From Cleveland Business Journal – By Mary Vanac –
An Irving, Texas-based steelmaker plans to locate a facility to make steel reinforcing bar (rebar) in Akron, Oho, with the help of a $175,000 state grant.
Commercial Metals Co. (CMC) plans to use the revitalization grant from JobsOhio, the state’s private nonprofit economic development organization, to get the vacant building at 809 W. Waterloo Road ready to make fabricated rebar — rods of steel that are pre-cut or bent to meet a specific reinforcing need.
The company plans to hire up to 50 people over five years to staff the facility formerly occupied by Akron Rebar, which filed for bankruptcy liquidation in January 2023.
CMC, a publicly traded steelmaker (NYSE: CMC) that produces its rebar, merchant bar, steel fence posts and wire rod with recycled steel, already runs one Ohio rebar-making facility in the Cincinnati area.
Summit County is “providing critical On-the-Job Training grant funding to CMC to help the company fill new, good-paying jobs available to our residents,” Ilene Shapiro, Summit County executive, said in a statement. “We appreciate the strong collaboration with the City of Akron, Team NEO, Greater Akron Chamber and JobsOhio that made this project a reality.”
Commercial Metals Co. has seen an uptick in demand for its products as federal funding spurs domestic investment in infrastructure projects, such as concrete roads and bridges, Barbara Smith, the company’s CEO, said during a March conference call with securities analysts.
To meet the new demand, the Texas-based steel and metals manufacturer plans to invest between $550 million and $600 million during fiscal 2023 to fund growth projects — such as the one in Akron — and to do mergers and acquisitions, Paul Lawrence, CMC’s chief financial officer, said during the March earnings call.
Suncoast Reinforcing is hiring!
If you’re looking for work, contact Suncoast Reinforcement for information about current openings.
We’re nearly always hiring skilled ironworkers, supervisors and helpers.
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