U.S. Forged Rings (USFR) announced plans to establish a factory in North Carolina. The manufacturer of large steel components expects the project to reach $875 million in investments and create up to 625 jobs.
The company did not provide details regarding when the facility would begin production.
USFR makes specialty steel products and large-diameter steel fabrications. Products include critical service fabrications, specialty tubulars and forgings used in power generation, industrial components and a variety of other industries, like the marine, mining, defense and Liquid Natural Gas (LNG) markets.
USFR anticipates the project will occur over three phases, with the first two adding 625 jobs. The company will locate the manufacturing facility next to Nucor Steel’s processing plant through a supply chain partnership and sit along the Chowan River, which feeds into the Albemarle Sound and then the Atlantic Ocean.
“This investment into the first two phases of our Hertford County facility will bring good paying jobs back to America, substitute imports, lower dependency on foreign suppliers and increase the resilience of the U.S. economy,” USFR President and CEO Giacomo Sozzi said.
Most read on Manufacturing.net:
The project would be the largest in Hertford County economic development history, according to EDPNC data which goes back to 2014.
Incorporated in March 2022, USFR is a privately owned business and member of the Sozzi family’s group of companies.
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Department of Transportation, North Carolina Department of Environmental Quality, North Carolina Community College System, North Carolina Railroad Company, CSX Corp., Hertford County, Dominion Energy and others.
Click here to subscribe to our daily newsletter featuring breaking manufacturing industry news.
finance.yahoo.com
#Steel #Manufacturer #Expects #875M #Factory #Cut #Foreign #Dependency
