Ferrous CAL Co., a leading provider of toll processing services for hot-rolled and cold-rolled steel and newly-formed affiliate of Ferragon Corporation, will locate its new $50.2 million steel coil manufacturing plant in Gibraltar, Michigan.
The company plans to create 100 jobs. The company is establishing its new facility on an underutilized, largely vacant property on W. Jefferson Avenue.
We look forward to the startup of our state-of-the-art annealing operation in Gibraltar in late 2016. This process line is the first of its kind in North America and produces ultra-high strength steels which are the steels that the new lightweight vehicles made in Michigan are demanding for future vehicle production,” said Ferragon Corporation President/Owner Ed Gonzalez.
The Michigan Economic Development Corporation today announced its Strategic Fund awarded the firm $6 million as part of a Michigan Business Development Program assistance grant. In addition, MSF and Wayne County Brownfield Redevelopment Authority also approved an Act 381 Work Plan for local and school tax capture estimated to be worth $4,511,454. Incentive assistance will allow the company to alleviate brownfield conditions on the property and complete the project including demolition, lead and asbestos survey and abatement, site preparation and infrastructure improvements. The city of Gibraltar has offered support to the project through the approval the brownfield work plan.
|Company Name||Ferrous CAL Co|
|Type||Steel Coil Manufacturing Plant|
|Estimated Cost||$ 50.2 Million|
|Operations Starts In||Late 2016|