of 2012 and expects to complete its facility expansion by the end of March, he said.

The spokesman said the company hopes to be awarded contracts for some of the other 14 buildings planned at the Atlantic Yards complex, a development of residential and commercial buildings where Banker Steel was already contracted to provide structural steel for the project’s Barclays Center, the new home of the NBA’s Brooklyn Nets.

The company declined to name the price of the new contract, but said it was valued at less than $50 million. If Banker Steel were awarded contracts for all 15 buildings at Atlantic Yards, the value would come out to around $500 million, the spokesman said.

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