Governor Fletcher and Legislators Work In A Bi-Partisan Way to Promote Economic Development in the Commonwealth

            Frankfort, KY: Governor Ernie Fletcher today met with representatives from AK Steel today to work out an incentive package that will aid a $65 million modernization project for its Ashland Works and other Kentucky manufacturers. The incentive package, which is included in Senator Charlie Border's SB 248 legislation, will enable Kentucky to retain businesses that are in danger of closing or moving out of the state. During the meeting, AK Steel indicated that if the proposed incentives were approved, the company may commit to proceeding with the project which would enable Ashland Works to produce higher quality steel destined for numerous locations.

            "Today's meeting with AK Steel was very productive and we are now on the course to maintaining approximately 900 jobs in the Ashland area,” stated Governor Ernie Fletcher. "This was achieved by working together with both sides of the aisle in a bi-partisan way to keep Kentuckians working and to promote economic development in the Ashland area and across the Commonwealth.”

            According to a study conducted by the Kentucky Cabinet for Economic Development, the Ashland Works is responsible for a total annual economic impact of more than $200 million to Kentucky, based on direct and indirect wages, benefits, and taxes. The steel plant is a major supplier to Kentucky manufacturers and purchases millions of dollars worth of supplies each year from other Kentucky businesses. James L. Wainscott, president and CEO of AK Steel, thanked Governor Fletcher, Economic Development Cabinet Secretary Gene Strong, Senate majority caucus leader Charlie Borders, House majority floor leader Rocky Adkins and Representative John Vincent for their continued support of this project.

            Located in Middletown, OH, AK Steel produces flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as tubular steel products.

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