Gerdau Ameristeel Wednesday announced it will invest $25 million in its Calvert City, Kentucky steel mill to install a new reheat furnace. Construction for the furnace, which will increase production by 30 percent and reduce gas consumption by 20 percent, should be complete by the end of 2012. Up to $6 million of the cost will be funded through the state incentive program "Incentives for a New Kentucky".
"As a proud Kentucky corporate citizen, Gerdau Ameristeel appreciates the support provided by state and city officials in this important investment project, with particular thanks to the efforts of Governor [Steve] Beshear," said Terry Donovan, a manager at Gerdau Ameristeel in Calvert City. "Our Calvert City employees also played an important part in the company's decision to bring this investment to Calvert City, in recognition of their high level of engagement and productivity."