Magneco/Metrel, of Illinois and Ohio, will be investing $5 million to refurbish 100,000 square feet of industrial space at an old steel site in the Gadsden Industrial Park. The company plans to create 30 jobs to start, with those jobs paying an average of $25 per hour.
The Gadsden City Council approved tax incentives to help locate the company at the former Republic Steel site.
“This space has been vacant for 20 years, so this deal is a big win for Gadsden,” said Mayor Craig Ford. “This company will not only create 30 new good-paying jobs, but is planning to also use local suppliers, too. We are excited to see their company succeed and grow along with others as we move Gadsden forward together.”
David Hooks, director of the Gadsden-Etowah Industrial Development Authority, added that it was a collaborative effort between the city, the IDA, the company, Spire Gas and Alabama Power to bring Magneco/Metrel to Gadsden. “Without the combined efforts of all involved, this project would have never materialized.”
Magneco/Metrel was founded in 1981 and specializes in providing refractory products and service. Headquartered in Deerfield, Illinois, it also has locations in Addison, Illinois; Gary, Indiana; Negley, Ohio; Shildon, United Kingdom; and Beijing, China.