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GCP instrumental in significant business expansion project

The Greater Cleveland Partnership's Business Development team and Cleveland Development Advisors (CDA), the GCP’s real estate and business development finance affiliate, were instrumental in helping to marshal a financial package to support Charter Steel’s $150 million investment to build a new Special Bar Quality (SBQ) bar mill.

The bar mill will be built adjacent to the existing coil mill and steel-making operations in Cuyahoga Heights.

In addition, CDA Advisors has reserved (pending final underwriting and board approval) $10 million of its current award of New Markets Tax Credit Allocation for this significant business expansion project. Expanding Charter Steel's capabilities here in Northeast Ohio secures the company’s existing 375 jobs and will create 25 new jobs.

In its press release, Charter Steel describes the project as a “highly automated rolling mill (that) will utilize precision sizing to produce diameters from .750 to 3.250 inches (19 to 83mm) in bar lengths from 12 to 50 feet (3.7 to 15.3m).”