(The Center Square) – The adage in real estate, “location, location, location,” was key to a North Carolina county’s recent landing of an $875 million steel products factory.
U.S. Forged Rings announced Hertford County near the North Carolina-Virginia line as the location for the new factory it says will create 625 new jobs.
The company makes steel components used in power generation, industrial infrastructure and other applications.
Nucor, the largest steel manufacturer in North America, also has a plant in Hertford County. Forged Rings will build its factory adjacent to the Nucor plant.
“The site’s adjacency to Nucor’s Hertford County steel facility, along with access to water transportation via the Chowan River, support efficient production and shipment of oversized finished products,” U.S. Forged Rings said in a statement. “These location advantages are expected to enhance execution effectiveness and support future expansion.”
In addition to its strategic location, Hertford County, population of about 21,500, has an industrial ecosystem, and workforce potential “needed to support a world-class operation,” U.S. Forged Rings said.
“This investment represents an important step in our mission to strengthen American manufacturing capability in critical steel products,” Giacomo Sozzi, president and CEO of U.S. Forged Rings, said in a statement. “We are excited to invest in this region, create high-quality jobs, and build a long-term manufacturing platform that serves both our customers and the broader national interest.”
Unlike many other large industrial projects, the Hertford County plant will not require state tax incentives in jobs grants, Sozzi told The Center Square.
The state did do a $51 million agreement with the county for construction of a public dock on the Chowan River. Additionally, specialized training through the state community college system is also part of the package. Ahoskie is home to Roanoke-Chowan Community College.
“We felt that the burden of having to go through those applications was not worth it,” Sozzi said. “The timing for that didn’t work for us.”
Clearing for the plant could start by early summer, the CEO said. Depending on how long it takes to obtain permits, construction of the factory could also begin this summer, he said.
Tariffs were not a factor in deciding to build the plant in the United States, Sozzi said.
This is the private company’s first factory in the United States. It was founded in Italy and now has operations worldwide.
The explosion of artificial intelligence and the data centers will require a huge expansion of power plants in the U.S., Sozzi said. U.S. Forged Rings makes components for many types of power-generating plants, he said.
“All of these in the past decades have been outsourced offshore,” Sozzi said. “The United States doesn’t have much capacity left for all of this. We felt that needed to change. We think North Carolina is the right place to do that.”
