Bedford Heights, Ohio-based Olympic Steel announced Tuesday it plans to open a second steel service center in Mount Sterling, Kentucky, as a result of increased growth at its initial facility in the area. The 100,000-square-foot facility is expected to be in operation by the second quarter of this year, and the total project investment is expected to reach $11.2 million.
Also driving the expansion is the recently amended incentive package for Olympic Steel from the Kentucky Economic Development Finance Authority, which will increase the maximum tax incentive amount to up to $2.5 million through the Kentucky Business Investment program.