Pipe and tube manufacturer TMK IPSCO and toll processor Ferrous Metal Processing held a ground-breaking ceremony Wednesday for a new slitting line in Wilder, Kentucky, adjacent to TMK IPSCO's pipe mill. The new line represents a $27.6 million investment.
Ferrous Metal Processing will own and operate the facility and slit flat-rolled steel coils for TMK IPSCO that will be used in the manufacture of steel pipe in Wilder. The two companies have also entered into a contract that indicates Ferrous will provide all of the Wilder facility's slitting needs for the next 12 years. The facility is anticipated to begin production next fall.
The Kentucky Economic Development Finance Authority (KEDFA) has preliminarily approved $5 million in tax incentives for TMK IPSCO through the Kentucky Reinvestment Act for the jobs the new facility will bring to Wilder.