Feb. 15, 2010: Congressman Ryan Applauds $650M Investment in Youngstown
(Youngstown, OH) U.S. Congressman Tim Ryan (OH-17) applauds the announcement of a $650 million investment that will be made by Vallourec at their V&M Star facility in Youngstown/Girard, Ohio. V&M Star is North America’s leading producer of seamless tubular products, with three locations in Youngstown, Houston, and Oklahoma. The Cities of Youngstown and Girard negotiated a cooperative agreement in 2009 to redraw jurisdictional boundaries and implement shared tax revenues in order to move the project forward, and millions of dollars in American Recovery and Reinvestment Act stimulus funds were utilized to prepare the site for expansion.
"Today's unprecedented announcement by Vallourec is a watershed event for the Mahoning Valley,” stated Congressman Ryan. “This $650 million investment will result in hundreds of new jobs, and sends a clear message that we have a world-class workforce and a globally-competitive business climate. Businessmen and investors from across the globe will be coming to this facility to view the most technologically-advanced steel production facility in the world. Simply put, this is the game changer for the Mahoning Valley."
The Congressman added, "My sincere thanks go out to the leadership at V&M Star, to Governor Ted Strickland for his commitment of $20 million in stimulus funds, and to Senator Sherrod Brown for his leadership and support. I would also like to thank the Regional Chamber and all the local elected officials who worked so hard to make this project a reality, as well as U.S. Department of Transportation Secretary Ray LaHood and his staff, and Ohio Department of Transportation Director Jolene Molitoris and her staff for their extraordinary efforts to allow us to use stimulus funding to make the site competitive. Without these crucial ARRA funds made available through the Obama Administration, today's announcement would not have been possible."
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