Abatements granted for steel company

2022-07-14 21:24:21 By : Mr. Roy Yee

Jul. 14—A tax abatement for a steel company that expects to bring in 110 new jobs sailed through the Hunt County Commissioners Court as well as the Greenville City Council on Tuesday.

Morgan Steel, a carbon steel distributor based in Memphis, Tennessee, intends to purchase the former 123,000-square-foot Woodgrain building near the old Rubbermaid facility at the city's industrial park, according to Greg Sims, president and CEO of the Greenville Board of Development.

The facility will be repurposed as a carbon steel distribution center and contract manufacturing facility. The project carries estimated improvements of about $14.8 million, according to the city of Greenville.

The abatement exempts 50% on the increased value of real property over 10 years for the city as well as the county. The Board of Development and the 4A Economic Development Corp. recommend the tax abatement.

According to Sims, the company has been considering sites in Georgia, Tennessee and Texas. Morgan Steel LLC was founded in 2014 with 20 employees and has grown to about 200. It distributes about 400 tons of product daily with a fleet of more than 25 trucks. The company intends to pay hourly employees an average wage of about $50,000 per year, and managerial employees about $80,000 on average.

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