Photo: Pictured from left are Gadsden-Etowah IDA Director David Hooks and Eric Boring and Joey Moore of Magneco/Metrel. (Courtesy of the City of Gadsden)
At its February 28 meeting, the Gadsden City Council approved tax incentives to locate a company at the old steel mill site in Alabama City, known as the Gadsden Industrial Park.
Magneco/Metrel of Deerfield, Illinois and Negley, Ohio will be investing more than $5 million dollars to refurbish 100,000 square feet of industrial space. The company will create 30 initial new jobs in Gadsden that will pay an average of $25 per hour.
The project expands upon efforts to revitalize and repurpose the sprawling industrial sites along the former Republic Steel footprint in the Alabama City area of Gadsden.
“I want to thank David Hooks and the Industrial Development Authority leadership for their work in recruiting this project to Gadsden,” said Mayor Craig Ford. “This space has been vacant for 20 years, so this deal is a big win for Gadsden. This company will not only create 30 new good-paying jobs but is planning to use local suppliers. We are excited to see their company succeed and grow along with others as we move Gadsden forward together.”
Founded in 1981, Magneco/Metrel specializes in providing refractory products and service for companies throughout the world.
“This was truly a collaborative effort on behalf of the City of Gadsden, the IDA and the owner of the property,” said Gadsden-Etowah Industrial Development Authority Director David Hooks. “A special thanks goes to Spire Gas and Alabama Power for their work on this project. Without the combined efforts of all involved this project would have never materialized.”