RICHMOND (WSLS 10) - Roanoke business Steel Dynamics will invest $28 million to their Roanoke Bar division.
Governor Terry McAuliffe made the announcement Thursday.
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The money is part of the Virginia Job Invest Program and help will purchase new equipment and make enhancements to the Steel Dynamics facility. The upgrades will include updates to their railroad track and increasing their rolling mill operations.
"This is an important addition to our local economy for Steel Dynamics to expand its investment in advanced manufacturing in the City of Roanoke," said Senator John Edwards. "This will create job opportunities and future growth to our local economy."
Steel Dynamics will retrain their 307 employees to operate the new machinery.
The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, as well as rail access funding from the Virginia Department of Rail and Public Transportation.
"Steel Dynamics' decision to reinvest in its operation and retrain more than 300 employees on new, modernized technology demonstrates a firm commitment to the Roanoke Valley, and we are proud to offer the Virginia Jobs Investment Program's critical workforce training resources, said Governor Terry McAuliffe. "We thank this leading manufacturer for assisting us in our ongoing efforts to diversify and build the new Virginia economy."