Wheatland Tube receives tax credit
Wheatland Tube, a division of Beachwood-based JMC Steel Group, received a 40-percent job creation tax credit Monday for an expansion at its Howland Township facility.
The Ohio Tax Credit Authority approved the credit, at an estimated value of $54,000, which will allow Wheatland to invest $11.4 million in the expansion.
The company expects the investment to create 20 new jobs. Sarah Boyarko, manager of business development for the Youngstown/Warren Regional Chamber, said the new jobs will create about $800,000 in additional annual payroll.
Wheatland currently employs 143 at its plant on 901 Dietz Road N.E.
The expansion will allow Wheatland to enhance production for the Oil Country Tubular Goods market, which has consistently grown as the demand has risen for oil and natural-gas drilling.
“The company’s local growth further solidifies Youngstown [and] Warren as the hot spot in Ohio for companies that are investing to build products used in the search for natural gas in the Marcellus and Utica shale fields,” said Walt Good, regional chamber vice president for economic development, in a news release.
Company officials did not respond to a request to comment.