LANSING, Mich. — Sen. Dale Zorn announced on Tuesday that Monroe will see a more than $100 million expansion to the Gerdau Macsteel plant thanks to a recently approved state incentive.
“Manufacturing continues to play a huge role in the economy of Southeast Michigan and the entire state,” said Zorn, R-Ida. “This incentive will help continue that long manufacturing heritage and ensure that Gerdau Macsteel is able to supply critical steel to Michigan’s thriving automobile industry.”
Gerdau Macsteel is one of the largest steel producers in North America, manufacturing products servicing the construction, automotive, agriculture and energy markets.
The company plans to expand its facility in the city of Monroe, which would increase capacity of special bar-quality steel used in the automotive manufacturing process.
The Michigan Strategic Fund approved an exemption from the State Essential Services Assessment for the company valued at $2.4 million to support the project.
“This exemption will support an expansion project that will retain 530 jobs and invest $115 million into the local economy,” Zorn said. “It is yet another example of Michigan attracting new investment, and I applaud everyone involved for helping bring it to Monroe.”