VAM USA to open $81 million plant in Youngstown - 21 News Now, More Local News for Youngstown, Ohio -

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VAM USA to open $81 million plant in Youngstown

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YOUNGSTOWN, Ohio - A multi-million dollar investment in Youngstown's steel industry is moving forward, bringing new skilled trades jobs to the Valley.

The city says VAM USA, a subsidiary of Vallourec, will build a new steel pipe threading facility within the Route 422 corridor.

Construction of VAM's $81.5 million plant is expected to start as soon as possible. 

VAM USA will create 80 new jobs at the facility, which will move in and replace the former Genmark Steel Building. Neighboring property on Ohio Works Drive was also acquired by the steel manufacturer.

Mayor John McNally says there's potential for the plant and the payroll to grow.

"I believe there's significant room for expansion, not only of work with VAM, but also with Vallourec, so we're this is not the last of future announcements," McNally says.

The city expects to see an economic benefit from income tax revenue. City Finance Director David Bozanich says the city will likely receive $250,000 and $300,000 annually. 

"We think the board of education will get approximately $400,000 to $500,000 annually in additional real estate taxes," Bozanich says.

The city board of control approved a 10 year, 75 percent real estate tax abatement-- an incentive to bring VAM to Ohio Works Drive.

McNally says the city aims to attract industry suppliers to the area and with shale industry growth nearby, he believes Vallourec will benefit in 2014.

"We believe that they're going to have a very busy year," he says. "We expect that to be good news for us across the board in our income tax collections, not only with VAM USA, but Vallourec as a whole."

The company plans to hire full-time workers by next year.
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