OEDIT economic incentives spur hundreds of new Pueblo jobs
Denver, CO (August 13, 2020) – The Colorado Office of Economic Development and International Trade (OEDIT) has received notification that a half billion dollar manufacturing project has received corporate approval to proceed. The August 6th EVRAZ Board of Directors vote affirmed their intent to proceed with the planned Pueblo Plant Project expansion. The manufacturing expansion will be accompanied by a $250 million 240-megawatt solar facility developed in partnership with Xcel Energy and Lightsource BP.
The Economic Development Commission (EDC) approved a performance based Job Growth Incentive Tax Credit of $2,801,277 over eight years for the creation of 205 net new jobs for EVRAZ, under the code name Project 5000, in November 2017. Given the scope of the project, the EDC also approved an advanced waiver for Enterprise Zone Investment Tax Credits of $14 million. Up to $17 million of these potential tax credits are transferable.
“The Pueblo Plant expansion project embodies the thoughtful and innovative economic advancements that Governor Polis champions for a sustainable Colorado,” said OEDIT Executive Director Betsy Markey. “EVRAZ’s use of solar power and recycled materials in their steel mill operations is emblematic of corporate stewardship that powers Colorado’s circular economy and the corresponding Pueblo job creation underscores the Governor’s commitment to see economic prosperity spread throughout the state.”
“EVRAZ is a pivotal cog of the Pueblo manufacturing ecosystem that drives related supply chain jobs across the region and helps attract other manufacturing companies to Colorado,” said OEDIT Director of Business Funding and Incentives Jeff Kraft. “The limited use of transferable tax credits to catalyze high impact projects like the capital intensive EVRAZ steel mill expansion will provide Colorado far reaching economic impact for decades to come.”
Established in 1881, EVRAZ Pueblo (then known as the Colorado Fuel and Iron Company, or CF&I) produces steel products including rail, seamless pipe, rod and coiled reinforcing bar.
This project also received support from the Pueblo Economic Development Corporation.