Nova Steel to Open Tube Manufacturing Plant in Kentucky

“We are very excited to be growing our company in the state of Kentucky and want to thank all those who have worked to help us reach this important milestone,” said Tom Stearns, corporate vice president of Nova Steel. “The new facility will produce a variety of automotive parts used in the production of pickup trucks and SUVs. We believe that Bowling Green is the ideal location to achieve our growth plans and look forward to a long and successful relationship with the community.”

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement under the Kentucky Business Investment program. The agreement can provide up to $2 million in tax incentives based on the company’s investment of $70 million and meeting targets of creating and maintaining 110 full-time jobs at an average hourly wage of $31 over the next 10 years. Achieving its annual targets will allow the company to keep a portion of the tax revenue it generates. Another $500,000 in tax incentives has been approved by the Kentucky Enterprise Initiative Act.

“Our state’s primary metals industry continues to thrive despite the challenging economic climate. This significant investment by Nova Steel promises to bring over 100 well-paying jobs for Kentucky families in and around Bowling Green,” said Gov. Andy Beshear. “Team Kentucky is working to create a better future for all Kentuckians with quality job opportunities offering strong wages. Companies like Nova Steel are central to that effort, and we thank Nova Steel for its commitment to the commonwealth and our talented workforce.”